Dogecoin Price Trounces Bitcoin in Bear Market
Dogecoin Price Trounces Bitcoin in Bear Market: One of the top-performing prominent altcoins this year is Dogecoin (DOGE), whose price increased by 40% during the weak market. Bitcoin (BTC) experienced a 30% decline at the same time.
As it turns out, Dogecoin has been more profitable than Bitcoin (BTC) throughout the down market. This year has continued to be full of surprises.
Since the beginning of the bear market, DOGE price has increased by almost 40% while Bitcoin price has decreased by 30%.
BTC fell from around $29,530 to $20,530 between May 15 and October 31, a 30% decline. However, DOGE has increased from $0.088 to $0.123. The increase is noteworthy during a period of low investment activity, even for a meme coin with extraordinary influence over investors.
Also performing well over the past three months was DOGE, which increased from $0.072 to $0.123. That is a massive increase of 70%. During this time, the price of bitcoin dropped by 16%, from about $24,530 to $20,530.
Due to its growth, DOGE has surpassed Cardano (ADA) in market cap. The market valuation of the meme coin is currently $15.8 billion, compared to $14 billion for Cardano. By market cap, it is currently the eighth-largest token.
DOGE Price Leap Due to Musk’s Twitter Takeover
- Due to Elon Musk’s acquisition of Twitter, DOGE has outperformed the overall market over the previous week. The acquisition may be a success for the cryptocurrency market as the token has increased by over 100% since the deal was closed.
- The controversial businessman has long embraced Dogecoin and is outspoken about it. Musk has also referenced the potential integration of payments into Twitter, including cryptocurrencies. Dogecoin has potential as a currency, he has added.
- The price increase has made 50% of the Dogecoin owner’s money. Given that the Dogecoin ecosystem has undergone numerous developments this year, this could rise even further.
More Gains Possible
- With the announcement of a new Dogecoin version in June, Dogecoin has had a busy 2022. Elon Musk’s comments on how to further the development were considered in the update.
- Additionally, Dogecoin is now more often accepted as a form of payment. Due to a collaboration with Bitpay, AMC Theatres now accepts payments in Dogecoin. Dogecoin is already accepted as payment at Musk’s Tesla.
Also Read: Discover Meme Coins