Turkey is obsessed with cryptocurrencies - especially Dogecoin

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The crypto industry has been in hibernation since the last quarter of 2021. Several cryptocurrencies have seen a massive price drop – many have dropped more than 65%. However, as bad as things may seem, crypto is not going to die.

This is demonstrated, for example, by a recent study by CryptoManiaks, a crypto education platform. According to them, Turkey and the Netherlands are at the top in terms of cryptocurrency awareness. According to the survey, 5.5% of the population in the Netherlands and 8.2% in Turkey search for terms related to cryptocurrencies. Turkey topped the rankings with 4.7 million searches.

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Turkey has made great progress in crypto adoption since the beginning of 2022. A study by the Turkish crypto exchange Paribu estimates from 2022: At least 8 million people deal with cryptocurrencies in Turkey. Even Turkish President Recep Tayyip Erdogan spoke about the benefits of blockchain innovation. In his statement, Erdogan added: Turkey wants to be a producer of digital assets – not a consumer.

DOGE has more fans in Turkey than Ethereum

The latest CryptoManiaks study analyzed the number of searches for a few selected cryptocurrencies. They plotted the number of cryptocurrencies as a percentage of the population for each country to calculate monthly local searches.

Turkey came second in the overall study and ranked first with 812,000 monthly searches related to Dogecoin. According to the study, the number of searches for Dogecoin was twice as high as Ethereum, the third most searched cryptocurrency in the country.

A CryptoManiaks spokesperson has commented on the growing curiosity about Dogecoin over the past 12 months. As a result, the popularity of Dogecoin greatly surpassed that of Ethereum with almost 2 million monthly searches worldwide.

DOGE gained popularity after Elon Musk announced plans to make the coin the official token for Twitter monetization. As a result, the price of the meme coin rose to an all-time high within a week of Elon Musk officially taking full control of the social media platform.

Slides from my company Twitter talk pic.twitter.com/8LLXrwylta
— Elon Musk (@elonmusk) November 27, 2022

The survey was not only about Dogecoin and Ethereum. It also included Solana, BNB, Bitcoin and others. Canada, Germany and the Czech Republic follow Turkey and the Netherlands.

Bear market did not hurt crypto interest

Although the UK and the US are among the top global players in the cryptocurrency industry, neither is at the absolute top. That’s because the number of searches is insignificant compared to its population size. For example, in the United States, 1.9% of the population searches for crypto-related terms. This places the USA in 15th place. On the other hand, the UK comes in 12th place with 2.6%.

Recent research has also shown that the bear market does not affect the interests of some institutions.

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Text credit: Newsbtc