Despite Dogecoin (CRYPTO: DOGE) trading 90% below its lifetime high, investors in the meme-coin appear to be better positioned than those holding Bitcoin (CRYPTO: BTC) or Ethereum (CRYPTO: ETH).
What Happened: According to data from IntoTheBlock, 53% of DOGE holders are making money at current prices, whereas only 50% of BTC holders and 52% of ETH holders are in the green.
See Also: How To Buy Dogecoin (DOGE)
It is worth noting that both DOGE and ETH have a strong correlation with the leading digital asset. At the time of writing, DOGE’s 30-day correlation with BTC stood at 0.83 while ETH’s was as high as 0.99.
By comparison, Dogecoin rival Shiba Inu (CRYPTO: SHIB) exhibited one of the lowest levels of correlation with BTC at 0.53. Holders of SHIB were also in a far more dire situation, with only 24% making a profit at current prices despite a 30% rally over the last week.
Year-to-date, 2022 has turned into the “worst bear market in crypto history” as per on-chain data seen by analysts at Glassnode.
“Only 3.5% of trading days have seen larger capital outflows,” stated the analysts in a recent market report.
See Also: HOW LONG WILL A BITCOIN BEAR MARKET LAST?
Price Action: According to data from Benzinga Pro, at press time, BTC was trading at $20,700, down 2.12% in the last day. ETH was trading at $1,181, down 3.41% and DOGE was trading at $0.06, down 6.5% over the same period.
