Over 23% of Generation Z are actively investing in meme coins such as Dogecoin as well as Shiba Inu. 24.95% of investors in Generation Z on the eToro platform actively purchased or sold meme coins in March 2021. Could we be seeing a new push into these alt/meme coins over traditional stock investing? Only time will tell.
The cost of Dogecoin has had a whopping gain of 13,494% in the last year. There is a long way to go for it to be rivaling the other giants of the Cryptocurrency world such as Bitcoin. 23% believe that the cryptocurrency will surpass the 1-dollar mark before the end of 2021 (if Elon Musk keeps helping the currency). The digital currency is presently trading at just under $0.50.
Elon Musk is a major star in the Cryptocurrency world, changing markets overnight by just tweeting support of a coin, most recently wiping off billions from the Bitcoin market cap, by stating Tesla would no longer accept the digital currency. Elon Musk has shown strong support for Dogecoin, he recently asked his followers on Twitter whether Tesla should accept Dogecoin. The outcome was distinct: 78.2% voted in favor.
Dogecoin does have some major issues that it needs to overcome, the top 100 biggest Dogecoin owners hold 66.33% of the cryptocurrency’s overall supply. Elon Musk has admitted he this statistic doesn’t bother him. He states that the biggest addresses are linked to crypto exchanges, such as PancakeSwap.
Billionaire legendary investor Stanley Druckenmiller has called the current meme coin price “A manifestation of the craziest monetary policy in history.”
During the hype of Dogecoin, Google trending stated that the term “Buy Dogecoin” was trending worldwide as everyone wanted to start buying the asset. Unfortunately, during the early days of the currency, it was only available for a select few who were technical enough. Now, you can buy Dogecoin through large exchanges such as Coinbase.
Dogecoin at the time of writing is down 23%. Memecoins can be extremely volatile and their price can fluctuate dramatically. This could be the thrill that attracts Gen-Z to digital currencies. With Gen-Z actively investing in digital currencies, could this spell the end of the traditional currencies as we know them?