The most popular cryptocurrencies of 2022
The year 2022 will be remembered by many as a difficult year marked by global tensions, rising Federal Reserve rates, the collapse of the cryptocurrency market, and general economic difficulties. This has been a more challenging time than the pandemic-induced lockdowns we have experienced. In addition, the crypto industry faces new chaos, as evidenced by the bankruptcy of the FTX.
In light of these events, it is possible to assume that investors and traders have turned away from cryptocurrencies, but this is not true. This article describes several digital currencies that received the highest number of requests on the Internet in 2022.
According to DollarGeek, Bitcoin is still the most popular cryptocurrency, with about 30 million searches. The reason for this is easy to understand, as newcomers to the cryptocurrency world look for tips on buying BTC before diving into trading platforms and exchanges. While some experts are predicting a possible further drop to $10,000, retail investors looking for long-term investments continue to be interested in Bitcoin, even after its recent 65% drop in value. Given the past market trend, buyers expect a return to growth and seek to learn how to acquire digital gold rather than get rid of it.
Elon Musk, a brilliant billionaire, especially loves Dogecoin, a meme coin. Unbelievably, but one tweet of Musk is all it took to raise the value of that coin. Initially, many perceived this as a fleeting joke, but Musk’s involvement brought Dogecoin to the center of attention, prompting talk of its rapid rise to the ranks of the leading cryptocurrencies.
However, it would be unfair to attribute Dogecoin’s newfound popularity solely to Musk. Robinhood, a popular trading platform, also played a role in the growth of DOGE when it became available to trade on the website.
With Musk’s acquisition of Twitter, interest in Dogecoin has revived, and DollarGeek analysts have noticed this wave of enthusiasm.
Shiba Inu, once described as Dogecoin’s main adversary, is an intriguing cryptocurrency that should not be overlooked. Last year, there were more than 4 million online requests for meme coin, and despite declining interest, SHIB is still attracting attention. Although its value is lower than Dogecoin, it has managed to outperform its competitor in terms of search volume.
The increased interest in SHIB can be attributed to reports that Shiba Inu was going to be integrated into various meta universes last year. This announcement has increased interest in the coin and attracted additional attention from the cryptocurrency community.
Despite the fact that Ethereum is the main competitor of Bitcoin and ranks second in the market capitalization, the coin was searched on the Internet much less often. Although it is widely known, it does not attract much attention on the Internet, so it ranks fourth in terms of search queries. Experts believe that the decline in interest may be due to last year’s Merge, as well as Ethereum’s transition from the Proof of Work consensus mechanism to the Proof of Stake mechanism. The peak in search activity came at the time of the Merge. Although it is worth noting that many users used Internet queries not specifically Ethereum, but Ethereum 2.0 and The Merge.