October 15, 2024

CryptoTrues

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Dogecoin Remains Firmly Ahead Of Shiba Inu In This Metric

Dogecoin


The meme coin sector, led by Dogecoin and Shiba Inu, has experienced 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. The majority of these meme coins have exhibited similar price actions; as such, holders have had similar things to discuss in terms of price and profitability.

Interestingly, the recent market correction has seen many meme coins returning to multi-month lows. Interestingly, despite the widespread decline across the niche, on-chain data reveals that not all holders are experiencing the same level of impact. The profitability metrics, which track the percentage of holders in profit, indicate diverse outcomes depending on the specific meme coin in question. According to data from IntoTheBlock, DOGE holders are currently leading the pack in terms of profitability.

Profitability Among Dogecoin And Shiba Inu

The level of meme coin profitability is taken from IntoTheBlock’s “In/Out Of The Money” metric which tracks the number of addresses that are either in profit or losses at the current market price. Among the various meme coins, only a select few can claim to have a significant number of addresses in profit. Unsurprisingly, Dogecoin (DOGE), the largest and most well-known meme coin, tops the list.

A remarkable 72.4% of Dogecoin addresses are currently in profit, while 26.25% are at a loss, 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 maintained their positions before the latest bullish cycle kickstarted in Q4 2024.

Following closely behind Dogecoin is FLOKI, another popular meme coin that has managed to be stable even as other meme coins struggled. FLOKI has 70.43% of its addresses in profit, 28.41% in losses, and 1.24% at breakeven. In third place is Mog Coin (MOG), where 57.56% of holders are currently in profit, and 26.16% are in losses. In fourth place is PEPE, which has 55.47% of addresses in profit and 34.16% of addresses in losses. 

SHIB, the second-largest meme coin by market cap, comes in fifth place in terms of profitability among meme coins. SHIB has a huge community of followers and enthusiasts that rivals that of Dogecoin. Despite its large and loyal fanbase, SHIB has not been immune to the recent market corrections, which have driven its price down to five-month lows. SHIB has lost about 62% of its market cap since reaching a multi-year high of $0.00003592 in March 2024.

Dogecoin Shiba Inu
Source: IntoTheBlock

Consequently, the number of SHIB holders in profit has dropped significantly, with many opting to either partially or entirely reduce their exposure to the token. At the time of writing, only 45.80% of SHIB holders are in profit, compared to 52.51% in losses. 

Dogecoin price chart from Tradingview.com
DOGE price suffers from bearish pressure | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com


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