Dogecoin Holders In Profit across 82%, What About Shiba Inu?
Release: 2024/05/08 04:04 Reading: 505
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=298683
Major Cryptocurrencies Exhibit Interesting Price Dynamics
In recent days, major cryptocurrencies have displayed a notable price trend. Coinmarketcap data reveals that the majority, including Dogecoin, have experienced losses within the past 24 hours. However, some cryptocurrencies maintain an upward trajectory over a broader timeframe, with a surge in profitable addresses observed over the past seven days.
Dogecoin: Resilience Amidst Market Fluctuations
Despite the wider market decline, Dogecoin remains resilient, exhibiting a 9% increase over a seven-day period. This has propelled the number of profitable DOGE addresses to 83%, with an additional 163,000 addresses poised to enter profitability if DOGE surpasses $0.1657.
Shiba Inu: Contrasting Performance
Shiba Inu, Dogecoin's meme counterpart, has not mirrored its profitability. At the time of writing, approximately 60% of SHIB holders remain in profitability.
Dogecoin and Shiba Inu Holder Profitability
Data from IntoTheBlock's "In/Out of the Money" metric indicates Dogecoin's enduring position as the leading meme coin for long-term holders. Despite the overall market downturn, the majority of Dogecoin holders maintain profitability. Notably, 83% of Dogecoin holders are currently in profit, reaching a multi-week high.
As of this writing, 5.23 million DOGE addresses are profitable, representing 83.03% of the total. This contrasts with 826,350 addresses in loss (13.12%) and 242,710 addresses (3.85%) "in the money," neither profitable nor at a loss.
Shiba Inu: Lagging Profitability
Shiba Inu has not experienced significant growth in holder profitability. Both cryptocurrencies have appreciated in value since the beginning of the month, with DOGE rising by 29% and SHIB by 13.79%. However, on-chain data reveals disparities in profitability among traders.
Currently, 60% of SHIB holders are profitable, representing 810,230 addresses. Approximately 487,970 addresses are in loss (36.18%), while 50,590 addresses (3.75%) are "in the money."
Profitability around the current price also suggests that only 41.38% of Shiba Inu addresses that purchased between $0.000020 and $0.000027 are making a profit. In contrast, 55.84% of Dogecoin addresses are profitable within the current price range of $0.132243 and $0.179879.
Shiba Inu's Path to Profitability
Shiba Inu has a significant journey ahead to reach Dogecoin's level of holder profitability. Notably, Shiba Inu is deflationary by design, unlike Dogecoin's unlimited supply. Over time, the total supply of Shiba Inu will decrease, potentially increasing the scarcity and value of the remaining coins. This could lead to a gradual price increase and an influx of profitable investors.
At the time of writing, DOGE trades at $0.1588, while SHIB trades at $0.00002403. src="/uploads/20240508/1715113097663a8c893a1c1.png">
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