In a major cryptocurrency downturn in 2022, the price of Dogecoin is much better than most of the best assets in the market. Meme cryptocurrencies lose much less value than other cryptocurrencies.
DOGE ranks third in the top ten, down 58% this year, behind XRP and BNB, which are down 57.2% and 53%, respectively. Looking at the top 10 assets by market capitalization, Bitcoin is down 65.1% over the past 12 months, Ethereum is down 67.8%, Cardano is down 80.9%, and Polygon is down 68.8%, according to Cointelegraph. DOGE is also well ahead of other big names in the top 20 such as Polkadot, Solana, Uniswap, and Avalanche, whose shares are down 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 data is based on determining the average purchase price of tokens in monitored wallets and comparing it to 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, suggesting that the memecoin is doing well despite its turbulent history.
The strong performance came despite the lack of major news from the Dogecoin network. One of the catalysts for confidence may be the expectation that DOGE could be used for Elon Musk's Twitter. Although the integration has yet to be officially announced, Musk’s enthusiasm for memecoin is palpable.
I hope now you will know about Dogecoin survives the 2022 carnage better than most Cryptocurrencies. Currently, DOGE is the eighth-largest crypto asset in terms of market capitalization of $10.1 billion, while SHIB ranks 17th at $4.8 billion, according to CoinGecko.
