Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52%
Release: 2024/06/28 01:34 Reading: 689
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=626703
Dogecoin and Shiba Inu: Comparing Profit Margins Amidst Declining Crypto Markets
Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced similar price movements in recent weeks, but their respective holders have differing perspectives.
Despite the overall decline in cryptocurrency prices, DOGE and SHIB have both faced setbacks. However, on-chain data indicates that SHIB holders may be more severely impacted, with nearly half of all addresses operating at a loss.
Profitability Metrics
According to IntoTheBlock's profitability metric, which tracks wallets classified as "in the money," "at the money," and "out of the money," 75% of DOGE addresses remain profitable compared to only 52% of SHIB addresses.
Furthermore, a significant 48% of SHIB addresses are currently experiencing losses, significantly higher than the 23% of DOGE addresses facing similar circumstances.
Recent Price Action
At the time of writing, DOGE trades at $0.123, while SHIB stands at $0.00001713, indicating declines of 1.2% and 2.05% in the past 24 hours, respectively.
Notably, DOGE whales have seized this decline as an opportunity to accumulate holdings, as evidenced by on-chain data showing increased whale activity.
Historical and Future Prospects
Dogecoin has consistently demonstrated its resilience as a top meme coin, benefiting from a robust community, devoted investors, and a wider whale presence. Consequently, DOGE has historically outperformed its competitors during significant price downturns.
While Shiba Inu has experienced impressive growth, it still lags behind Dogecoin in terms of market reach. Nonetheless, both meme coins possess promising futures due to their loyal followings and the potential for ongoing adoption.
src="/uploads/20240628/1719510333667da53dba4fa.png">DOGE price remains at $0.12 | Source: DOGEUSDT on Tradingview.com Featured image generated by Dall.E, chart from Tradingview.com
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