Memecoins
Comparing the profitability of the best meme coins
Holders of major meme cryptocurrencies have witnessed a brutal price action in recent weeks. The majority of meme cryptocurrencies crashed hard Over the past week, losses have exceeded 20% for each asset. Holders of major cryptocurrencies Dogecoin, PEPE, and Shiba Inu have been particularly disappointed, as the price drop means many of them are no longer profitable.
Interestingly, IntoTheBlock’s “In/Out Of The Money” metric shows a varying level of profitability in each meme coin, and it seems that SHIB holders are currently feeling the most pressure.
Comparing the profitability of the best meme coins
Dogecoin, Shiba Inu, and PEPE are the top OG coins. Dogecoin and Shiba Inu have grown over the years and are pushing themselves toward the top as they look to move on from meme token status. PEPE, the newest of the bunch, recently joined the ranks after strong gains.
March and May. However, recent market momentum has seen these funnily named cryptocurrencies take a brutal beating, with each falling more than 20% and more than 40% in the last seven and 30 days respectively.
Dogecoin, the OG meme coin and king of the meme market, has dropped 24% and 41.8% over the past seven and 30 days, respectively. The self-proclaimed “Dogecoin killer,” Shiba Inu, has also shed some of its gains in recent weeks, dropping 23.5% and 49% over the past seven and 30 days, respectively. Even the internet’s favorite frog, PEPE, could not escape the crisisThe meme-inspired cryptocurrency has fallen 34.5% and 45.6% over the past seven and 30 days, respectively.
IntoTheBlock by profitability measure tracks wallets that are “in the money,” “at the money,” and “out of the money.” “In the money” tracks those that are making a profit at the current price, while “out of the money” tracks those that are making a loss. According to the Global In/Out of the Money, 3.43 million Dogecoin addresses, representing 54.05% of total addresses, are still in profit, while 1.77 million addresses, representing 27.93% of total addresses, are now making a loss.
Similarly, 58% of PEPE holders (155,810 addresses) are in the money, while 32.36% (86,940 addresses) are in losses. On the other hand, only 20.47% (274,540 addresses) of SHIB holders are in the money at its current price, while a majority of 52.46% (703,700 addresses) are in losses.
Is it time to buy Dogecoin, Shiba Inu and PEPE?
At the time of writing, Dogecoin is trading at $0.09535, Shiba Inu at $0.00001321, and PEPE at $0.000007991. While all three cryptocurrencies are still susceptible to further price declines, the recent double-digit declines may present an interesting opportunity for meme coin enthusiasts. “buy on the dip”
Featured image created with Dall.E, chart by Tradingview.com