Betting app Gamblers Pick recently conducted a survey and showed that almost a quarter of young and new crypto investors are actively investing in meme-based cryptocurrencies like Dogecoin.
In an attempt to explore how different generations invest across financial markets, the survey asked 872 respondents comprised of 24% under Gen Z (born between late 1990 to early 2010s), 27% millennials (born from 1980 to 1995), 25% under Gen X (born mid-1960s to early 1980s) and 24% Baby Boomers or older (post World Wars and 1960s).
Of those surveyed, almost 25% said crypto investing is popular among them and were frequently participating in it, while 12% said they rarely did. On a generational level, 25% of those under Gen Z shared they were constantly investing.
Investing in memes
The survey results also showed 55% of under Gen Z were investing in the stock market while 45% paid money for long-term crypto investments. It also revealed a surprising fact that 23% of the respondents admitted they were actively investing in meme cryptocurrencies such as Dogecoin, Shiba Inu, among many others.
For those born under Gen X, 16% of them said they also tried their luck in meme coins. Another surprising revelation of the survey was that 7% of Baby Boomers (born post World Wars to 1960s) also tried investing in meme digital currencies.
Driven by social media
As far as influence is concerned, the study showed the investment habits of those born under Gen Z years were brought about by ideas coming from social media platforms like Reddit and Twitter. Older generations, on the other hand, are influenced by magazines, newspapers, and television.
Moreover, people in this generation have a high tendency to invest in cryptocurrencies, meme investments, currencies, and non-fungible tokens (NFTs), and it’s unlikely that they will put money in typical, traditional, or common asset classes.
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