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Musk’s Favorite Crypto Gains 40% During Crypto Winter; Doge Hodlers Are ‘less Stressed’ Investors: Study

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Important Notes

  • DOGE soared 145% earlier this month and was trading at $0.14.
  • The price eventually fell to $0.05 and struggled to return to a much higher price range.
  • As of 4:12 a.m. ET Tuesday, DOGE was down 1.95% at $0.07438.

Dogecoin, which is Elon Musk’s favorite cryptocurrency, was named the winner this month after its price went up by 40% during the long crypto winter when the prices of most major cryptocurrencies went down and Bitcoin hit a new low in two years. The amazing performance of the world’s first meme coin put its owners at ease, and a recent poll found that DOGE investors are “less anxious” than other investors.

In November, a website called CoinMarketCap put out a list of the top ten crypto winners and losers. At the top of the list of winners was Musk’s favorite meme coin, which had grown by a huge 40% in just a month.

Early this month, the price of DOGE went up 145% and was worth $0.14, but it then fell to $0.05, and has been hard to get back to a much higher price range. The market capitalization of the meme coin also went up last week. It is now worth $11.1 billion, which is $3.2 billion more than it was in October.

Even though the crypto winter has been going on for a long time, DOGE holders may not be worried because Dogecoin has been doing so well and because Musk is one of its supporters. A poll by the crypto education site Coin Kick-Off found that DOGE investors are among those who are least worried about the recent market crisis.

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The survey found that people who owned Dogecoin had a “stressful tweet” score of 19.83%, which put them 28th out of the top 33 investors. The study looked at geotagged tweets for a certain hashtag to find the 50 most popular crypto assets with investors who were the most worried.

TensiStrength, which is “a sentiment-tracking algorithm that puts a value on stress levels in tweets so that we can see the proportion of stressed tweets for the world’s largest cities, countries, and cryptocurrency assets,” was used to evaluate the tweets.

The report says, “We looked at the 50 largest cryptocurrencies by market capitalization and found that FTX Token owners were the most worried about their purchase, with 37.99% of tweets about it expressing worry.” “Maybe for a good cause,” it said next.

Early this month, Musk chose Dogecoin as one of his top three cryptos with a bright future. “I think there is a future for Bitcoin, Ethereum, and DOGE. I can’t say what the others think “He took note. The tech billionaire said this on November 12 when he joined Twitter Spaces.

CoinMarketCap data shows that DOGE was down 1.95% at $0.07438 with a 24-hour volume of $597,890,457 as of 4:12 a.m. ET on Tuesday.

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