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Study Shows UK Investors Prefer Shiba Inu Over Dogecoin

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The rise of meme coins such as Dogecoin and Shiba Inu has been nothing short of phenomenal. These two digital assets have redefined what is required for a cryptocurrency to be successful in the market. However, this has not stifled the rivalry between the two in any way. Shiba Inu, a self-styled ‘Doge Killer’ continues to put up a valiant fight in the rivalry. The result of this has been SHIB becoming an investor favorite and sometimes surpassing its predecessor.

UK Investors Want Shiba Inu

A new Google Trends study has emerged which shows that UK investors are looking more towards Shiba Inu than they are at Dogecoin. The report which was published by askgamblers.com has analyzed data collated by Google Trends over the period of one year and with it, had compiled a list of the most popular cryptocurrencies among investors in the UK. 

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Findings from this study placed obvious choices at the top such as bitcoin being the most searched cryptocurrency in 21 countries, beating out others by a mile. The pioneer cryptocurrency remained the top crypto in Europe. However, Shiba Inu had given the top coin a run for its money on a country-by-country basis. 

Shiba Inu price chart from TradingView.com

SHIB down 73% from ATH | Source: SHIBUSD on TradingView.com

Searches for Shiba Inu in the region had grown significantly in the last year according to the study. Investors in the UK, which was among the 21 countries surveyed, largely favored the meme coin over bitcoin when it came to the search volumes. It came out top in not only the UK but in six other countries. These include Switzerland, France, Spain, Ukraine, Italy, and Russia. With these, SHIB has emerged as the second most popular crypto in Europe.

This put Shiba Inu ahead of competitor Dogecoin which had placed as the OG meme coin had placed fifth on this list behind larger cryptocurrencies Ethereum and Cardano. 

Dogecoin Not Out

Despite Shiba Inu beating out Dogecoin in terms of popularity among UK investors, it doesn’t mean that it tops every list. Elsewhere in the world, Dogecoin remains the market leader in terms of popularity. The United States has been a fertile breeding ground for dogecoin and it has not backed down either.

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A recent study that was conducted in the U.S. shows that when it comes to American investors, Dogecoin is still the obvious option. While Shiba Inu was the leading cryptocurrency in seven of the 50 U.S. states, Dogecoin had captured 23 states in which it had emerged as the most popular coin.

In terms of price though, both altcoins have suffered massive declines from their all-time highs. Dogecoin is down 80.97% from its May 8th all-time high of $0.74. While Shiba Inu is down 73.37% from its October 28th all-time high of $0.00008.

The rivalry between these two digital assets continues to wax strong. However, their values tend to be closely correlated in terms of movement given that the communities behind these tokens often overlap. 

This article was first published on Bitcoinist.com

Featured image from Bitnovo Blog, chart from TradingView.com

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