Main navigation

Shiba Inu Is More Popular Than XRP and Cardano in Australia

News
Mon, 12/13/2021 - 16:01
article image
Alex Dovbnya
Shiba Inu ranks higher than XRP and Cardano among the most well-known cryptocurrencies in Australia
Shiba Inu Is More Popular Than XRP and Cardano in Australia
Cover image via stock.adobe.com
Read U.TODAY on
Google News

According to a recent survey published by Saxo Markets, Shiba Inu is more popular with Australians than XRP and Cardano.

Five percent of Aussies know about the meme coin, while 3% and 2% of them have heard about the other two cryptocurrencies, respectively.

Unsurprisingly, Bitcoin is at the top of the list, with 38% of the survey participants recognizing the crypto king. Ethereum, Binance Coin and Dogecoin are also in the top five, ahead of Shiba Inu.

Only a minuscule 1% of Aussies have a handle on what Avalanche actually is.

Notably, Shiba Inu is far more recognizable among millennials than baby boomers (7% and 1%, respectively).

The canine token stole the spotlight earlier this year because of its remarkable price performance that blew all other cryptocurrencies out of the water.

The meme coin mania is, of course, not limited to Australia. In May, Harris Poll's survey found that Dogecoin was more popular than Ethereum with American investors.

Related
Elon Musk Says Dogecoin Is Better Suited for Transactions Than Bitcoin as Time Magazine Names Him Person of the Year

Crypto as legal tender

Only 11% of Aussies say that they "fully" understand what cryptocurrency is. However, an impressive 42% of respondents claim that they would use cryptocurrencies if they were to become legal tender in the country. The majority of them would either use crypto for savings or make purchases with it (34% and 23%, respectively).
  
Twenty-five percent of Australians agree that crypto should be recognized as an official currency in the country.

El Salvador made a trailblazing move by making Bitcoin a legal tender this year, but others are yet to follow.

As reported by U.Today, Treasurer Josh Frydenberg announced a plan to overhaul Australia's existing payment system in order not to lag behind Silicon Valley. The Australian government will be assessing the creation of a central bank digital currency while working on a regulatory framework for cryptocurrencies.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.