2022 was a rough year for Cryptocurrency Market. Memecoins Like Dogecoin, Shiba Inu, Dogelon Mars, Baby Doge Coin, and Rich Quack. Which 3 of those 5 outperformed Bitcoin and Ethereum?
2022 has been rocky with conflicts affecting people’s lives and well as markets, but at the same time, there have been exciting developments in every major crypto project.
DOGE, SHIB, ELON, BabyDoge, QUACK
Everybody loves meme coins. If you don’t have at least one animal-themed token in your wallet, can it be said that you’re invested in crypto? Still, meme coins aren’t exactly considered “stores of value,” with their high volatility and, in many cases, shallow utility.
Let’s look at how the five most popular meme coins performed, in terms of price action, during the 2022 bear market. You might be surprised that most of them outperformed Bitcoin and Ethereum!
The value of Bitcoin has dropped 64% since Jan. 1, while Ethereum dropped 68%, according to CoinMarketCap.
- Name: Dogecoin
- Symbol: $DOGE
- Jan. 1 price: $0.1705
- Dec. 28 price: $0.07141
- Change: -58%
- Bottom line: Dogecoin outperformed both Bitcoin and Ethereum.
2. Shiba Inu
- Name: Shiba Inu
- Symbol: $SHIB
- Jan. 1 price: $0.00003342
- Dec. 28 price: $0.000007991
- Change: -76%
- Bottom line: Shiba performed worse than both Bitcoin and Ethereum.
3. Dogelon Mars
- Name: Dogelon Mars
- Symbol: $ELON
- Jan. 1 price: $0.000001566
- Dec. 28 price: $0.0000002869
- Change: -82%
- Bottom line: Dogelon Mars performed worse than both Bitcoin and Ethereum.
4. Baby Doge Coin
- Name: Baby Doge Coin
- Symbol: $BabyDoge
- Jan. 1 price: $0.000000001907
- Dec. 28 price: $0.0000000009559
- Change: -50%
- Bottom line: Baby Doge Coin outperformed both Bitcoin and Ethereum.
5. Rich Quack
- Name: Rich Quack
- Symbol: $QUACK
- Jan. 1 price: $0.000000002579
- Dec. 28 price: $0.000000001124
- Change: -56%
- Bottom line: Rich Quack outperformed both Bitcoin and Ethereum.
As you can see, 2022 was a year of massive losses throughout crypto. The two most significant coins and the most popular meme coins suffered alike. While you were better off holding $DOGE, $BabyDoge, and $QUACK than either $BTC or $ETH — the best bet would have been to have your funds in fiat or $USD stablecoins … er, well except for TerraUSD (which is down 98% on the year!).