As an experienced analyst, I’ve closely followed the price action of Dogecoin (DOGE) and Shiba Inu (SHIB), two popular meme coins that have had similar market trends in recent weeks. However, their respective holders have faced different challenges.
In recent weeks, Dogecoin and Shiba Inu have displayed comparable price patterns, yet their communities have been preoccupied with distinct topics. At a glance, these two meme coins may appear identical due to their popularity. However, an in-depth analysis reveals that SHIB holders may be facing more pressure as the number of addresses holding the coin at a loss has soared, nearing 50% of the total addresses.
Comparing Dogecoin And Shiba Inu’s Profitability
In the last 24 hours and over the past week, the prices of DOGE and SHIB have dropped. However, the number of addresses with negative returns varies between the two cryptocurrencies. Based on IntoTheBlock’s profitability data, DOGE investors are currently facing less severe losses than SHIB holders during this price downturn.
As a crypto investor, I’m always on the lookout for valuable insights into the performance of different digital assets. One tool I find particularly helpful is IntoTheBlock’s profitability metric. This metric categorizes wallets based on their current profit or loss status. Specifically, it distinguishes between “in the money,” “at the money,” and “out of the money” wallets.
Approximately 48% of Shiba Inu (SHIB) wallets have incurred losses, which is more than double the number of Dogecoin (DOGE) wallets experiencing losses at 23%. Additionally, approximately 1.12% and 0.76% of DOGE and SHIB holders respectively, are sitting on “break-even” prices, with an average price of $0.1245 for Dogecoin and $0.000017 for Shiba Inu.
Decoding Recent Price Action
Currently, DOGE is priced at $0.123 during this composition, marking a 1.2% decrease and 1.98% loss over the last 24 hours. Conversely, SHIB is valued at $0.00001713, reflecting a 2.05% decline in the previous 24 hours and a more substantial 7.56% drop in the preceding seven days.
It’s intriguing to note that even as the price of DOGE has dipped, large investors, or “whales,” have been purchasing more coins. Data from blockchain transactions indicates an uptick in DOGE holdings among these major investors.
Over the long term, Dogecoin stands out among meme coins for its dedicated following. Its prominent position as the leading meme coin, combined with a larger community of supporters and a significant number of large investors and devoted backers, has enabled DOGE to consistently outperform during market downturns.
Although Shiba Inu has trailed behind Dogecoin in terms of popularity growth, it hasn’t amassed the same massive fan base. Yet, both meme coins hold promising futures.
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2024-06-27 20:46