Fourteen percent of American adults intend to buy Dogecoin in May
According to a recent survey of 4,400 consumers published by a global business intelligence firm Morning consultation, trust in Dogecoin, the leading meme cryptocurrency, among the general US public fell to -44 percentage points in April. This represents an 8% drop from January.
For comparison, confidence in Bitcoin is also net negative, but has seen a smaller decline of just 6%.
Trust in Ethereum has plunged 14% since January. The substantial decline can be attributed to growing investor frustration with the technical constraints of the project. The second-largest cryptocurrency also faces competition from a whole bunch of so-called “Ethereum killers” such as Solana and Terra.
The survey was conducted among customers who are familiar with the aforementioned cryptocurrencies.
At the same time, about two-thirds of American adults say they trust American adults.
Despite having very little confidence in cryptocurrencies, consumers are still willing to buy them.
Nearly a quarter of all respondents surveyed are ready to buy Bitcoin in May. Fourteen percent of respondents want to buy Dogecoin despite having little confidence in the biggest meme coin.
Data shows that there is still a healthy level of speculative fervor in crypto despite falling cryptocurrency prices.
Bitcoin is currently trading below the $38,000 level on CoinMarketCap. The cryptocurrency is struggling to regain strength due to aggressive monetary tightening by the Federal Reserve.
Dogecoin is trading at $0.12 after paring the gains it saw from cenilliardaire Elon Musk’s Twitter deal. The meme coin is down 82.23% from its all-time high.