Dogecoin Outperforms Shiba Inu Despite Market Drop as SHIB Addresses Stay in Profit
Dogecoin and Shiba Inu, two popular meme coins, have recently exhibited similar price movements, causing several discussions among their investors.
Despite their apparent similarities, the number of loss-making SHIB addresses increased, contrasting with DOGE's situation.
SHIB holders appear to experience more distress than DOGE holders; Currently, almost half of SHIB addresses are losing money.
Profitability Analysis of Dogecoin and Shiba Inu
Both Dogecoin (DOGE) and Shiba Inu (SHIB) showed negative price trends over the last 24 hours and week. However, there is a distinct difference in the number of addresses that lost money during this decline. According to IntoTheBlock's profitability metrics, the decline wasn't that steep for DOGE holders.
IntoTheBlock's metrics categorize wallets as “at-the-money,” “at-the-money,” or “at-the-money.” “In profit” refers to wallets that are in profit at current prices, and “in loss” refers to wallets that are at a loss. Available data shows that 75% of DOGE addresses are in-the-money, while only 52% of SHIB addresses are in-the-money.
Additionally, 48% of SHIB addresses are currently losing money, while this rate is significantly lower for DOGE addresses at 23%. Additionally, DOGE address 119,380, or 2% of the total, is “at-the-money” with an average price of $0.1245. SHIB, on the other hand, is “breakeven” with 7,630 addresses, or 1% of the total, with an average price of $0.000017.
Latest Price Movements of Dogecoin and Shiba Inu
According to the latest data, DOGE is trading at $0.123 and is down 1.2% in the last 24 hours and 1.98% in the last week. In comparison, SHIB is trading at $0.00001713 and is down 2.05% in the last 24 hours and 7.56% in the last week.
