As sellers pull back, Dogecoin (DOGE) and Shiba Inu (SHIB) might see more increases from investors
The meme coins are being amassed by Dogecoin and Shiba Inu regular investors, while whales are distributing their holdings.
Meme coin sales may decelerate if less than half of DOGE and SHIB wallets are making a profit at the moment.
On Wednesday, DOGE and SHIB both added around 2% to their gains.
As selling pressure on meme currencies like Dogecoin (DOGE) and Shiba Inu (SHIB) decreased on Wednesday, their gains were extended. Less than half of the wallet addresses holding these meme currencies are now lucrative, according to data from the on-chain intelligence tracker IntoTheBlock.
Doge and SHIB have seen less selling pressure according to this statistic. As the market rebounds from the recent downturn, the meme coin category has seen a jump in market value.
The on-chain metrics of Dogecoin and Shiba Inu contribute to success.
Meme coins with a canine motif On Wednesday, after a widespread downturn in the cryptocurrency market, Dogecoin and Shiba Inu extended their gains. Crypto intelligence tracker IntoTheBlock reports that at $0.1093, 49.70% of DOGE wallet addresses are lucrative, while 32.26% of SHIB wallet addresses are profitable at $0.000017.
At the present price levels, less than half of investors are making a profit. This means that more traders are underwater, meaning they have unrealized losses. This means that there will not be a lot of selling pressure on meme coins, because traders who are underwater are less likely to sell their assets to get to breakeven.
The attitude among Dogecoin and Shiba Inu dealers on Wednesday is indifferent, according to IntoTheBlock statistics. Correlations between DOGE and SHIB and Bitcoin are 0.94 and 0.88, correspondingly.
On Binance, Dogecoin's gains are extended by 2.12% while Shiba Inu's rally is 2.08% on Wednesday. The current market prices for DOGE and SHIB are $0.1098 and $0.000016, respectively.
