As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen more than my fair share of meme coin rallies and crashes. In this latest round, it seems that Dogecoin has once again taken the lead as the most profitable investment among the top three meme coins by market cap – Dogecoin, Shiba Inu, and PEPE.
In recent developments, the value of Dogecoin, Shiba Inu, and PEPE have been surging since Bitcoin‘s price has rebounded. However, it is important to note that their profitability levels vary at present, implying that investors in these meme coins are experiencing different degrees of gain or loss. In this analysis, we will examine the profitability of these three meme coins to determine which one offers the highest return on investment.
Dogecoin Profitability Remains Highest
Being the most prominent meme currency in circulation, the price of Dogecoin frequently influences how investors perceive meme coins as a whole. In many instances, an uptrend in Dogecoin can spark similar growth among other meme coins, leading to a broader surge across the entire meme coin market. For this reason, it continues to be a popular choice among those investing in meme coins.
As the dominant force in the market, Dogecoin is excelling in various aspects, and one such area is its profitability rate. According to statistics from IntoTheBlock, a platform that monitors blockchain data, a significant 72% of Dogecoin investors are currently experiencing gains. Conversely, only 27% are reporting losses, while a minimal 1% are neither in the red nor the black.
Among the approximately 6 million Dogecoin owners, about 4.6 million are currently making a profit, while around 1.75 million are experiencing losses. Interestingly, there are also around 68,420 wallets that are at a break-even point. This ratio of profitable addresses to those with losses is more favorable compared to other popular cryptocurrencies like Shiba Inu and PEPE.
PEPE Takes Second Place
Following a significant surge in July, the market value of PEPE surpassed $3 billion, thus securing its place as the third-largest meme coin by market capitalization. Despite this, it continues to trail significantly behind Shiba Inu, whose market cap exceeds $7.8 billion by more than 50%. Nevertheless, PEPE has managed to outperform Shiba Inu in terms of profitability.
According to IntoTheBlock’s data, about half (50%) of the approximately 300,000 PEPE holders find themselves in a profitable position, with their addresses showing a profit. This equates to around 147,090 “In The Money” holders. Conversely, about 39.06% of the total holders, or roughly 115,280 addresses, are currently experiencing a loss, which we refer to as being “Out Of The Money.” The remaining 11.11% of addresses, numbering around 32,790, are at breakeven level with the current price.
Shiba Inu Comes Out Last Among Top 3
Even though Shiba Inu ranks as the second-largest meme coin by market capitalization, its price has experienced a substantial decline over the past year, resulting in reduced profitability for many of its investors. As per data from IntoTheBlock, only about 613,400 Shiba Inu wallets are currently showing profits. This equates to approximately 45.42% of all wallets being “in the green” or “in the money” at present.
The Shiba Inu’s profitability trails both Dogecoin and PEPE, ranking it as the least profitable among the top 3 meme coins based on market capitalization. Over half of its holders, approximately 706,660 wallets (52.32%), are currently experiencing losses, while around 30,500 wallets (2.26%) are at a neutral point, neither gaining nor losing money.
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2024-09-12 17:11