On-chain data shows that the Pepe memecoin currently has 80% of its holders profiting. See how Dogecoin, Bitcoin and other top coins compare.
PEPE is among the currencies with the highest profitability index at the moment
In a new publish on X, market intelligence platform IntoTheBlock shared a chart that shows how the various major cryptocurrencies compare to each other in terms of the percentage of holders who own a network. unrealized profit at the moment.
The analytics company determined these percentages using network data; The transaction history of each address on a given network can reveal what price it received and how many coins it received, based on which an average cost basis can be calculated.
Naturally, addresses or holders with this cost basis below the current spot price are colored green. They would contribute to holders in the blockchain’s profit metric.
Now, here is the chart posted by IntoTheBlock, which shows what this metric is currently doing for several assets in the sector:
As can be seen above, Bitcoin (BTC) currently has the highest profitability index among the main currencies, with more than 89% of its holders making gains. Ethereum (ETH), the second largest cryptocurrency by market cap, also ranks second on this list, with over 83% of addresses in green.
The difference between the two is not huge at the moment, and the analytics firm believes that Ethereum spot exchange-traded funds (ETFs) could push the asset to reach new highs.
The third cryptocurrency on the list is Tron (TRX), with around 82% of investors profiting. Interestingly, two memecoins make up the remainder of the top 5, but neither is Dogecoin (DOGE), the largest and original meme-based token.
The two memecoins in question are Pepe (PEPE) and Floki (FLOKI), with around 80% and 77% holders above water, respectively. DOGE is further down the list, with the metric at 75%.
IntoTheBlock notes that data from this indicator implies that profitability is currently skewed toward large-caps and memecoins, with other altcoins awaiting advances.
Now, what is the meaning behind the profit of holders of any cryptocurrency? Generally, investors who hold gains are more likely to sell their coins. As such, the probability of a mass liquidation increases as more holders make profits.
Because of this, corrections may become more likely when the percentage of addresses in green increases. In this view, top coins with lower profitability, like Dogecoin or Pepe, may have more room to run before hitting a wall than an asset like Bitcoin.
PEPE Price
Pepe is trading around $0.00001126 at the time of writing, down more than 8% in the last seven days.