Altcoins like dogecoin and shiba inu coin drove a 54% surge in crypto users in the 2nd quarter, data shows | Currency News | Financial and Business News


Representation of a Dogecoin cryptocurrency is seen alongside a Shiba Inu cryptocurrency logo

The popularity of altcoins like dogecoin and shiba inu coin drove a 54% surge in cryptocurrency users in the second quarter, data from exchange shows.

At the end of June, there were 221 million users compared to the 132 million towards the end of April.

Altcoins have gained traction in recent months thanks to the massive returns they promise due to wild price swings compared to older and more established digital assets, such as bitcoin and ether.

Dogecoin, now the eighth-largest digital asset, has rocketed 4,175% this year, far surpassing bitcoin’s 35% gain and ether’s 208% climb.

Shiba inu, a new coin founded in August 2020, has been trading flat, though the dogecoin knockoff peaked at $0.00003628 on May 10.

Both coins, which bear a shiba inu dog as their symbols, have gotten some semblance of approval from the wider crypto community.

Dogecoin can now be bought and sold through Coinbase, the largest cryptocurrency exchange in the US, while shiba inu coin was listed in Binance-owned WazirX, the largest cryptocurrency exchange in India.

Overall, the cryptocurrency space has been rapidly evolving as more institutions embrace digital assets. It took just four months to double the global cryptocurrency user base from 100 million to 200 million, whereas it took years before the 100 million milestone was even reached, according to data.

The second half of 2021, in particular, saw an acceleration in cryptocurrency adoption due to a confluence of events, from heavyweights such as Tesla accepting bitcoin as a mode of payment (a move it has since reversed) to MicroStrategy‘s continued investment in the cryptocurrency. El Salvador made history earlier this year as the first country in the world to adopt bitcoin as legal tender.

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