Dogecoin survived carnage in 2022 better than most

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Amid the extreme crypto downturn in 2022, the value of Dogecoin (DOGE) has held up significantly better than a lot of the high belongings in the marketplace.

DOGE is the third-best performer within the high ten, having dropped “simply” 58% this 12 months, crushed solely by XRP (XRP) and BNB (BNB), which noticed declines of 57.2% and 53%.

Trying on the high 10 belongings when it comes to market capitalization as per Crypto Bubbles information, Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Polygon (MATIC) have all shed significantly extra: 65.1%, 67.8%, 80.9 and 68.8%, respectively, over the previous 12 months.

DOGE additionally is available in effectively forward of different massive names within the high 20 reminiscent of Polkadot (DOT), Solana (SOL), Uniswap (UNI) and Avalanche (AVAX), which have all plunged, by 84%, 93.8%, 70.3% and 89.9%, respectively.

Asset value nightmare 2022: Crypto Bubbles

Knowledge from Intotheblock (ITB) additionally has fascinating insights, with the bulk (54%) of DOGE hodlers at the moment within the inexperienced on the present value of $0.07, whereas 3% are breaking even and 43% within the pink.

ITB’s figures depend on figuring out the typical value of token purchases in its tracked wallets and evaluating it to the present value of the given asset.

Taking a look at different belongings, ITB information signifies that 46% of BTC holders and 47% of ETH holders are at the moment within the inexperienced on the time of writing, exhibiting the memecoin has carried out effectively regardless of its unstable historical past.

DOGE abstract: Intotheblock

The sturdy efficiency comes regardless of no vital information for the Dogecoin community or something within the pipes to justify pleasure going ahead, barring some latest hypothesis that DOGE could potentially, possibly, one day be integrated with Elon Musk’s Twitter.

By means of comparability, Ethereum minimize its vitality consumption charges by 99% this 12 months, with a slew of layer 2 initiatives serving to it to scale. Fundamentals haven’t got the ability of memes, apparently.

SHIBA INU vs DOGE

Nevertheless, DOGE’s memecoin competitor Shiba INU (SHIB) has additionally struggled, regardless of neighborhood efforts this 12 months to construct a full-fledged ecosystem consisting of blockchain games, nonfungible tokens and a metaverse platform.

The token is down 76.1% over the previous 12 months, with simply 14% of hodlers within the inexperienced, 4% breaking even and 82% within the pink, in line with ITB.

Associated: The real-life dog behind memecoin DOGE is seriously ill

Because it stands, DOGE is the eighth-largest crypto asset when it comes to market cap at $10.1 billion, whereas SHIB sits at No. 17 with $4.8 billion, in line with information from CoinGecko.

In some doubtlessly bullish information for the SHIB neighborhood, nonetheless, pseudonymous lead dev Shytoshi Kusama has hinted that there could possibly be a brand new partnership within the works regarding the Shibarium challenge.

Shibarium is an upcoming Ethereum Layer 2 scaling resolution that can host the ecosystem’s metaverse platform, video games and a decentralized alternate.

Shytoshi Kusama’s bio was not too long ago up to date to learn “WE aren’t alone” whereas their location was set to “With a brand new fren… guess who?.”

This adopted up from a Christmas Eve tweet to their 865,400 followers that learn:

“Wen Shibarium? Please know it can come very quickly*, however not throughout an important time for individuals to spend with their household (or the ensuing New Years occasion time). Get pleasure from these subsequent days, subsequent 12 months is a vital one for humanity.”