- Dogecoin takes the lead with 42% of holders in profit despite being significantly down from its all-time high.
- Shiba Inu and PEPE trail behind, with profitability rates of 11% and 21% respectively.
Unmasking Meme Coin Metrics Amid Market Turbulence
IntoTheBlock, a reputed blockchain analytical platform, recently unveiled compelling metrics about the profitability status of various meme coins, offering a distinct perspective amidst the current market upheaval.
Doge Reigns Supreme
Dogecoin (DOGE), often dubbed the pioneer of meme coins, flaunts the most enviable statistic among its peers. With 42% of its holders reaping profits, the resilient nature of DOGE’s community becomes evident. This is all the more impressive considering DOGE is still grappling with a 91.66% plunge from its May 2021 peak of $0.7376. Consequently, the recent dip has seen a surge in new investors securing DOGE at remarkably diminished prices, with over 514,000 addresses acquiring approximately 3.05 billion DOGE at an average buy-in of just $0.00258.
Shiba Inu’s Mixed Bag
The Shiba Inu ecosystem, although burgeoning, hasn’t managed to reflect that vigor in its profitability numbers. A mere 11% of SHIB holders currently sit in profit, hinting that a majority procured the asset when prices were loftier. This narrative can be attributed to SHIB’s capricious pricing dynamics marked by stark highs and lows.
The ecosystem’s secondary token, Doge Killer (LEASH), paints a marginally brighter picture, with 19% of its holders in the green, claiming the third spot in the meme coin profitability hierarchy.
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PEPE’s Entry and Descent
PEPE, a relatively recent entrant in the meme coin arena, already has 21% of its investor base relishing profits. However, there’s an underlying narrative of PEPE’s waning momentum. Despite its novelty, the asset has plummeted by a staggering 84% since its all-time high just four months ago, largely precipitated by a decline in social media-driven hype.
Whale Watch
Whale metrics offer a revealing glimpse into token concentration and potential influence. DogelonMars (ELON) tops this list with an overwhelming 75% of its total supply nestled in whale wallets. Shiba Inu isn’t far behind, showcasing a 63% whale concentration, though distributed across a mere 11 addresses which together hold a massive 613.77 trillion SHIB. On the other hand, Dogecoin and PEPE record more dispersed holdings, with whales controlling 44% and 49% of their respective supplies.
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