The cryptocurrency ranking and evaluation platform – CoinGecko – examined global Google trends to determine which nation is the most excited about Ethereum’s upcoming transition from Proof-of-Work consensus mechanism to Proof-of-Stake.
Per the results, Singapore ranks first, while Switzerland and Canada share the second position. Third is the largest economy in the European Union – Germany.
‘Anticipation for the Merge is at an ATH’
The second-biggest cryptocurrency protocol – Ethereum – is on its way to becoming the first in its field that shifts from PoW to PoS. The development, expected to occur this month, seems to be the most interesting for the residents of Singapore, who collected 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 were browsing the Internet for information about “Ethereum PoW” and “ETH Merge,” while no other nation typed “ETH” more than Swiss residents.
Germany has a score of 231 and ranks third. The world’s leading economy – the USA – is fourth with 219 points, while the Netherlands, Australia, and Turkey rounded up the top 7.
Bobby Ong – COO and Co-Founder of CoinGecko – outlined that the anticipation for the Merge is at an all-time high. At the same time, its effects are expected to have a significant impact on the entire cryptocurrency sector.
“On a more technical level – there is a slew of miners who want to continue mining the Proof of Work version of Ethereum, which will likely result in the formation of multiple, contentious hard forks post-Merge. It is therefore unsurprising that search terms like ‘Ethereum PoW’ and ‘ETH PoW’ trend higher in these last two months,” he added.
The Merge Could be ‘Sell the News Event’
Despite the enthusiasm around Ethereum’s transition to PoS, Mark Cuban warned that it might be a “buy the rumor, sell the news” event.
The American billionaire investor and owner of the Dallas Mavericks thinks that investors’ excitement surrounding the move could surpass its actual use cases. If that happens, ETH’s valuation might soar prior to the Merge but fail to continue the uptrend and crash shortly after.
An example of such a “buy the rumor, sell the news” event is Dogecoin’s price expansion in 2021. In May last year, DOGE reached $0.70, and many believed the rally would continue to $1. At that point, Elon Musk (one of the biggest proponents of the memecoin) was invited as a guest on the comedy show Saturday Night Live where he was supposed to highlight the coin’s merits and thus potentially boost its valuation.
Contrary to expectations, the world’s richest man did not mention Dogecoin. In the following hours, its price collapsed significantly. Currently, it trades at around $0.06, which is a 92% decrease compared to the ATH.