Over 30% of Dogecoin, Shiba Inu, Pepe holdings underwater
On Thursday, Dogecoin and PEPE prices came down, but Shiba Inu rose.
Between 30% and 70% of meme coin wallet addresses have unrealized losses.
Shiba Inu's on-chain activity grows while Dogecoin and PEPE fall.
Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE)—the top meme currencies by market capitalization—trade between minor gains and losses on Thursday, following the major crypto assets. DOGE and SHIB gained 3% to 4% in the last week, while PEPE lost 1.37%.
On-chain data indicates Shiba Inu activity growing while Dogecoin and PEPE activity has reduced after August 16.
SHIB on-chain activity surges, DOGE and PEPE lag.
All three meme currencies peaked on August 16 according to Santiment's active addresses table. As seen in the chart below, Dogecoin and PEPE have performed worse than SHIB since then, slowing activity.
PEPE dropped from 2,698 to 2,372 and DOGE from 55,295 to 38,911.
After a minor increase on August 16, Shiba Inu active addresses had risen about 22%.
Between 30% and 70% of wallet addresses holding the top three meme currencies have unrealized losses, according to IntoTheBlock's Global In/Out of the Money statistic.
Traders seldom realize losses on their holdings, thus a sell-off is less likely if a big proportion of wallet addresses are underwater. Wallet addresses with unrealized losses may wait until their assets are lucrative before selling.
DOGE wallets are 45% submerged, SHIB 72%. In contrast, just 31% of PEPE investors are losing.
The analysis reveals that Shiba Inu has the biggest proportion of wallet holders with unrealized losses, making it less likely to sell off than the other two meme currencies.
On Thursday, Shiba Inu trades at $0.00001414, up 0.14%, while Dogecoin and PEPE trade at $0.1057 and $0.00000791.
