Underdog rises: Dogecoin survived carnage in 2022 better than most

1 year ago

Amid the terrible crypto downturn successful 2022, the terms of Dogecoin (DOGE) has held up overmuch amended than astir of the apical assets connected the market.

DOGE is the 3rd champion performer successful the apical ten, dropping by 58% this year, beaten lone by Ripple (XRP) and Binance Coin (BNB) which saw declines of 57.2% and 53.%.

Looking astatine the apical 10 assets successful presumption of marketplace capitalization arsenic per Crypto Bubbles data, Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Polygon (MATIC) person each shed considerably more: 65.1%, 67.8%, 80.9 and 68.8% a portion implicit the past 12 months.

DOGE besides comes successful good up of different large names successful apical 20 specified arsenic Polkadot (DOT), Solana (SOL), Uniswap (UNI) and Avalanche (AVAX) which person each plunged, by 84%, 93.8%, 70.3% and 89.9% each.

Data from Intotheblock (ITB) besides has absorbing insights, with the bulk (54%) of DOGE hodlers presently successful the greenish astatine the existent terms of $0.07, portion 3% are breaking adjacent and 43% successful the red.

ITB’s figures trust connected identifying the mean outgo of token purchases successful its tracked wallets and comparing it to the existent terms of the fixed asset.

Looking astatine different assets, ITB information indicates that 46% of BTC holders and 47% of ETH holders are presently successful the greenish astatine the clip of writing, showing the memecoin has performed good contempt its volatile history.

The beardown show comes contempt nary important quality for the Dogecoin web oregon thing successful the pipes to warrant excitement going forward, barroom immoderate caller speculation that DOGE could potentially, possibly, 1 time beryllium integrated with Elon Musk’s Twitter.

By mode of examination Ethereum chopped its vigor depletion rates by 99% this year, with a slew of furniture 2 projects helping it to scale. Fundamentals don't person the powerfulness of Memes apparently.

SHIBA INU vs DOGE

However DOGE’s memecoin rival Shiba INU (SHIB) has besides struggled contempt assemblage efforts to physique a afloat fledged ecosystem consisting of blockchain games, NFTs and a metaverse platform this year.

The token is down 76.1% implicit the past 12 months, with conscionable 14% of hodlers successful the green, 4% breaking adjacent and 82% successful the reddish arsenic per ITB.

As it stands, DOGE is the 8 largest crypto plus successful presumption of marketplace headdress astatine $10.1 billion, portion SHIB sits astatine No.17 with $4.8 billion, according to information from CoinGecko.

In immoderate perchance bullish quality for the SHIB assemblage however, pseudonymous pb dev Shytoshi Kusama has hinted that determination could beryllium a caller concern successful the works relating to the Shibarium project.

Shibarium is an upcoming Ethereum Layer 2 scaling solution that volition big the ecosystem’s metaverse platform, games and a decentralized exchange.

Shytoshi Kusama’s bio was precocious updated to work “WE are not alone” portion their determination was acceptable to “With a caller fren… conjecture who?.”

This followed up from a Christmas eve tweet to their 865,400 followers which read:

“Wen Shibarium? Please cognize it volition travel precise soon*, but not during a important clip for radical to walk with their household (or the resulting New Years enactment time). Enjoy these adjacent days, adjacent twelvemonth is an important 1 for humanity.”

Happy Holidays to much than fractional the . Wen Shibarium? Please cognize it volition travel precise soon*, but not during a important clip for radical to walk with their household (or the resulting New Years enactment time). Enjoy these adjacent days, adjacent twelvemonth is an important 1 for humanity.

— Shytoshi Kusama™ (@ShytoshiKusama) December 24, 2022

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