Dogecoin Dominates: Over 40% Holders In Profit, But How Do Other Meme Coins Fare?
September 08 2023 - 3:00PM
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A recent report by IntoTheBlock offers new insights into the
profitability of meme coin holders, including Dogecoin,
highlighting variations in the percentage of holders in profit and
whale concentration. Dogecoin, the forerunner in this
category, continues to hold its own, with new data underscoring its
dominance in terms of profitability for its holders. Related
Reading: Dogecoin Poised for a 150% Surge? Key Price Levels to
Watch Dogecoin Holds The Lead According to the report by blockchain
data analytics platform IntoTheBlock, Dogecoin outpaces its
counterparts, with 42% of its holders being in profit. It is worth
noting that this appears to solidify its position as a frontrunner
in the meme coin domain and emphasizes its growing importance in
the broader crypto space. Ever wondered how meme coins compete on
important metrics? 📊Dive into our latest infographic where we break
down the performance of 6 popular meme coins, analyzing holder
profits and whale concentration.#Dogecoin #Pepe #LEASH #SHIB #FLOKI
#ELON pic.twitter.com/Di5vbyo3PZ — IntoTheBlock (@intotheblock)
September 8, 2023 The analysis, which took into account the top six
meme coins including Dogecoin (DOGE), Pepe (PEPE), Doge Killer
(LEASH), Dogelon Mars (ELON), Shiba Inu (SHIB), and Floki (FLOKI),
positioned PEPE and LEASH in second and third places, with 21% and
19% of their holders respectively turning a profit. Whale
Concentrations And Other Tokens In addition to highlighting
profitability, the study delved into the concentration of whales
within these meme coins. Interestingly, 44% of Dogecoin tokens are
held by whale accounts, while nearly half of the PEPE tokens
(49%) are whale-owned. The report also shows that whale
concentration for LEASH rests at 42%. Dogelon Mars and Shiba
Inu, although popular names in the meme coin sphere, are fourth and
fifth in terms of holder profitability, with 14% and 11%,
respectively. Floki, on the other hand, sees 10% of its holders in
profit with a 59% whale concentration, indicating the large
players’ influence in the meme coin market. Notably, whale
concentrations can significantly impact the price movements of
cryptocurrencies, making large holders create substantial market
swings just with their trading decisions. Related Reading: Dogecoin
Price Analysis: Is It Clawing Its Way Out Of The ‘Crab Market’?
Furthermore, while Dogecoin has put roughly 44% of its holders in
profit, the meme coin has not been exempt from the market’s
volatile swings. In the past month alone, DOGE has seen a more than
16% decline. It took a dip from its previous high of $0.77 to a low
of $0.62, at the time of writing. Dogecoin (DOGE) price is moving
sideways on the 4-hour chart. Source: DOGE/USDT on TradingView.com
In addition, despite the market downtrend, DOGE’s trading activity
has surged. The daily trading volume for the meme coin currently
stands at $201 million, a considerable increase from the $128
million recorded late last month. Featured image from Unsplash,
Chart from TradingView
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