Bitrabo Editorial
New insights on on-chain data reveal the percentage of profitable holders for Dogecoin (DOGE), Shiba Inu (SHIB), and other memecoins.
Top Profitability in Major Memecoins for Dogecoin
IntoTheBlock, a market intelligence platform, shares comparisons of major memecoins in terms of holders in profit.
The “holders in profit” metric tracks the percentage of investors currently holding net unrealized profits.
It analyzes the transaction history of each address in the blockchain to determine the average purchase price, indicating profit if the current spot price surpasses this cost basis.
Among five memecoins, Dogecoin, Shiba Inu, Pepe (PEPE), Floki (FLOKI), and Mog Coin (MOG), Dogecoin stands out with 72.75% profitable holders, leading the group.
Floki follows at 70.42% and Mog Coin at 61.48%, while Shiba Inu and Pepe have lower percentages of profitable holders with 46% and 56% respectively.
Even though Shiba Inu has less than half of its investors in profit, historically, a low indicator value can be viewed as a bullish sign for a cryptocurrency.
With fewer profitable addresses, selling can exhaust, potentially signaling a price bottom. Shiba Inu might be in a favorable position among these memecoins.
Bitcoin Profitability Overview
Axel Adler Jr, from CryptoQuant, shared data on Bitcoin’s profitability, highlighting that around 75% of the circulating supply is currently profitable.
Note that this metric is different from the holders in profit, focusing on the percentage of the supply that is in profit.
DOGE Price Status
Presently, Dogecoin is trading around $0.101, experiencing a nearly 3% decrease over the past week.