When it comes to the top 10 cryptocurrencies for the year, Dogecoin has once again emerged as one of the greatest performers. Even better than Bitcoin and Ethereum, the meme coin, which gained a lot of popularity in 2021, is still holding on to its gains.
Dogecoin operates remarkably well
Dogecoin has become a major player in a year when there have been a lot of explosions that have made the cryptocurrency industry even less stable. In comparison to some of the biggest cryptocurrencies on the market, it has maintained its value.
Naturally, a large portion of the value of the majority of cryptocurrencies has been lost, but while dogecoin has only lost roughly 58% of its value in 2022, other cryptocurrencies like bitcoin and ethereum have seen annual losses of 65% and 67%, respectively. This already places the meme coin in front of the two most valuable cryptocurrencies available.
It also did better than Cardano and Polygon, the ninth and tenth largest cryptocurrencies on the market. Cardano’s value has decreased by more than 80% this year, while Polygon has seen drops of over 69%.
Only Binance Coin (BNB) and XRP were more valuable than the meme coin. XRP is down 57%, and BNB is down 53%. BNB is now the top performer among the top 10, followed by XRP in second place and dogecoin in third.
Indicators for the Top 10 Cryptos
Dogecoin has performed well in its recovery from its low cycle. It managed to increase by more than 42% since June, when it reached $0.05, to reach $0.7 at the time of this writing. It is still not the most successful in this area, though. That honor belongs to XRP.
Between its cycle low of $0.11 and its current price of $0.35, XRP has increased by about 207% during the previous 10 months. Polygon, which is up 142% from its June low of $0.32, is another asset that has recovered in the triple digits.
Other top-10 performers haven’t fared as well. From its cycle low of $17,664, Bitcoin has lost about 6%, and Cardano has lost 38% from its cycle low of $0.4. On the other hand, Ethereum and BNB are doing much better, with rises of 33.65% and 32.41%, respectively.
However, considering this metric again, dogecoin is now the third-best performer. A strong performance for a meme coin that was primarily hype-driven.