Exploring Meme Coin Profitability Amid Market Turbulence

Dogecoin (DOGE) stands out with 42% of its holders in profit, despite a significant drop from its peak.
Shiba Inu (SHIB) shows only 11% of holders in profit, while Doge Killer (LEASH) fares slightly better with 19%.

IntoTheBlock, a respected blockchain analytics platform, has recently unveiled intriguing metrics shedding light on the profitability of various meme coins, offering a unique perspective amidst the current turbulence in the cryptocurrency market.

Dogecoin (DOGE), often regarded as the trailblazer of meme coins, boasts a remarkable statistic that sets it apart from its peers. A staggering 42% of DOGE holders are currently enjoying profits, showcasing the resilience of the DOGE community. This achievement becomes even more impressive considering that DOGE has faced a substantial 91.66% drop from its peak in May 2021 when it reached $0.7376. Consequently, the recent market dip has attracted new investors, with over 514,000 addresses acquiring approximately 3.05 billion DOGE at an average price of just $0.00258.

In contrast, the Shiba Inu ecosystem, although growing, hasn’t been able to replicate the same level of profitability. Only 11% of SHIB holders are currently in the green, suggesting that a significant portion acquired the asset at higher price points. This trend can be attributed to SHIB’s volatile pricing dynamics, marked by significant highs and lows.

The ecosystem’s secondary token, Doge Killer (LEASH), paints a slightly more positive picture, with 19% of its holders in profit, claiming the third spot in the meme coin profitability hierarchy.

PEPE’s Rollercoaster Ride

PEPE, a relatively new entrant in the meme coin arena, already has 21% of its investor base enjoying profits. However, there’s an underlying narrative of PEPE’s declining momentum. Despite its novelty, the asset has experienced a substantial 84% drop since its all-time high just four months ago, largely driven by a decline in social media-driven hype.

Whale metrics provide valuable insights into token concentration and potential influence. DogelonMars (ELON) leads the pack with a staggering 75% of its total supply held in whale wallets. Shiba Inu follows closely, boasting a 63% whale concentration, albeit distributed across a mere 11 addresses that collectively hold a massive 613.77 trillion SHIB. On the other hand, Dogecoin and PEPE exhibit more distributed holdings, with whales controlling 44% and 49% of their respective supplies.