Amid a major cryptocurrency downturn in 2022, the price of Dogecoin has held up much better than most of the best assets on the market. The meme cryptocurrency has lost much less value than others.
DOGE is the third-best performer in the top ten, having dropped 58% this year, beaten only by XRP and BNB, which saw declines of 57.2% and 53% respectively. Looking at the top 10 assets in terms of market capitalization, Bitcoin dropped 65.1%, Ether 67.8%, Cardano 80.9%, and Polygon 68.8% over the past 12 months, according to Cointelegraph. DOGE also comes in well ahead of other big names in the top 20 such as Polkadot, Solana, Uniswap and Avalanche, which have all plunged, by 84%, 93.8%, 70.3%, and 89.9%, respectively.
Data from Intotheblock (ITB) also has interesting insights, with the majority (54%) of DOGE hodlers currently in the green at the current price of $0.07, while 3% are breaking even and 43% are in the red. ITB figures are based on determining the average purchase price of coins in monitored wallets and comparing it with the current price of a given asset.
Looking at other assets, ITB data show that 46% of BTC holders and 47% of ETH holders are currently in the green at the time of writing, indicating that the memecoin has performed well despite its volatile history.
The strong performance was achieved despite the lack of significant news for the Dogecoin network. One of the catalysts for confidence could be the expectation that DOGE could be used for Elon Musk's Twitter. Although no official announcement has been made about the integration, Musk's warm feelings for the memecoin are clear.
Currently, DOGE is the eighth largest crypto asset in terms of a market capitalization of $10.1 billion, while SHIB is in 17th place with $4.8 billion, according to CoinGecko.
© 2022, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.