In the midst of the severe fall of cryptocurrencies in 2022, Dogecoin (DOGE) price has held up much better than most major market assets.
DOGE is the third best performing asset in the top ten; fell “only” 58% this yearsecond only to XRP (XRP) and BNB (BNB), which saw declines of 57.2% and 53%.
If we look at the top 10 assets in terms of market capitalization based on Crypto Bubbles data, bitcoin (BTC), Ether (ETH), Cardano (ADA) and Polygon (MATIC) have plunged considerably more: 65.1%, 67.8%, 80.9 and 68.8%, respectively, in the last 12 months.
DOGE also ranks well ahead of other big names in the top 20 such as Polkadot (DOT), Solana (SOL), Uniswap (UNI) and Avalanche (AVAX), which have plunged 84%, 93.8%, 70.3% and 89.9%, respectively.
The data from Intotheblock (ITB) also offers interesting facts: the majority (54%) of DOGE cryptocurrencies are currently in the green at the current price of $0.07, while 3% are in equilibrium and 43% are in the red.
ITB figures are based on identifying the average cost of token purchases in its tracked wallets and comparing it to the current price of the asset in question..
Regarding other assets, ITB data indicates that 46% of BTC holders and 47% of ETH holders are currently in the green at the time of writing, showing that the memecoin has performed well despite its volatile history..
The strong performance comes despite no significant news for the Dogecoin network or anything to warrant excitement going forward, barring some recent speculation. that DOGE could potentially, possibly one day integrate with Twitter, because of Elon Musk.
For comparison, Ethereum reduced its power consumption rates by 99% this year, and had a number of Layer 2 projects help it scale. Apparently, fundamentals don’t have the power of memes.
SHIBA INU versus DOGE
However, DOGE’s memecoin competitor, Shiba INU (SHIB), has also struggled, despite community efforts this year to build an entire ecosystem consisting of blockchain games, non-fungible tokens, and a metaverse platform..
The token has fallen 76.1% in the last 12 months; only 14% of your hodlers are in green, 4% in balance and 82% in redaccording to ITB.
Nowadays, DOGE is the eighth largest crypto asset in terms of market capitalization, at $10.1 billion; while SHIB is at number 17, with USD 4.8 billionaccording to data from CoinGecko.
However, recently there was some potentially encouraging news for the SHIB community: the great developer Shytoshi Kusama hinted that there might be a new partnership related to the Shibarium project..
Shibarium is an Ethereum Layer 2 scaling solution that will house the ecosystem’s metaverse platform, games, and a decentralized exchange..
Shytoshi Kusama’s biography was recently updated to read “WE are not alone” (“We are not alone”), while its location was set to “With a new fren… guess who?” (“With a new friend… guess who?”).
This was a follow-up to a Christmas Eve tweet to his 865,400 followers that read:
“Wen Shibarium? Please know it will come very soon*, but not during a crucial time for people to spend with their family (or the resulting New Years party time). Enjoy these next days, next year is an important one for humanity.”
Happy Holidays to more than half the . Wen Shibarium? Please know it will come very soon*, but not during a crucial time for people to spend with their family (or the resulting New Years party time). Enjoy these next days, next year is an important one for humanity.
— Shytoshi Kusama™ (@ShytoshiKusama) December 24, 2022
“Wen Shibarium? Please know that it is coming very soon*, but not during a crucial time for people to spend with their families (or the consequent New Year’s holiday season). Enjoy these next few days; the year that comes is important for humanity”.
Happy Holidays to more than half of the . Wen Shibarium? Please know that it’s coming very soon*, but not during a crucial time for people to spend with their families (or the consequent New Years party time). Enjoy these next few days; next year is important for humanity.
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