Anika Begay
The meme coin sector, led by Dogecoin and Shiba Inu, has seen a series of ups and downs over the past six months. These ups and downs have been highlighted by volatility, known as meme coins. Most of these meme coins have shown similar price action; as such, holders have had similar things to discuss in terms of price and profitability.
Interestingly, the recent market correction has seen many meme coins fall back to multi-month lows. Interestingly, despite the widespread decline across the niche, on-chain data reveals that not all holders are experiencing the same level of impact. Profitability metrics, which track the percentage of holders in profit, indicate different results depending on the specific meme coin in question. According to data from IntoTheBlock, DOGE Holders are currently leaders in terms of profitability.
Profitability between Dogecoin and Shiba Inu
The level of profitability of meme coins It is taken from IntoTheBlock’s “In/Out Of The Money” metric that tracks the number of addresses that are in profit or loss at the current market price. Among the various meme coins, only a select few can claim to have a significant number of profitable addresses. It is no surprise that Dogecoin (DOGE), the largest and most well-known meme coin, tops the list.
A remarkable 72.4% of Dogecoin addresses are currently in profit, while 26.25% are in loss and 1.35% are at break even. This high level of profitability can be attributed to the fact that a large portion of Dogecoin holders have they maintained their positions before the latest bull cycle kicked in in Q4 2024.
Right behind Dogecoin is FLOKI, another popular meme coin that has managed to stay stable even as other meme coins have struggled. FLOKI has 70.43% of its addresses in profit, 28.41% in loss, and 1.24% at break even. In third place is Mog Coin (MOG), where 57.56% of holders are currently in profit and 26.16% in loss. In fourth place is PEPE, which has 55.47% of its addresses in profit and 34.16% of its addresses in loss.
SHIB, the second largest meme coin by market capitalization, it ranks fifth in terms of profitability among meme coins. SHIB has a huge community of followers and enthusiasts that rivals that of Dogecoin. Despite its large and loyal fan base, SHIB has not been immune to recent market corrections, which have sent its price down to five-month lows. SHIB has lost approximately 62% of its market cap since hitting a multi-year high of $0.00003592 in March 2024.
As a result, the number of profitable SHIB holders has dropped significantly, with many opting to partially or fully reduce their exposure to the token. At the time of writing, only 45.80% of SHIB holders are profitable, compared to 52.51% who are losing.
Featured image created with Dall.E, chart from Tradingview.com
