Bitrabo Editorial
Meme coins, which were all the rage in recent months following the success of PEPE, have investors now looking at the meme coins that hold the most promise. These are older meme coins that have been in the market for some time and have active communities. Not all of them, however, have held up well price-wise. In this report, we examine the meme coin that has weathered the bear market the best and achieved the highest performance.
Comparison of Meme Coin Profitability
We take a look at the largest meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), Floki Inu (FLOKI), and Dogelon Mars (ELON). All achieved significant growth during the 2021 bull market, with each increasing by over 1,000x.
However, during the bear market, their profitability suffered due to the decline in price. Nevertheless, some performed better than others concerning their holders’ returns.
Data from IntoTheBlock shows the highest profitability levels among holders of Dogecoin, of all the meme coins, despite its price being down about 85% from the all-time high (ATH). An impressive 47% of all DOGE holders are still in profit, bringing the percentage of loss-making holders to 52%, with 1% sitting in neutral, meaning they purchased coins at the same price at which the meme coin is currently trading.
DOGE profitability remains the highest out of all meme coins | Source: IntoTheBlock
In contrast, only 16% of Shiba Inu and Dogelon Mars holders at current prices are making a profit. A significant gap exists between those in profit and those in loss as 81% of SHIB holders and 83% of ELON holders are suffering losses.
Floki Inu has performed even worse in this regard. Only 14% of holders of this meme coin are making a profit. However, the percentage of loss-making holders was lower than for SHIB and ELON holders, with 78% of them seeing losses. The remaining 8% are in the neutral territory.
DOGE is most profitable of all meme coins | Source: DOGEUSD on TradingView.com
Meme Coins Decline with Market
The meme coins are down, but so is the general sector. The lack of momentum has adversely affected prices across the space with the largest assets—such as Bitcoin and Ethereum—trading below critical support levels.
Dogecoin, Shiba Inu, Floki Inu, and Dogelon Mars have all moved similarly and will probably see an increase once Bitcoin begins to recover. Instead, investors wait as the Fear & Greed Index continues its indecisiveness in the market.