Dogecoin (DOGE): The Best Performing Coin Among Top Ten Coins This Year

– Dogecoin (DOGE) has been the best performing coin among the top ten coins this year, with its price dropping by 58%.
– Following the collapse of the now-bankrupt crypto exchange FTX, the price of DOGE has fallen from $0.11 to $0.073.
– With Elon Musk’s takeover of Twitter, the value of Dogecoin rose suddenly, but as it became apparent that Musk’s entry isn’t going to make Twitter more crypto-centric, its price began falling.

Dogecoin (DOGE) has been having a remarkable year despite the crypto downturn in 2022. DOGE has been the best performing coin among the top ten coins, with its price dropping by only 58%, with only XRP (57.2%) and Binance Coin (53%) ahead of it. Its market capitalization has fallen from $14.5 billion to $9.5 billion.

The coin has been relatively resistant to the crypto market downturn, which some attribute to the rumours of Twitter integrating the memecoin into its payment methods. This has been further evidenced by the coin’s performance over the past few weeks after the collapse of the now-bankrupt crypto exchange FTX. Following this event, the price of DOGE has fallen from $0.11 to $0.073.

However, the coin saw a significant surge in its price following the takeover of Twitter by Elon Musk. After Musk’s entry, the value of Dogecoin rose suddenly and increased by more than 230% in one week. The coin’s price rose from $0.059 on 24 October to $0.159 on 1 November. Unfortunately, as it became apparent that Musk’s entry isn’t going to make Twitter more crypto-centric, its price began falling.

The cryptocurrency industry has come a long way since its launch in around 2010. The vision of the industry was an on-chain financial order that would not invite governmental intervention, which has been achieved to a certain degree. Dogecoin, created by a pair of software engineers, Billy Markus and Jackson Palmer, has been present throughout this journey, playing an important role in the evolution of the industry.

As Dogecoin continues to remain one of the best-performing coins this year, it will be interesting to see how it evolves over the next few years. With recent developments in the industry, it is safe to say that Dogecoin will continue to play an important role in the industry, and could even see an increase in its price in the near future.