As a long-term crypto investor with experience in holding various meme coins, I’ve seen my fair share of market volatility and price fluctuations. The recent downturn in the top meme coins, including Dogecoin, Shiba Inu, and PEPE, has been particularly disappointing. I’ve watched as the value of my investments plummeted, with losses exceeding 20% for each asset in just the past week.
Top meme coin investors have experienced turbulent market conditions recently. Most meme cryptocurrencies have experienced significant declines within the past week, resulting in losses exceeding 20% for all major assets. Notably, Dogecoin, PEPE, and Shiba Inu holders are disheartened as these coins’ price drops have pushed many of them into a loss.
As a crypto investor, I’ve noticed an intriguing finding while examining the profitability of various meme coins using IntoTheBlock’s “In/Out Of The Money” metric. It appears that SHIB investors are presently experiencing significant pressure as they seem to be underwater with their holdings at current market prices.
Comparing The Profitability Of The Top Meme Coins
As a researcher studying the cryptocurrency market, I can tell you that Dogecoin, Shiba Inu, and PEPE are the original meme coins that have gained significant attention. Dogecoin and Shiba Inu have been around for some time now and have shown impressive growth, striving to move beyond their meme token labels. More recently, PEPE has entered the scene with robust rallies, securing its place amongst these popular coins.
Over the past month, I’ve noticed a significant downturn in the performance of certain fun-branded cryptocurrencies. In just seven days, one of them dropped by more than 20%. And within the last 30 days, another one experienced a harsh correction, plummeting over 40%.
In simple terms, Dogecoin, the pioneering meme cryptocurrency and ruler of the meme coin realm, experienced a significant drop of 24% over the last week and a more substantial decline of 41.8% in the past month. Similarly, Shiba Inu, referred to as the “Dogecoin killer,” has also seen decreases of 23.5% and 49% over the same time periods. Even PEPE, the popular meme-inspired crypto represented by a frog, wasn’t spared from this downturn, with losses of 34.5% in the last week and 45.6% in the past month.
According to IntoTheBlock’s analysis, wallets holding Dogecoin can be categorized as “in profit,” “breakeven,” or “at a loss.” The first group consists of investors whose coins are currently worth more than what they paid, while the last group is made up of those experiencing losses. The Global In/Out of the Money report indicates that approximately 54.05% (3.43 million) of Dogecoin wallets remain in profit, while around 27.93% (1.77 million) have moved into the red.
As an analyst, I’ve discovered that approximately 58% of PEPE token holders (representing around 155,810 unique addresses) have realized a profit on their investment. Conversely, about 32.4% or 86,940 addresses are currently experiencing losses. In the case of SHIB tokens, only around 20.5% (representing approximately 274,540 addresses) are enjoying gains at the current price point, whereas a substantial 52.5% majority (approximately 703,700 addresses) find themselves in a losing position.
Currently, Dogecoin is priced at $0.09535, Shiba Inu at $0.00001321, and PEPE at $0.000007991 on the cryptocurrency market. Despite the potential for further price decreases, the recent significant drops might be enticing for meme coin investors looking to capitalize on these prices.
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2024-07-06 15:13