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Dogecoin

Dogecoin Has 72% Holders In Profit: How Do Shiba Inu, Pepe Compare?

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to on-chain data, here’s how the percentage of holders in profit differs between Dogecoin (DOGE), Shiba Inu (SHIB), and other memecoins.

Dogecoin Has The Highest Profitability Ratio Among Major Memecoins

In a new post on X, market intelligence platform IntoTheBlock has talked about how the major memecoins compare against each other regarding the holders in profit.

As its name suggests, the “holders in profit” is an on-chain indicator that keeps track of the percentage of investors who are carrying some net unrealized profit right now.

Related Reading: Solana Bearish Signal: Whale Makes $26 Million Binance Deposit

This metric works by going through the transaction history of each address on the blockchain to find the average price it received for its coins. This price would naturally correspond to its cost basis.

If the cryptocurrency’s spot price is currently greater than this cost basis for any address, then that particular holder can be considered to be in profit. The holders in profit sum up all such addresses and calculate what part of the total user base they make up for.

Now, here is what the value of the holders in profit looks like for five memecoins: Dogecoin, Shiba Inu, Pepe (PEPE), Floki (FLOKI), and Mog Coin (MOG).

Dogecoin & Other Memecoins

Looks like DOGE is at the top of the list at the moment | Source: IntoTheBlock on X

As is visible above, Dogecoin currently has 72.75% of its user base holding profits, the most out of the memecoins on this list. Floki is second with 70.42%, and Mog Coin is third with 61.48%.

Interestingly, Shiba Inu and Pepe, the largest memecoins in the sector after DOGE, are the bottom two on this list. The former has 46% of its holders in profit, while the latter has 56%.

SHIB especially appears grim, given that it doesn’t even have half its investors in the green. Historically, though, a low value on the indicator has been a bullish sign for any cryptocurrency.

This is because the holders in profit are more likely to participate in selling. When a large percentage of the investors are in gains, the chances of a mass profit-taking event increase, so a top can become more likely to form.

When there aren’t many addresses carrying profits, selling can reach a state of exhaustion, thus leading to the price finding a bottom. In this view, Shiba Inu may be in the best spot out of these memecoins.

Related Reading: Bitcoin Accumulation Is Returning, Glassnode Report Reveals

As for Bitcoin’s profitability, CryptoQuant author Axel Adler Jr has shared the data in an X post.

Bitcoin Supply In Profit

The trend in the BTC supply in profit over the past few years | Source: @AxelAdlerJr on X

Note that the metric shown in the chart is different from the earlier IntoTheBlock one, as it keeps track of the percentage of the supply that’s in profit instead of the holders. Around 75% of all Bitcoin in circulation is carrying gains.

DOGE Price

At the time of writing, Dogecoin is floating around $0.101, down almost 3% over the last seven days.

Dogecoin Price Chart

The price of the coin appears to have been stagnant during the last few days | Source: DOGEUSD on TradingView
Featured image from Dall-E, CryptoQuant.com, IntoTheBlock.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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