Bitrabo Editorial
The cryptocurrency sector, particularly meme coins like Dogecoin and Shiba Inu, has seen its share of market fluctuations in the last six months. These meme coins are known for their volatility, impacting holders’ discussions on price movements and profits.
Despite a recent market correction leading many meme coins to dip to multi-month lows, not all holders have been impacted equally. On-chain data reveals varying levels of profitability among holders, depending on the specific meme coin. According to IntoTheBlock data, Dogecoin holders are currently leading in terms of profitability.
Profitability Statistics for Dogecoin and Shiba Inu
The profitability of meme coins is gauged by IntoTheBlock’s “In/Out Of the Money” metric, which tracks the number of addresses in profit or loss at the current market price. Among meme coins, only a few have a significant number of addresses in profit. Dogecoin leads the pack, with 72.4% of addresses in profit, 26.25% in losses, and 1.35% breaking even.
Following Dogecoin is FLOKI, with 70.43% of addresses in profit, then Mog Coin (MOG) with 57.56% in profit, and PEPE with 55.47% in profit. Shiba Inu, the second-largest meme coin, holds the fifth spot in terms of profitability among meme coins, with only 45.80% of addresses in profit and 52.51% in losses.
Shiba Inu has a substantial following comparable to Dogecoin but has not been immune to recent market corrections, resulting in a significant drop in profitability for its holders. Many SHIB holders have reduced their exposure to the token due to the price decline.