Blockchain News

Underdog Rises: Dogecoin Survived Carnage in 2022 Better than most

DOGE has outperformed SHIB this year, despite the Shiba Inu community’s active development of an L2 network, a metaverse, and blockchain games.

Despite the severe crypto downturn in 2022, the price of Dogecoin has held up much better than the majority of the market’s top assets.

DOGE is the third-best performer in the top ten, having dropped “only” 58% this year, trailing only XRP and BNB, which dropped 57.2% and 53%, respectively.

Looking at the top ten assets in terms of market capitalization, according to Crypto Bubbles data, Bitcoin, Ether, Cardano, and Polygon have all lost significantly more: 65.1%, 67.8%, 80.9, and 68.8%, respectively, over the last year.

DOGE also outperforms other top 20 stocks such as Polkadot, Solana, Uniswap, and Avalanche, which have all dropped by 84%, 93.8%, 70.3%, and 89.9%, respectively.

According to data from Intotheblock (ITB), the majority (54%) of DOGE hodlers are currently in the black at the current price of $0.07, while 3% are breaking even and 43% are in the red.

The figures from ITB are based on determining the average cost of token purchases in its tracked wallets and comparing it to the current price of the given asset.

Looking at other assets, ITB data shows that 46% of BTC holders and 47% of ETH holders are currently in the green as of writing, demonstrating that the memecoin has performed well despite its volatile history.

The strong performance comes despite the fact that there has been no significant news for the Dogecoin network or anything in the pipeline to justify future excitement, with the exception of some recent speculation that DOGE could potentially, possibly, one day be integrated with Elon Musk’s Twitter.

In comparison, Ethereum reduced its energy consumption by 99% this year, thanks to a slew of layer 2 projects. Fundamentals, it appears, lack the power of memes.

Despite community efforts this year to build a full-fledged ecosystem consisting of blockchain games, nonfungible tokens, and a metaverse platform, DOGE’s memecoin competitor Shiba INU has also struggled.

According to ITB, the token is down 76.1% in the last year, with only 14% of hodlers in the green, 4% breaking even, and 82% in the red.


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