Dogecoin has once again emerged as one of the best performers for the year when it comes to the top 10 cryptocurrencies. The meme coin which enjoyed massive popularity in 2021 continues to hold on to gains even better than larger counterparts such as Bitcoin and Ethereum.
Dogecoin Performs Exceptionally Well
In a year where there were numerous implosions that tanked the crypto market further, dogecoin has come forward as a force to be reckoned with. It has held on to its value ahead of some of the largest cryptocurrencies in the space.
Naturally, most cryptocurrencies have lost a significant chunk of their value but where dogecoin has lost only about 58% of its value in 2022, others such as bitcoin and ethereum have recorded yearly losses of 65% and 67%, respectively. This already puts the meme coin ahead of the two largest cryptocurrencies in the market.
It also outperformed the likes of Cardano and Polygon, both of which are the ninth and tenth largest cryptocurrencies in the market. Cardano’s value is down more than 80% while Polygon has recorded declines of approximately 69% this year.
DOGE holding above $0.07 | Source: DOGEUSD on TradingView.com
The meme coin was only surpassed by Binance Coin (BNB) and XRP. Where BNB is down 53%, XRP is down 57%. This makes BNB the best performer out of the top 10, XRP is the second-best performer, and dogecoin is a close third.
Other Metrics For Top 10 Cryptos
Dogecoin has also done a good 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 at the time of this writing. However, it is still not the most accomplished in this regard. That title goes to XRP.
XRP’s cycle low of $0.11 and its current price of $0.35 means that the digital asset is up almost 207% in the last 10 months. Another asset that saw triple-digit recoveries from the cycle low is Polygon which is up 142% from its June cycle low of $0.32.
Others in the top 10 have not performed as well. Bitcoin is down around 6% from its cycle low of $17,664, and Cardano is seeing 38% losses from its cycle low of $0.4. Meanwhile, Ethereum and BNB are seeing much better headwinds with 33.65% and 32.41% increases, respectively.
Nevertheless, this makes dogecoin the third-best performer once more using this metric. An impressive run for a meme coin mainly driven by hype.
Featured image from Coinbase, chart from TradingView.com