Dogecoin price performance through the year has been quite different to that of the rest of the major altcoins. While most coins tend to follow Ethereum or Bitcoin in their price action – DOGE price it seems likes to dance to its own tune. While the larger price trend has been somewhat in line with Bitcoin, in certain phases, DOGE price did manage to show major spikes, especially so in the wee end of the month of October 2022 – just before FTX collapse. In fact this has helped Dogecoin to actually stay ahead of Bitcoin in terms of value retention since the beginning of the year. While Bitcoin has lost over 66% since the beginning of the year, Dogecoin has only lost about 50% in the same timeframe.
Other than that, on a purely technical point of view – things seem pretty well of fore DOGE price at the moment. The beginning half of the year with Dogecoin was as bad as any other coin. The dramatic crash of the market that come right along the heels of the Terra LUNA depegging fiasco had knocked the wind right out but soon, Dogecoin managed to recovery quickly after that. It has managed to keep a safe distance away from the YTD lows of June 2022 and is also on a decent uptrend too in the past two to three weeks, very unlike the rest of the market. So as and when the overall crypto market begins to improve – Dogecoin will definitely be one of the better performing ones amongst the top 10.
Read more: Dogecoin Price Prediction
While Dogecoin’s technicals looks pretty good at the moment, despite the raging bear market – Dogecoin’s on-chain development activity seems to be more in line with that bearish sentiment. While there have been spikes here and there in between, the overall development activity on the Dogecoin project have been minimal – and hence new features and functionalities might not be coming our way. Hence, in the absence of new products – the memecoin will have to depend solely on its community strength to rally in terms of price in 2023.
Social dominance is another metric that has played out in favor of the largest memecoin by market cap. Since it is a memecoin – this is a crypto that is largely led by the emotions of the community than anything else. While that could be scary for some investors – it must also be noted that in the world of crypto – the community is the one that controls the coin and decides what should come next. And hence, developing it for the community remains at the forefront – and bodes quite well for it as a project in the long term.
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