Holders of the top meme coin have seen price fluctuations over the past few weeks. Most meme cryptos crashed badly Over the past week, every asset across the board has lost more than 20%. In particular, holders of top meme coins Dogecoin, PEPE and Shiba Inu have been disappointed, as the price drop means many of them are now locked out of profits.
Interestingly, IntoTheBlock’s “in/out of the money” metric shows a different level of profitability in each meme coin, and it seems like SHIB holders are currently feeling the most pressure.
Comparing the profitability of top meme coins
Dogecoin, Shiba Inu, and PEPE are the top OG meme coins. Dogecoin and Shiba Inu have grown over the past few years and are trying to make the best of themselves as they look to upgrade from meme token status. PEPE, the newest of the group, recently joined the ranks after strong rallies.
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March and May. However, recent market dynamics have seen these fun-branded cryptocurrencies take a brutal beating, with each falling more than 20% and 40% over the past seven and 30 days, respectively.
The OG meme coin and king of the meme market, Dogecoin, is down 24% and 41.8% in the last seven and 30 days, respectively. Shiba Inu, the self-proclaimed “Dogecoin killer”, has also lost some of its grip in recent weeks and is down 23.5% and 49% in the last seven and 30 days, respectively. Even the internet’s favorite frog, PEPE, couldn't escape the recessionThe meme-inspired crypto has declined 34.5% and 45.6% over the past seven and 30 days, respectively.
Using IntoTheBlock Profitability Metrics Follows wallets that are “in the money”, “at the money” and “out of the money”. “In the money” tracks those that are making a profit at the current price, while “out the money” tracks those that are in losses. According to Global In/Out of the Money, 3.43 million Dogecoin addresses, representing 54.05% of the total addresses, are still in profit, while 1.77 million addresses, representing 27.93% of the total addresses, are now in losses.
Similarly, 58% of PEPE holders (155,810 addresses) are in the money, while 32.36% (86,940 addresses) are in losses. On the other hand, only 20.47% (274,540 addresses) of SHIB holders are making money at its current price, while the 52.46% majority (703,700 addresses) are in losses.
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Is it time to buy Dogecoin, Shiba Inu and PEPE?
At the time of writing, Dogecoin is trading at $0.09535, Shiba Inu is trading at $0.00001321, and PEPE is trading at $0.000007991. While all three cryptos are still at risk of further price declines, the recent double-digit decline could present a lucrative opportunity for meme coin enthusiasts. “Buy on dips.”
Featured image created by Dall.E, chart taken from Tradingview.com
