DOGE has dominated the coin market for the longest time, but competitors like LUNC are now giving it a hard time due to the strong community that supports it. Both digital assets have made (and broken) their fair share of crypto millionaires in the market. Both have been hit hard by the crypto market – admittedly, the collapse of LUNA Classic (LUC) actually triggered the bear market – but investors continue to turn to the two digital assets in an attempt to make gains. gains in the market.
Dogecoin (DOGE) is still in the lead
Even with the crypto winter, DOGE has not failed to retain much of its value and as such has maintained its position as one of the largest cryptocurrencies by market capitalization. The meme coin also enjoys the support of prominent figures such as billionaires Mark Cuban and Elon Musk, among others.
The integration of Dogecoin into many platforms such as Tesla and The Boring Company, as well as the Dallas Mavericks, has also given it much-needed real-world utility. This ensures that it is always on the radar of investors who want a digital asset that they can also spend.
DOGE falls to $0.119 | Source: DOGEUSD on TradingView.com
When it comes to being a good investment option, the number of DOGE holders currently making a profit shows that the meme coin is still a solid choice. IntoTheBlock’s data puts 62% of all investors in profit, which is far higher than Bitcoin, Ethereum, and Shiba Inu (SHIB).
Dogecoin is also maintaining an uptrend as whale trades also increased last week. Large holders had added $70 million worth of tokens to their balances at the start of the month, offsetting the new supply that was pouring into the market, which could have lowered its price.
LUNA Classic (LUNC) Not a bad bet?
After the collapse fiasco, the market had welcomed LUNC into the ranks of meme coins, operating the same way ever since. Despite the billions of dollars lost on the token, investors have refused to ditch the altcoin, and with good reason.
Coins like LUNC have proven to be good for investors looking for big gains in a short period of time. Its high supply and low price make it susceptible to large price fluctuations. This volatility can often be a blessing or a curse depending on the position an investor is in and the direction in which prices move.
LUNC trending at $0.00022 | Source: LUNCBUSD on TradingView.com
The LUNC community has also made progress in trying to reduce the token supply. From a tax on burnt transactions to burning Binance fees, the community was able to remove over 30 billion tokens from circulation in a matter of months.
LUNC’s market capitalization also sits at $1.4 billion, which leaves room for growth for the digital asset over time. However, this growth depends on what developers can come up with and community support.
It is important to keep in mind that a bear market is notorious for not being easy on cryptocurrencies such as these, and even during bull markets investors can lose significant sums in these assets. LUNC’s price is down more than 99.99% from its all-time high, while DOGE is down 83.87% from its all-time high.
Featured image from Finbold, chart from TradingView.com
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