Dogecoin (DOGE), Shiba Inu (SHIB), and other memecoins have different percentages of holders when it comes to profit, as seen by on-chain statistics. Here is how these percentages vary from one another.
When compared to other major memecoins, Dogecoin provides the highest profitability ratio.
IntoTheBlock, a market intelligence website, has just published a piece on X in which they discuss the ways in which the main memecoins perform in comparison to one another in terms of the holders' profits.
The "holders in profit" is an on-chain indicator that, as its name indicates, maintains track of the proportion of investors who are now carrying some net unrealized profit. This percentage is determined by the "holders in profit" indicator.
In order to determine the average price that each address on the blockchain got for its coins, this measure is calculated by checking the transaction history of each address on the blockchain. If this pricing were to correlate to its cost base, it would make perfect sense.
If the spot price of the cryptocurrency is now higher than this cost basis for any address, then the holder of that specific cryptocurrency may be deemed to be in a position of positive profit. When all of these addresses are added together, the holders of profit are able to determine what percentage of the entire user base they account for.
Dogecoin, Shiba Inu, Pepe (PEPE), Floki (FLOKI), and Mog Coin (MOG) are the five memecoins that are being discussed here. The following is an illustration of the worth of the holders in terms of profit.
Other Memecoins, Including Dogecoin
The majority of Dogecoin's user base is now holding profits, which is the highest percentage of any of the memecoins on this list, as can be seen in the previous sentence. Floki comes in second with a percentage of 70.42 percent, while Mog Coin comes in third with a percentage of 61.48%.
It's interesting to note that Shiba Inu and Pepe, the two memecoins that command the most market share in the industry after DOGE, are at the bottom of this list. While the latter has 56% of its investors in profit, the former has 46% of its holders in profit.
Given that it does not even have half of its investors in the green, SHIB looks to be suffering from a particularly gloomy outlook. If, on the other hand, the value of the indicator is low, this has traditionally been seen as a positive indication for any cryptocurrency.
This is due to the fact that those who have profit are more inclined to take part in selling. As a result of the increased likelihood of a mass profit-taking event occurring when a significant proportion of the investors are in a position to benefit, the formation of a top may become more probable.
It is possible for there to be a condition of fatigue brought on by selling when there are not many addresses bearing gains, which ultimately results in the price reaching a low. It is possible that Shiba Inu is the memecoin that is in the best position among these memecoins.
It is important to note that the measure that is shown in the chart is distinct from the one that was displayed before by IntoTheBlock. This is because the chart monitors the proportion of the supply that is profitable rather than the holders. Roughly seventy-five percent of all Bitcoins currently in circulation now have profits.
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