LIVEDogecoin (DOGE) vs. Shiba Inu (SHIB) —Most Profitable Memecoin to Buy 2024 #SHIB2024
Profitability analysis examines the more attractive destination for investors in 2024, between rival memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB).
As the crypto market rally heats up, can DOGE bulls capitalize on this to trigger bigger price gains?
In the build up to the Bitcoin ETF approval verdict, investors rotated funds into BTC and large Layer-1 mega cap altcoins like Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) in a bid to make the most of the market euphoria.
Effectively, memecoins suffered a mild-pull back which saw Dogecoin price dip to its 2024 bottom of $0.074 on Jan 8. But as the ETF approval euphoria waned, liquidity returned to the memecoin markets.
The likes of BONK and Shiba Inu gained media traction in recent weeks, however, on-chain data shows Dogecoin remains the most attractive destination for investors.
IntoTheBlock’s Historical In/Out of the Money chart below tracks the total number of a cryptocurrency’s funded addresses that are currently in profitable positions at the current prices.
With DOGE price rallying 11% from its 2024 low, the data shows that over 2.87 million current Dogecoin holders are sitting on unrealized profits as of Feb 11. This works out to 52.21% of the total DOGE investors.
Shiba Inu Trending Far Behind Dogecoin’s Profitability
Dogecoin’s current profitability ratio becomes a much bigger deal, when viewed in comparison to its rival meme tokens. With a valuation of $5.6 billion as of Feb 2024, Shiba Inu (SHIB) is the second-largest memecoin by market capitalization.
The Shiba Inu profitability ratio shows that only 394,980 (29.79%) of its current investors are in the green. With an overwhelming majority 63.47% currently underwater as of Feb 11.
When a majority of current investors are making profits, it effectively creates a positive feedback loop among major stakeholders like whales and miners.
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