As we near the end of 2022, meme coin investments have surged. Dogecoins DOGE/USD has become the clear leader among investors with a market capitalization of a whopping $10.71 billion.

What happened: The crypto market has seen a sharp decline due to a variety of factors. A longstanding crypto winter has been exacerbated by the Terra Luna stablecoin collapsethe suspension of payouts by some companies and the catastrophic ones FTX implosion through Sam Bankman Fried. Despite the mostly bearish sentiment, meme coins still seem to be of interest to investors.

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Roller coaster ride for Dogecoin: It’s been quite a rollercoaster ride for Dogecoin in 2022, with several factors leading to its surge in popularity.

Data from CoinMarketCap shows that Dogecoin’s price is down 52% since last year. At the time of writing, Dogecoin was trading at $0.077.

In September, DogeChain – the unofficial Layer 2 solution for Dogecoin developed by community members – marked a major milestone Recorded more than 50 million transactions to date.

Let’s not forget the immense impact this has Elon Musk had on Dogecoin. Since the Dogefather demanded “Dogecoin to the moon” in November, DOGE has recovered. He has been a staunch supporter of Dogecoin for years and his influence has been a major catalyst in the growth of the overall meme coin market.

in October 2022, gasoline ga Conducted a poll to gauge sentiment on whether Dogecoin would hit $0.10 by 2023 after the news musk‘s Deal to buy Twitter. Over 67.6% of respondents said they believe it will reach 10 cents by 2023, and 32.4% don’t believe it will reach 10 cents again by 2023.

In a tweet dated Nov. 30 Bill MarkusCo-founder of Dogecoin, known by the pseudonym Shibetoshi Nakamoto, urged the Dogecoin community to use the meme coin for more than just pump and dumps. musk answeredwhich suggests that Dogecoin…