Amid the severe crypto recession in 2022, Dogecoin price (DOGE) has held up far better than most major market assets.
Looking at the top 10 assets in terms of market capitalization as for Crypto Bubbles data, Bitcoin (BTC), ether (ETH), Cardano (ADA) and polygon (MATIC) have returned much more: 65.1%, 67.8%, 80.9 and 68.8% per piece in 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% each.
The Intotheblock (ITB) data also has some interesting information, 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% in red.
ITB figures are based on identifying the average cost of token purchases in their tracked wallets and comparing it to the current price of the given asset.
As for 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, which shows that the memecoin has done well. performance despite its volatile track record.
The strong performance comes despite no significant news for the Dogecoin network or anything in the pipeline to warrant excitement going forward, barring some recent speculation that DOGE could potentially, possibly one day integrate with Elon Musk’s Twitter.
For comparison, Ethereum has reduced its power consumption rates by 99% this year, with a host of Layer 2 projects helping it scale. Fundamentals apparently don’t have the power of Memes.
SHIBA INU vs. DOGE
However, DOGE’s memecoin competitor Shiba INU (shib) has also struggled despite the efforts of the community to build a complete ecosystem consisting of block chain gamesNFTs and a metaverse platform this year.
The token is down 76.1% in the last 12 months, with only 14% of hodlers in the green, 4% breaking even and 82% in the red according to ITB.
As it stands, DOGE is the eighth largest crypto asset in terms of market capitalization at $10.1 billion, while SHIB sits at number 17 at $4.8 billion, according to data from CoinGecko.
However, in some potentially bullish news for the SHIB community, pseudonymous lead developer Shytoshi Kusama has hinted that there might 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 was recently updated to read “We are not alone” while his location was set to “With a new frenzy… guess who?”.
This followed a Christmas Eve tweet to his 865,400 followers that read:
“Wen Shibario? Keep in mind that it will be coming very soon*, but not during a crucial time for people to spend with their families (or the time resulting from the New Years party). Enjoy these next few days, next year is important for humanity.”
Happy holidays to more than half of the . Wen Shibario? Keep in mind that it will be coming very soon*, but not during a crucial time for people to spend with their families (or the time resulting from the New Years party). Enjoy these next few days, next year is important for humanity.
— Shytoshi Kusama™ (@ShytoshiKusama) December 24, 2022