Dogecoin’s Profitability Spikes, Leaving Most of the Market Behind: Crypto Market Review, December 23

Arman Shirinyan

The market does not end the year in style, but there are some exceptions

The last week before the New Year does not end on a high note as the market ends the week with the majority of assets at a loss, showing the absence of any positivity among investors, which promises nothing but pain by the end of 2022.

Dogecoin profit spike

Despite the gloomy end of 2022, Dogecoin had a relatively successful year as the meme asset went through many triple-digit rallies, broke through many resistance levels and proved to be much more resilient than some “serious” assets.

DOGE Chart
Source: TradingView

In October, Dogecoin explosively gained over 140% of its value thanks to Elon Musk’s Twitter drama. The asset’s price spiked after investors speculated that Musk might add support for Dogecoin as the social media platform’s native cryptocurrency. The assumption was based solely on Musk’s continued support of DOGE over the years.

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

Solana tests the bottom again

Despite a relatively stable performance over the past few weeks, Solana has not received any help from the market and is still struggling to break out of the bottom zone. Recently, Solana fell again, losing what she had won in December.

As we mentioned earlier, Solana’s performance will not stabilize until the cryptocurrency finally earns the trust of institutional investors. Due to her ability to hold off Bankman-Fried’s empire, Solana took the hit first, falling to multi-year lows.

After the imposition, millions of SOLs were withdrawn from various staking contracts and trading platforms, which means that at any time the market could be hit by huge selling pressure that would kill any type of recovery. by Solana.

Until then, Solana’s ecosystem is still actively used by NFT and DeFi enthusiasts, which may become the sole source of funding for the network for the foreseeable future.

Polygon’s Massive Record

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

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

At press time, MATIC is trading at $0.8, gaining a modest 0.77% over the past 24 hours. The asset moved in a continuous range, with only one breakout attempt. The lack of action and consistent volume suggest that the token is in an accumulation phase but, at the same time, remains in an extended downtrend.

For now, MATIC is trading at a support level that it has not broken in the past 70 days.

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