Comparing Meme Coin Profitability
Meme coins were all the rage for the past few months, but now that the hype has died down, investors are looking at the meme coins that actually carry the most promise. These older meme coins have been in the market for a while and their communities are still very active. However, not all of them have held up well price-wise. In this report, we take a look at the meme coin that has been the best performer even through the bear market.
Data from IntoTheBlock shows that Dogecoin (DOGE) remains the most profitable of all the meme coins. Despite its price being down around 85% from its all-time high, an impressive 47% of all DOGE holders are still in profit. This brings the percentage of holders seeing losses to 52%, and 1% sitting in neutral – meaning they purchased their coins at the same price the meme coin is trading right now.
In contrast to this, only 16% of Shiba Inu (SHIB) and Dogelon Mars (ELON) holders are seeing any profit at current prices. The gap between those in profit and those in losses remains wide, with 81% of SHIB holders in losses and 83% of ELON holders in losses. Floki Inu (FLOKI) has managed to perform even worse in this regard. The meme coin’s holders are the worst off out of the list, with only 14% in the green. However, holders in losses came out lesser than SHIB and ELON holders, with 78% of FLOKI holders seeing losses. The rest of the investors, 8%, are sitting in the neutral territory.
The meme coins are down right now, but so is the general sector. The lack of momentum has adversely affected prices across the space, with the largest assets such as Bitcoin and Ethereum trading below critical support levels. Dogecoin, Shiba Inu, Floki Inu, and Dogelon Mars have all followed the same trend and will likely see an upside once Bitcoin starts to recover. For now, investors are biding their time as the Fear & Greed Index continues to sit in neutral, indicating indecisiveness in the market.
Important Quotes:
“Data from IntoTheBlock shows that Dogecoin’s profitability levels remain the highest of all the meme coins. Despite its price being down around 85% from ATH, an impressive 47% of all DOGE holders are still in profit.”
“In contrast to this, only 16% of Shiba Inu and Dogelon Mars holders are seeing any profit at current prices. The gap between those in profit and those in losses remains wild with 81% of SHIB holders in losses and 83% of ELON holders in losses.”
“Floki Inu has managed to perform even worse in this regard. The meme coin’s holders are the worse off out of the list with only 14% in the green.”
Sources: IntoTheBlock, TradingView.com, Fear & Greed Index.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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