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Dogecoin's Profitability Spikes, Leaving Most of Market Behind: Crypto Market Review, Dec. 23

Fri, 12/23/2022 - 23:50
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Arman Shirinyan
Market is not ending year on high note, but there are some exceptions
Dogecoin's Profitability Spikes, Leaving Most of Market Behind: Crypto Market Review, Dec. 23
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The last week before the New Year is not ending on a high note as the market ends the week with the majority of assets at a loss, showing the lack of any positivity among investors, which promises nothing but pain by the end of 2022.

Dogecoin's profit spike

Despite the grim end of 2022, Dogecoin had a relatively successful year as the meme asset went through numerous triple-digit rallies, broke numerous resistance levels and turned out to be far more resilient than some "serious" assets.

DOGE Chart
Source: TradingView

In October, Dogecoin gained more than 140% to its value in an explosive way thanks to Elon Musk's Twitter drama. The price of the assets swung upward after investors assumed that Musk might add the support of Dogecoin as the native cryptocurrency of the social media platform. The assumption was based solely on Musk's continuous support of DOGE throughout the years.

Unfortunately, by the end of the year, DOGE lost most of its gains but has recently entered a short-term uptrend, bringing more profit to investors than the majority of other "serious assets" like Ethereum or Bitcoin.

Solana tests bottom again

Despite a relatively stable performance in the last few weeks, Solana has not been getting a helping hand from the market and is still struggling to get out of the bottom zone. Recently, Solana dropped to it once again, losing what it had gained in December.

As we mentioned previously, Solana's performance will not stabilize until the cryptocurrency finally gains any kind of trust among institutional investors. Due to its being the go-to holding off Bankman-Fried’s empire, Solana took the hit first, dropping to multi-year lows.

Solana Becomes #2 Ecosystem, Here's How

After the imposition, millions of SOL have been withdrawn from various staking contracts and trading platforms, which means that at any given time, the market might get hit with an enormous selling pressure that would kill any kind of recovery rally for Solana.

Until then, Solana's ecosystem is still actively utilized by NFT and DeFi enthusiasts, which might become the only source of funding for the network in the foreseeable future.

Polygon's massive record

As covered by U.Today previously, Polygon has recently celebrated a new achievement, the number of unique entities on the network passed the 200 million mark this week, setting a new all-time high.

Such drastic growth of the network is a strong fundamental signal: Polygon is growing despite all the issues the cryptocurrency market has. With the rapid growth and development, the market value of the underlying token should recover eventually.

At press time, MATIC is trading at $0.8, gaining a modest 0.77% in the last 24 hours. The asset has been moving in a continuous rangebound, with only one breakout attempt. The lack of action and steady volume suggest that the token is in the accumulation stage but, at the same time, remains in a prolonged downtrend.

As for now, MATIC trades at a support level it has not broken for the last 70 days.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.