The cryptocurrency sector, led by Dogecoin and Shiba Inu, has seen a series of ups and downs over the past six months. These ups and downs have been highlighted by volatility, which is known as meme coins. Most of these cryptocurrencies have shown similar price movements; hence, their holders have similar things to discuss in terms of price and profitability.
Interestingly, the recent market correction saw many meme coins return to multi-month lows. Interestingly, despite the widespread pullback across the space, on-chain data reveals that not all meme coin holders are experiencing the same level of impact. Profitability metrics, which track the percentage of meme coin holders in profits, show varying results depending on the specific meme coin in question. According to data from IntoTheBlock, Dog holders It currently leads the group in terms of profitability.
Profitability between Dogecoin and Shiba Inu
Meme Coin Profitability Level It was taken from IntoTheBlock’s “In/Out Of The Money” metric that tracks the number of addresses that are making a profit or loss at the current market price. Among the different coins, only a few can claim to have a significant number of profitable addresses. It’s no surprise that Dogecoin (DOGE), the largest and most popular cryptocurrency, tops the list.
72.4% of Dogecoin addresses are currently profitable, 26.25% are in losses, and 1.35% are at breakeven. This high level of profitability can be attributed to the fact that a large portion of Dogecoin holders have keep their positions Before the last bullish cycle begins in Q4 2024.
FLOKI follows closely behind Dogecoin, another popular meme coin that has managed to find stability even as other meme coins struggle. FLOKI has 70.43% of its addresses in profit, 28.41% in loss, and 1.24% at breakeven. In third place is Mog Coin (MOG), with 57.56% of holders currently in profit, and 26.16% in loss. In fourth place is PEPE, with 55.47% of addresses in profit, and 34.16% in loss.
Gray hair Second largest meme coin In terms of market cap, it is the fifth most profitable meme coin. SHIB has Huge community It has a large and loyal fan base that competes with Dogecoin. Despite its large and loyal fan base, SHIB has not been immune to recent market corrections, which have pushed its price to five-month lows. SHIB has lost about 62% of its market cap since hitting a multi-year high of $0.00003592 in March 2024.
As a result, the number of SHIB holders who are profitable has dropped significantly, with many choosing to partially or completely reduce their exposure to the token. At the time of writing, only 45.80% of SHIB holders are profitable, compared to 52.51% who are losing.
Featured image created using Dall.E, chart from Tradingview.com
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