As a seasoned analyst with years of market observation under my belt, I find myself constantly intrigued by the rollercoaster ride that is the meme coin sector. The recent market correction has once again proven that while the tides may rise and fall for all, some vessels are sturdier than others.
Over the last half year, the meme coin market, spearheaded by Dogecoin and Shiba Inu, has seen a rollercoaster ride of fluctuations. This turbulence, characteristic of meme coins, is what we’re referring to. Most of these digital currencies have shown similar patterns in their price movements, leading to comparable discussions among holders about their value and potential earnings.
As a seasoned investor with over a decade of experience in the cryptocurrency market, I have witnessed numerous ups and downs, bull runs, and bear markets. The recent correction in the market has reminded me once again of the volatile nature of this space. However, I find it intriguing to observe that not all meme coins are affected equally during these periods.
Profitability Among Dogecoin And Shiba Inu
The level of meme coin profitability is taken from IntoTheBlock’s “In/Out Of The Money” metric which tracks the number of addresses that are either in profit or losses at the current market price. Among the various meme coins, only a select few can claim to have a significant number of addresses in profit. Unsurprisingly, Dogecoin (DOGE), the largest and most well-known meme coin, tops the list.
Approximately 7 out of every 10 Dogecoin wallets are currently earning a profit, while around 1 out of 4 are experiencing losses, and about 1% are at a neutral point. This significant level of profitability is likely due to many Dogecoin investors holding onto their coins before the recent bullish trend began in Q4 2024.
As a seasoned cryptocurrency investor with several years of experience under my belt, I have witnessed the rise and fall of numerous meme coins, but one thing that has consistently stood out for me is the resilience of FLOKI. Despite the tumultuous market conditions that have caused other meme coins to falter, FLOKI has managed to maintain a steady presence in the crypto world.
SHIB, second only to Dogecoin in terms of meme coin market value, ranks fifth when it comes to profitability within the meme coin category. This digital currency boasts a massive following and support network comparable to that of Dogecoin. However, even with such a dedicated fanbase, SHIB has not been shielded from the recent market fluctuations, causing its price to hit a five-month low. Since peaking at $0.00003592 in March 2024, SHIB has seen its market cap decrease by approximately 62%.
As a result, there’s been a substantial decrease in the number of Shiba Inu (SHIB) token holders who are making a profit. Many have chosen to either partially or fully withdraw from their investment in the token. Currently, just 45.80% of SHIB holders are profiting, while a higher percentage, 52.51%, are experiencing losses.
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2024-08-16 12:52