Data Shows Dogecoin Is Increasingly Losing Trust Of US Consumers — But It Doesn't Seem To Matter

Data indicates that public trust in Dogecoin DOGE/USD has continued to decline over the last few months — but that hasn’t stopped U.S. consumers from buying.

What Happened: According to a study from business intelligence firm Morning Consult, trust in cryptocurrency among the general U.S. public is "net negative." This means that among those aware of cryptocurrency, more people do not trust it than those that are.

The study finds that people now trust DOGE less than they did in January. The meme-based cryptocurrency saw an 8% decline in trust which fell to minus 44 percentage points in April.

Trust in Bitcoin BTC/USD dropped 6% to minus 32 percentage points. Meanwhile, Ethereum ETH/USD lost the most amount of public trust, falling 14% to a net trust reading of minus 26 this month.

Despite the trend of declining trust, consumers haven’t been dissuaded from investing in the cryptocurrency, the study finds.

A quarter of adults surveyed still plan to purchase cryptocurrency next month. This figure is only down 2% since January.

“Among these likely purchasers, only 21% say they trust cryptocurrency “a lot” while 57% trust it “some,”  wrote Morning Consult analyst Charlotte Principato.

“The remaining 21% admit they don’t trust cryptocurrency but plan to buy it anyway.”

See Also: HOW TO BUY DOGECOIN (DOGE)

Price Action: According to data from Benzinga Pro, DOGE was trading at $0.13, up 5.46% over 24 hours.