DOGE, PEPE, And MOG Holders In Profit Above 75% Despite Downturn

by

As a seasoned crypto investor with a keen interest in memecoins, I find the recent data from IntoTheBlock intriguing. Despite the bearish sentiment in the broader crypto market, it’s heartening to see that a significant percentage of Dogecoin (DOGE), Pepe Coin (PEPE), and MOG (MOG) holders are still in profit. This resilience is particularly noteworthy for memecoins like DOGE and PEPE, which have been favorites among retail investors.

As a researcher examining the data from IntoTheBlock, I’ve discovered an intriguing finding: A substantial number of investors holding Dogecoin (DOGE), Pepe Coin (PEPE), and Monacoin (MOG) have yet to realize a loss on their investments.

Broad Crypto Market Sees Price Crunch 

As a researcher studying the cryptocurrency market during this downturn, I’ve noticed that several memecoins have managed to maintain a relatively upbeat atmosphere amidst the broader market slump. A recent chart from blockchain analytic platforms reveals an intriguing trend: MOG is currently spearheading the sector with an impressive 85.5% of its holders still in profit.

PEPE came in second place, just behind it with a 78.53% market share, was Floki with a 75% share. Dogecoin also held a strong position with 75% of the market. Shiba Inu, a meme coin featuring the Japanese breed, ranked sixth among meme coins. Approximately 51.83% of its holders were currently in profit based on IntoTheBlock’s data.

This chart illustrates the percentage of holders in profit across various memecoins
In the face of a broader market decline, numerous memcoins continue to leave their investors with substantial gains.
$MOG and Pepe $PEPE lead the space with the highest percentages of…
— IntoTheBlock (@intotheblock) July 4, 2024

Noted is the fact that among digital currencies, these particular ones have shown robustness compared to other crypto categories. Two popular contenders, SHIB and DOGE, are included in this group and have recently generated optimistic feelings. A significant Dogecoin investor, referred to as a whale, has drawn attention with its substantial purchase on Binance. Based on on-chain data, the whale acquired an impressive 90 million DOGE units from the leading cryptocurrency exchange.

During the past 24 hours, the memcoin centered around dogs has experienced a significant decrease of 8.51%. The current value of DOGE stands at $0.1078. However, there’s a glimmer of hope as the prominent whale address “DGmzv39riW” has been actively accumulating Dogecoin. Historically, such large-scale acquisitions have often foreshadowed price increases for cryptocurrencies, suggesting that better days might be ahead for Dogecoin.

Dogecoin, Memecoins See More Support 

Similarly, a crypto trader was also seen engaging the potential buy-the-dip strategy.

As a crypto investor, I’ve taken advantage of the recent price drop in Bitcoin and other major cryptocurrencies to add $59 million worth of PEPE and seven different altcoins to my portfolio. These assets include Ethereum (ETH), Shiba Inu (SHIB), Render Network (RNDR), Polygon (MATIC), Chainlink (LINK), Avalanche (AVAX), and The Graph (GRT). My decision to invest in these tokens suggests my belief that they hold potential for significant gains in the near future.

The majority of memcoins like Dogecoin have experienced a decline in market value on average. Yet, the number of profits for their holders continues to rise.

Significant, this occurs as crypto trading platform BitMex introduces support for SHIB, DOGE, and PEPE. Specifically, BitMex unveiled a new offering called MEMEMEXTUSDT. This product is a Basket Index perpetual swap contract intended to allow traders investment exposure to the top 10 meme coins.

According to a recent report by Coingape, this contract – which includes derivatives – is collateralized with USDT and allows traders to increase their exposure up to 25 times.

Read More

2024-07-04 18:46