Dogecoin survived carnage in 2022 better than most
Despite the extreme crypto market downturn in 2022, Dogecoin (DOGE) has been performing much better than most of the top assets.
DOGE is the third-best asset in the top ten, having dropped “just” 58% this year, only behind XRP (XRP) and BNB (BNB) with 57.2% and 53% declines, respectively.
Crypto Bubbles data shows that Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Polygon (MATIC) have all decreased more significantly: 65.1%, 67.8%, 80.9 and 68.8%, respectively, over the past 12 months.
DOGE is also ahead of other major players in the top 20 such as Polkadot (DOT), Solana (SOL), Uniswap (UNI) and Avalanche (AVAX), which have all dropped, by 84%, 93.8%, 70.3% and 89.9%, respectively.
Intotheblock (ITB) data also has interesting insights, with the majority (54%) of DOGE holders currently in the green at the current price of $0.07, while 3% are breaking even and 43% in the red.
ITB’s figures are based on identifying the average cost of token purchases in its tracked wallets and comparing it to the current price of the given asset.
Looking at other assets, ITB data indicates that 46% of BTC holders and 47% of ETH holders are currently in the green at the moment, showing that the memecoin has fared well despite its volatile past.
The impressive performance comes despite no major news for the Dogecoin network or anything in the works to generate excitement, aside from some speculation that DOGE could possibly be integrated with Elon Musk’s Twitter one day.
By comparison, Ethereum cut its energy consumption rates by 99% this year, with a slew of layer 2 projects helping it to scale. Fundamentals don't have the power of memes, apparently.
SHIBA INU vs DOGE
However, DOGE’s memecoin competitor Shiba INU (SHIB) has also been performing poorly, despite community efforts this year to build a comprehensive ecosystem including blockchain games, nonfungible tokens and a metaverse platform.
The token is down 76.1% over the past 12 months, with only 14% of hodlers in the green, 4% breaking even and 82% in the red, according to ITB.
Related: The real-life dog behind memecoin DOGE is seriously ill
At present, DOGE is the eighth-largest crypto asset in terms of market cap at $10.1 billion, while SHIB is No. 17 with $4.8 billion, according to CoinGecko.
In some potentially bullish news for the SHIB community, however, anonymous lead dev Shytoshi Kusama has 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’s metaverse platform, games and a decentralized exchange.
Shytoshi Kusama’s bio recently read “WE are not alone” while their location was set to “With a new fren… guess who?.”
This followed up from a Christmas Eve tweet to their 865,400 followers that said:
“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