Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52%

Dogecoin and Shiba Inu have had similar price action in the past few weeks, but their respective holders have had different things to discuss. As two of the most popular meme coins, Dogecoin and Shiba Inu seem pretty similar at first glance. Particularly, their price movements in the past few weeks have left many holders disappointed amidst a wider decline among top cryptocurrencies. However, on-chain data suggests SHIB holders might be feeling the heat the most, as the number of addresses in losses has surged recently to almost half of the total addresses.

Comparing Dogecoin And Shiba Inu’s Profitability

Both DOGE and SHIB are currently experiencing negative price performance in the past 24 hours and seven days. However, the discrepancy between the two is the number of addresses that have slipped into losses during this price decline. According to IntoTheBlock’s profitability metric, the current decline is still not as daunting for DOGE holders. 

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IntoTheBlock’s profitability metric follows wallets that are “in the money,” “at the money,” and “out of the money.” “In the money” tracks those making a profit at the current price, while “out the money” tracks those in losses. Comparing the two assets using this metric shows that around 75% of DOGE addresses are still in profit, in contrast to 52% of SHIB addresses. 

Furthermore, 48% of SHIB addresses are currently in losses, far higher than 23% of DOGE addresses in losses. Lastly, 119,380 DOGE addresses, representing 2% of the total are currently “at the money” at an average price of $0.1245. Around 7,630 SHIB addresses, representing 1% of the total addresses, are “at the money” at an average price of $0.000017.

Decoding Recent Price Action

At the time of writing, DOGE is trading at $0.123, down by 1.2% and 1.98% in the past 24 hours and seven days, respectively. SHIB is trading at $0.00001713, down by 2.05% in 24 hours and 7.56% in the past seven days. 

Interestingly, DOGE whales have taken the price decline as an opportunity to increase their holdings. On-chain data regarding DOGE balance across various exchanges suggests whales are accumulating.

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Dogecoin has proven itself to be the top meme coin for holders over the long run. This is due to its larger community, its status as the king of meme coins, and a higher number of whales and devout investors waiting to increase their holdings at any given opportunity. Consequently, DOGE has always managed to perform better during intense price declines. 

While Shiba Inu has closely followed behind in terms of growth, the meme coin is still yet to gain a following as huge as Dogecoin. However, the future remains bright for both meme coins. 

Featured image created with Dall.E, chart from Tradingview.com