In 2024, the cryptocurrency market experienced a notable surge following the approval of a spot Bitcoin ETF (Exchange Traded Fund) in the United States. Today, on June 20, 2024, the on-chain analytics firm IntoTheBlock made a notable post on X, highlighting that, despite the substantial upward movement in Bitcoin (BTC) and Ethereum (ETH), only Pepe (PEPE), Floki (FLOKI), and Dogecoin (DOGE) stand out among the top crypto meme coins where the majority of holders are currently profitable.
The majority of PEPE, FLOKI, and DOGE holders are profitable
According to the IntoTheBlock post, as of now, a remarkable 89.57% of PEPE holders are profitable, 76.85% of FLOKI holders are enjoying gains, and nearly 75% of DOGE holders are also in the green. In contrast, other meme coins like Bonk (BONK), Shiba Inu (SHIB), and dogwifhat (WIF) show lower profitability compared to PEPE, FLOKI, and DOGE. This indicates a concentration of profitability within a select few meme coins, leaving others trailing behind.
This chart highlights top cryptocurrency projects ranked by the percentage of holders in profit.Bitcoin remains dominant, with over 86% of its holders in profit.Ethereum is close behind, showing strong performance. The introduction of an #EthereumETF could be the push… pic.twitter.com/MOtJumk9uU
— IntoTheBlock (@intotheblock) June 20, 2024
Besides the crypto meme industry, top assets like Bitcoin (BTC) and Ethereum (ETH) continue to dominate. According to the data, nearly 90% of BTC holders are profitable, and more than 83% of ETH holders are profitable. TRON’s profitability is in third place, with more than 82% of TRX holders being profitable.
The data suggests that massive profitability is concentrated in top crypto assets with high market capitalization and meme coins, while other altcoins, including Solana (SOL), BNB (BNB), XRP (XRP), and Cardano (ADA), are still awaiting their breakthrough moment.
Cryptocurrency market sentiment
Despite this massive profitability, recent days have seen significant price drops for BTC, ETH, and other altcoins. Traders remain bearish about BTC, with more than a billion dollars worth of short positions currently active. If BTC moves to $70,000, nearly $1.67 billion in short positions will be liquidated, indicating a potential for notable market shifts. On the other hand, there are only $930 million in long positions, further highlighting the bearish sentiment.
The balance of short and long positions highlights that traders are more bearish than bullish at this time. Given the current market conditions, it appears that Bitcoin’s movements significantly influence the trajectory of other altcoins, creating potential opportunities and risks within the broader crypto market.
