The year 2022 has witnessed a major and severe downturn for the entire cryptocurrency industry. If you are thinking Bitcoin or Ether was able to make it through the hard times then you are mistaken.
When we say the entire cryptocurrency industry, it means the entire cryptocurrency. This is because people lost their trust in cryptocurrencies in crypto in the year 2022.
This is because of the major crashes and exploits that have taken place in the crypto industry in the year 2022.
Now the situation is very difficult for cryptocurrency and ever crypto has suffered.
As the year has come to an end, analysts have started to gather data to see the performance of every major cryptocurrency.
The analysts are not trying to understand which crypto saw gains in the year 2022. Instead, they want to know which crypto suffered the least amount of losses in the year 2022.
Dogecoin Proved to be the Underdog
Just like the rest of the cryptocurrencies, the trend has mainly remained in the negative territory for Dogecoin (DOGE). Still, the asset has suffered lesser losses compared to other major cryptocurrencies.
Therefore, it is safe to say that the performance of Dogecoin has been better than the rest of the major cryptocurrencies in the year 2022.
Dip Recorded by DOGE in 2022
The data shows that in the year 2022 only, DOGE has recorded a 58% year-to-date dip. DOGE currently ranks as the third-best performing cryptocurrency among the list of top ten performers.
The only cryptocurrencies that were able to defeat DOGE in the race were XRP and Binance Coin (BNB).
A look at their performance shows that from year to date, XRP’s price has dipped by 57.2%. While the trading price of BNB has dipped 53% from year to date.
Top 10 Crypto in Terms of Valuation
In the list of top 10 cryptocurrencies by market valuation, the crypto that has shed the highest percentage of its valuation is Cardano (ADA).
The data shows that ADA’s valuation has dipped by 80.9% in the year 2022. Then comes Polygon (MATIC) which has recorded a 68.8% dip in the same period.
Then come Bitcoin (BTC) and Ether (ETH) which have shed 65.1% and 67.8% of their overall valuations in the year 2022.
DOGE’s Comparison with the Top 20 Crypto
When comparing the losses incurred by DOGE compared to the top 20 cryptocurrencies, it can be established how well the meme coin has performed.
The major cryptocurrencies in the top 20 cryptos are Avalanche (AVAX), Polkadot (DOT), Uniswap (UNI), and Solana (SOL).
The valuation of UNI has dipped by 70.3%, DOT has dipped by 84%, AVAX has dipped by 89.9%, and SOL has dipped by 93.8%.
Solana was a special case in the year 2022 as it took a major dip right after the crash of the FTX exchange. The Solana network had huge ties with the FTX exchange and its founder.
With the demise of the exchange, Solana also ended up facing a lot of backlash from the users. They started to leave the network, which resulted in a major loss to the asset’s valuation in the year 2022.
54% of DOGE Hodlers are Enjoying Profits
It is important to mention here that most of the hodlers of DOGE are in profits, despite the downtrend of the meme coin.
The report confirms that 54% of the total DOGE hodlers are currently seeing green figures despite the value being down to $0.07.
Then come 43% hodlers who are currently facing losses while 3% are currently sitting at the breakeven level.
Comparison with Bitcoin and ETH
Compared to DOGE, Bitcoin only has 46% hodlers who are currently looking at profits. As for ETH, only 47% hodlers are looking at strong profits.
The rest of the hodlers are currently facing losses as they continue holding BTC and ETH.