Musk's Favorite Crypto Surges 40% In Crypto Winter; DOGE Hodlers 'Less Stressed' Investors: Study

Elon Musk's favorite crypto asset, Dogecoin, was declared the winner this month after its price surged by 40% in the prolonged crypto winter that saw major crypto assets tumble and sent Bitcoin to a new two-year low. The impressive performance of the world's first meme coin put its holders at ease, and according to a recent study, DOGE investors are "less stressed" compared to others.

Cryptocurrency aggregator CoinMarketCap released its top 10 crypto winners and losers in November and revealed that Musk's favorite meme coin topped the list of winners, showing a massive 40% surge in just a month.

Earlier this month, DOGE skyrocketed by 145% and traded at $0.14, but the price eventually plummeted to $0.05 and struggled to climb back to a much higher price territory. The meme coin also saw a surge in its market capitalization last week at $11.1 billion, which is $3.2 billion higher than in October.

The impressive performance of Dogecoin and the fact that Musk is one of its supporters could be the reason why DOGE holders are not worried despite the prolonged crypto winter. A study conducted by crypto education-focused platform Coin Kick-Off revealed that DOGE investors are among the least stressed amid the ongoing market crisis.

The study showed that Dogecoin holders have a "stressful tweet" score of 19.83% and ranked 28 out of the top 33 investors. The research analyzed geotagged tweets for a particular hashtag in order to determine the most stressed cryptocurrency investors of the 50 most popular crypto assets in the industry.

According to the researchers, they analyzed the tweets using TensiStrength, which is "a sentiment-tracking algorithm that places a value on stress levels within tweets so that we can see the proportion of stressed tweets for the world's major cities, countries, and cryptocurrency assets."

"We analyzed the 50 largest cryptocurrencies by market cap and found that owners of FTX Token were most worried about their purchase, as 37.99% of tweets about it are stressed," the study said. " Perhaps for a good reason," it added.

Earlier this month, Musk named Dogecoin as one of his top three cryptos with a future. "I think there probably is a future for Bitcoin, Ethereum, and DOGE. I can't really speak to the others," he noted. The tech billionaire made the remark when he joined Twitter Spaces on Nov. 12.

DOGE was trading down 1.95% at $0.07438 with a 24-hour volume of $597,890,457 as of 4:12 a.m. ET on Tuesday, according to the latest data from CoinMarketCap.

Musk Names Dogecoin As One Of Three Cryptos With A Good Future