A recent survey has revealed the enthusiasm of Turkey for the popular memecoin Dogecoin (DOGE). Following the surge of interest in DOGE after Elon Musk’s takeover of Twitter, CryptoManiaks conducted research that highlighted the high number of searches for cryptocurrencies from the country.
The CryptoManiaks study showed that over 4.7 million searches for cryptocurrency were conducted by one individual in Turkey. Additionally, the research assessed the percentage of locals who search for different popular cryptocurrencies each month. It was found that Turkey ranked second overall in searches for crypto assets, and held the highest position in searches for Dogecoin, with a total of 812,000 searches per month.
A spokesperson for CryptoManiaks commented on the increased interest in Dogecoin, saying: “Dogecoin’s popularity has outpaced that of Ethereum, with nearly 2 million monthly searches for the coin in more countries than just one.”
The news of Elon Musk’s acquisition of Twitter also caused a surge in the price of Dogecoin, with the market capitalization reaching around $11.7 billion. Despite this, the coin remains largely unused, and reports have surfaced that Twitter is planning to introduce its own currency, which could reduce the chances of Dogecoin payment integration on the platform.
The economic turmoil in Turkey over the past year or two has also encouraged many citizens to protect their wealth by transferring money into cryptocurrencies. This has contributed to Turkey ranking fourth in terms of the number of cryptocurrency holders, which stands at 8 million people.