Dogecoin, PEPE and MOG Holders Make Over 75% Profit

Data from IntoTheBlock revealed that a significant percentage of Dogecoin (DOGE), Pepe Coin (PEPE), and MOG (MOG) holders are still in profit.

Cryptocurrency market sees sharp price drop

Amid a general slowdown in the cryptocurrency market, many memecoins have maintained a reasonable positive sentiment. The chart shared by Blockchain analytics platforms shows that MOG leads the sector with 85.5% of its holders still in profit.

It was closely followed by PEPE at 78.53%, Floki at 75%, and Dogecoin at 75%. The popular Shiba Inu dog-themed memecoin occupied the 6th position of memecoins with a significant percentage of holders in profit. According to IntoTheBlock, the Shiba Inu profitable holders metric stands at 51.83%.

It is worth noting that these digital currencies are showing resilience compared to other cryptocurrency categories. Two of the market favorites, SHIB and DOGE, are among this group displaying positive sentiment. A Dogecoin whale recently turned heads with its massive accumulation on BinanceAccording to on-chain information, the whale pocketed a whopping 90 million DOGE from the leading cryptocurrency exchange.

Meanwhile, the dog-themed memecoin is currently losing 8.51% of its value over the past 24 hours. DOGE’s price is at $0.1078, but accumulation from whale address “DGmzv39riW” is hinting at hopes of a future rise in Dogecoin’s price. This optimism finds credence in the fact that massive accumulations usually add a bullish hue to a coin’s future prospects.

Dogecoin and Memecoins Get Increased Support

Similarly, a cryptocurrency trader was also seen using the potential buy-the-dip strategy.

Amidst the price decline of Bitcoin and most crypto assets, the trader managed to accumulate $59 million in PEPE and seven different altcoins. This includes ETH, SHIB, RNDR, MATIC, LINK, AVAX, and GRT. His move hints at hopes of potential gains ahead for these tokens.

On average, most of these memecoins, including Dogecoin, are currently experiencing a downward trend in terms of market value. However, this has not prevented the increase in holder profitability.

It is worth noting that this is happening around the same time that the cryptocurrency trading company BitMex Added support for SHIB, DOGE, and PEPE. Specifically, BitMEX has launched a new product dubbed MEMEMEXTUSDT. The new product is a Basket Index perpetual swap contract designed to give traders exposure to the top 10 meme coins.

According to a report from Coingape, the contract, which includes derivatives, is limited to USDT and traders can leverage up to 25x.

Learn more: Bitcoin Drops to $57,000 as BTC Selloff Intensifies, What’s Happening?

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