Dogecoin (DOGE) has seen a price increase of 40% during the bear market, making it one of the best-performing major altcoins this year. Meanwhile, Bitcoin (BTC) dropped by 30% during the same time.
This year continues to be one of surprises as it turns out that Dogecoin has been more profitable than Bitcoin (BTC) during the bear market.
DOGE price has gone up by nearly 40%, while Bitcoin has gone down by 30% since the bear market started.
Between May 15 and Oct. 31, BTC dropped from approximately $29,530 to $20,530, representing a fall of 30%. DOGE, however, has gone from $0.088 to $0.123. Even for a meme coin with spectacular clout over investors, the jump is impressive during an investment winter.
The last three months have also been strong for DOGE, which went up from $0.072 to $0.123. That represents a massive 70% jump. Bitcoin fell by 16% during this time, from roughly $24,530 to $20,530.
The ascent of DOGE has seen it overtake Cardano (ADA) in terms of market cap. The meme coin’s market cap now stands at $15.8 billion, while Cardano stands at $14 billion. It is now the eighth largest token by market cap.
DOGE Price Leap Due to Musk Twitter Takeover
DOGE has been outperforming the entire market in the past week, as a result of Elon Musk’s takeover of Twitter. The token is up by over 100% since the deal was finalized and the acquisition could very well be a win for the crypto market.
The controversial entrepreneur has supported Dogecoin for a long time and has been quite vocal about it. Musk has also hinted at integrating payments into Twitter, and suggested that this could even include crypto. He has also said that Dogecoin has potential as a currency.
The price jump has put half of Dogecoin holders in profit. This may increase further still, given that the Dogecoin ecosystem has experienced multiple developments this year.
More Gains Possible Thanks to Upcoming Developments
Dogecoin has had an eventful 2022, with the details of a new Dogecoin update released in June. The update took into account some of the statements made by Elon Musk on how to improve the development.
There has also been more acceptance of Dogecoin as a means of payment. AMC Theatres added Dogecoin payments via a partnership with Bitpay. Musk’s Tesla already accepts Dogecoin for payment.