Dogecoin Outperforms Other Meme Coins, Proving Attractive for Long-Term Investors
Why is it better to hold DOGE than other meme coins?
Meme coins have made a remarkable appearance in the crypto world. One coin, however, that stands out from the rest is Dogecoin (DOGE). With a 55.17% gain for holders on December 2, DOGE seems to be an attractive option for crypto investors.
DOGE: A strong performer
DOGE’s performance has shown an impressive increase of 21.60% over the year. Comparing this data, one might assume that it is better to hold DOGE long-term (HODL) than to trade it short-term. HODL is an acronym for “Hold On to Dear Life” and refers to the strategy of holding a cryptocurrency long-term, regardless of price fluctuations.
Comparison with other meme coins
Compared to other meme coins, DOGE has shown superior performance. Only the frog-themed coin Pepe (PEPE) has shown better performance, with an increase of 529% on an annual basis. Shiba Inu (SHIB), on the other hand, has only risen by 4.87%, while Floki (FLOKI) has gained 12.25%.
DOGE and Bitcoin: A strong correlation
The strong correlation between DOGE and Bitcoin (BTC) could be another reason for DOGE’s superior performance. According to Macroaxis, Dogecoin has a correlation coefficient of 0.91 with Bitcoin. This means that DOGE follows BTC’s movements in most cases. So, anyone who bought DOGE three months ago would now have a gain of 34.59% on their investment.
DOGE: More than just a meme coin
Another factor that makes DOGE an attractive long-term investment is the fact that the coin is more than just a meme coin. The Dogecoin community has managed to give the blockchain real utility. Users can now enter texts, images, and other things on “Shibes”, the smallest unit of Dogecoin. This could lead to more people holding DOGE and the network growing.
Conclusion
While other meme coins like SHIB and FLOKI also have their strengths, DOGE seems to be the more attractive option for long-term investors due to its strong performance and its correlation with BTC. It remains to be seen how the market will continue to develop and whether DOGE can maintain its leading position among the meme coins.
Sources: AMBCrypto, Santiment, Macroaxis.
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