Dogecoin has as soon as once more emerged as the most effective performers for the yr relating to the highest 10 cryptocurrencies. The meme coin which loved huge recognition in 2021 continues to carry on to positive factors even higher than bigger counterparts resembling Bitcoin and Ethereum.
Dogecoin Performs Exceptionally Properly
In a yr the place there have been quite a few implosions that tanked the crypto market additional, dogecoin has come ahead as a power to be reckoned with. It has held on to its worth forward of a few of the largest cryptocurrencies within the area.
Naturally, most cryptocurrencies have misplaced a major chunk of their worth however the place dogecoin has misplaced solely about 58% of its worth in 2022, others resembling bitcoin and ethereum have recorded yearly losses of 65% and 67%, respectively. This already places the meme coin forward of the 2 largest cryptocurrencies out there.
It additionally outperformed the likes of Cardano and Polygon, each of that are the ninth and tenth largest cryptocurrencies out there. Cardano’s worth is down greater than 80% whereas Polygon has recorded declines of roughly 69% this yr.
DOGE holding above $0.07 | Supply: DOGEUSD on TradingView.com
The meme coin was solely surpassed by Binance Coin (BNB) and XRP. The place BNB is down 53%, XRP is down 57%. This makes BNB the most effective performer out of the highest 10, XRP is the second-best performer, and dogecoin is an in depth third.
Different Metrics For Prime 10 Cryptos
Dogecoin has additionally accomplished job in its rise from its cycle low. After touching $0.05 in June, it has managed to rise over 42% since then to be sitting at $0.07 on the time of this writing. Nevertheless, it’s nonetheless not probably the most achieved on this regard. That title goes to XRP.
XRP’s cycle low of $0.11 and its present value of $0.35 implies that the digital asset is up virtually 207% within the final 10 months. One other asset that noticed triple-digit recoveries from the cycle low is Polygon which is up 142% from its June cycle low of $0.32.
Others within the prime 10 haven’t carried out as nicely. Bitcoin is down round 6% from its cycle low of $17,664, and Cardano is seeing 38% losses from its cycle low of $0.4. In the meantime, Ethereum and BNB are seeing significantly better headwinds with 33.65% and 32.41% will increase, respectively.
However, this makes dogecoin the third-best performer as soon as extra utilizing this metric. A formidable run for a meme coin primarily pushed by hype.
Featured picture from Coinbase, chart from TradingView.com