Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins
06 Juli 2024 - 1:00AM
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Holders of the top meme coins have witnessed rough price action in
the past few weeks. The majority of meme cryptos have crashed hard
during the last week, with losses of over 20% in each asset across
the board. Particularly, holders of the top meme coins Dogecoin,
PEPE, and Shiba Inu have been disappointed, as the price drop means
many of them have now fallen out of profitability.
Interestingly, IntoTheBlock’s “In/Out Of The Money” metric shows a
varying level of profitability in each meme coin, and it seems like
SHIB holders are currently feeling the heat the most. Comparing The
Profitability Of The Top Meme Coins Dogecoin, Shiba Inu, and PEPE
are the top OG meme coins. Dogecoin and Shiba Inu have grown over
the years and are pushing themselves to the very best as they look
to upgrade from the meme token status. PEPE, the newest of the
bunch, recently joined the ranks after strong rallies in. Related
Reading: Bitcoin Completes 9th Test Of $60,000, Where Does Price Go
From Here? March and May. However, recent market dynamics have seen
these fun-branded cryptocurrencies taking a brutal beating, with
each plunging over 20% and over 40% in the past seven and 30 days
respectively. Dogecoin, the OG meme coin and king of the meme
market, has plummeted by 24% and 41.8% in the past seven and 30
days, respectively. The self-proclaimed “Dogecoin killer,” Shiba
Inu, has also lost some of its bites in recent weeks and is down by
23.5% and 49% in the past seven and 30 days, respectively. Even the
internet’s favorite frog, PEPE, couldn’t escape the downturn. The
meme-inspired crypto has been down by 34.5% and 45.6% in the past
seven and 30 days, respectively. IntoTheBlock’s profitability
metric follows wallets that are “in the money,” “at the money,” and
“out of the money.” “In the money” tracks those making a profit at
the current price, while “out the money” tracks those in losses.
According to the Global In/Out of the Money, 3.43 million Dogecoin
addresses, representing 54.05% of total addresses, are still in
profit, while 1.77 million addresses, representing 27.93% of total
addresses, are now at a loss. Similarly, 58% of PEPE holders
(155,810 addresses) are in the money, while 32.36% (86,940
addresses) are in losses. On the other hand, only 20.47% (274,540
addresses) of SHIB holders are making money at its current price,
while a 52.46% majority (703,700 addresses) are swimming in losses.
Related Reading: Bitcoin Closes CME Gap, Expert Predicts What
Happens Next Is It Time To Buy Dogecoin, Shiba Inu, And PEPE? At
the time of writing, Dogecoin is trading at $0.09535, Shiba Inu is
trading at $0.00001321, and PEPE is trading at $0.000007991. While
all three cryptos are still at risk of further price declines, the
recent double-digit dips may present an attractive opportunity for
meme coin enthusiasts to “buy the dip.” Featured image created with
Dall.E, chart from Tradingview.com
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