The first meme coin, Dogecoin (DOGE), became popular among investors due to support from billionaire Elon Musk and hype from its community.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
While Dogecoin undoubtedly captured the hearts and minds of investors earlier this year, it may not be as popular as people think it is, according to a Reserve Bank of Australia official, The Canberra Times reports.
Tony Richards, head of payments at the RBA, has questioned the veracity of polls that display high rates of cryptocurrency adoption. He particularly mentioned one recent survey, which shows that 5% of all Australians own meme cryptocurrency Dogecoin. Richards explains that such online polls likely exclude older people and areas with poor internet connectivity.
In October, Finder’s Cryptocurrency Adoption study reported that Dogecoin (DOGE) is Australia’s fourth most popular crypto. In addition, the study revealed that 4.1% of the Australian population holds Dogecoin. In the United States, the DOGE adoption rate is as high as 30.6%.
Doge Isn’t All That Popular Despite being in the top 10 largest cryptos, a Reserve Bank of Australia official believes that the Dogecoin popularity and adoption rate in Australia is over exaggerated.
The head of payments at the Reserve Bank of Australia noted that he does not yet see stores that post their prices in cryptocurrencies, companies that do their annual reports in cryptocurrencies, or a large number of people who want to receive payments in cryptocurrencies. He also believes that investors will be more vigilant about the risks associated with cryptocurrencies, such as regulatory uncertainty, cryptocurrencies impact on the environment and criminal cases.
Binance CEO Changpeng Zhao participated in a Q&A with Associated Press where he shared his thoughts on the most popular meme coin in the market. For Zhao, he does not understand Dogecoin or how it works really but explains that what he thinks of the digital asset does not matter in the grand scheme of things. This…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
