Amid a major cryptocurrency downturn in 2022, the price of Dogecoin (DOGE) held up much better than most of the leading assets on the market.
DOGE ranks third in the top ten, having lost “only” 58% this year, behind only XRP (XRP) and BNB (BNB), which saw declines of 57.2% and 53%.
Looking at the top 10 assets in terms of market capitalization like behind Crypto Bubbles, Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Polygon (MATIC) data lost significantly more: 65.1%, 67.8%, 80.9 and 68.8% respectively over the last 12 months .
DOGE is also well ahead of other big names in the top 20 such as Polkadot (DOT), Solana (SOL), Uniswap (UNI) and Avalanche (AVAX), which are down 84%, 93.8%, 70.3%. and 89.9% respectively.
The Intotheblock (ITB) data also contains interesting information: the majority (54%) of DOGE hodlers are currently in the green at the current price of $0.07, while 3% are in breakeven and 43% are in the red.
ITB figures are based on determining the average purchase price of tokens in monitored wallets and comparing it with the current price of a given asset.
Looking at other assets, ITB data shows that 46% of BTC holders and 47% of ETH holders are currently in the green at the time of writing, indicating good performance for memcoin despite its volatile history.
The strong performance comes despite no significant news for the Dogecoin network or anything in the pipes to justify future excitement, other than some recent speculation that DOGE could potentially one day be integrated with Elon Musk’s Twitter.
By comparison, Ethereum has reduced its power consumption by 99% this year, and many Tier 2 projects have helped it scale. The basics don’t seem to have the power of memes.
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SHIBA INU vs. DOGE
However, DOGE’s memcoin rival Shiba INU (SHIB) has also struggled despite community efforts this year to build a complete ecosystem of blockchain games, non-fungible tokens, and a metaverse platform.
According to ITB, the token has fallen by 76.1% over the past 12 months, with only 14% of hodlers in positive territory, 4% breakeven and 82% in the red.
Connected: The real dog behind DOGE Memcoin is seriously ill
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.
However, in some potentially upbeat news for the SHIB community, lead developer Shitoshi Kusama, under a pseudonym, hinted that there could be a new partnership in the works related to the Shibarium project.
Shibarium is an upcoming Ethereum Layer 2 scaling solution that will host the ecosystem metaverse platform, games, and decentralized exchange.
Shitoshi Kusama’s biography was recently updated to read “WE’RE NOT ALONE” and their location was set to “With a new friend… guess who?”.
This followed a Christmas Eve tweet to their 865,400 followers who read:
“Wen Shibarium? Please know that this will happen very soon*, but not at a crucial time for people to spend with their family (or during the New Year’s Eve party). Enjoy these next days, next year is important for humanity.”
Happy Holidays, more than half. Wen Shibarium? Please know that this will happen very soon*, but not at a crucial time for people to spend with their family (or during the New Year’s Eve party). Enjoy these next days, next year is important for mankind.
— Shitoshi Kusama™ (@ShytoshiKusama) December 24, 2022
