Study reveals country most interested in Ethereum merger

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Cryptocurrency ranking and review platform – CoinGecko – has taken a look at global Google trends to determine which nation is most excited about Ethereum’s upcoming transition from the Proof-of-Work consensus mechanism to the proof of attendance.

According to the results, Singapore ranks first, while Switzerland and Canada share the second position. The third is the largest economy in the European Union – Germany.

“The anticipation of the merger is one ATH away”

The second largest cryptocurrency protocol – Ethereum – is set to become the first in its field to switch from PoW to PoS. The development, which is expected to take place this month, appears to be of most interest to people in Singapore, who had a total search score of 377. Its population was typing “Ethereum Merge”, “Ethereum” and “ETH Classic”. more than any other nation across the globe.

The second position, with a score of 286, belongs to both Canada and Switzerland. Canadians scoured the internet for information on “Ethereum PoW” and “ETH Merge,” while no other country typed in “ETH” more than Swiss residents.

Germany has a score of 231 and ranks third. The world’s largest economy – the United States – is fourth with 219 points, while the Netherlands, Australia and Turkey complete the top 7.

Bobby Ong – COO and co-founder of CoinGecko – pointed out that anticipation for the merger is at an all-time high. At the same time, its effects are expected to have a significant impact on the entire cryptocurrency industry.

“On a more technical level – there are a large number of miners who want to continue mining the Proof of Work version of Ethereum, which will likely lead to multiple controversial hard forks forming after the merger. So it is not surprising that search terms such as ‘Ethereum PoW’ and ‘ETH PoW’ have trended higher over the past couple of months,” he added.

Merge could be “Sell the News Event”

Despite the excitement surrounding Ethereum’s transition to PoS, Mark Cuban warned that it could be a “buy the rumour, sell the news” event.

The US billionaire investor and owner of the Dallas Mavericks believes investor enthusiasm for the move could outpace its actual use cases. If this happens, the valuation of ETH could skyrocket before the merger, but not continue the uptrend and crash soon after.

An example of such a “buy the rumour, sell the news” event is the Dogecoin price rise in 2021. In May last year, DOGE reached $0.70, and many thought the rally was would continue at $1. At that time, Elon Musk (one of memecoin’s biggest proponents) was invited as a guest on the comedy show Saturday Night Live where he was supposed to highlight the merits of the piece and thus potentially increase its valuation.

Contrary to expectations, the richest man in the world did not mention Dogecoin. In the hours that followed, its price crashed significantly. Currently, it is trading at around $0.06, which is a 92% decline against the ATH.

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