Dogecoin and Shiba Inu have seen similar price movements in recent weeks, but their respective holders have had different things to discuss. As two of the most popular meme coins, Dogecoin and Shiba Inu seem quite similar at first glance. In particular, their price movements in recent weeks have left many holders disappointed. amid a broader decline among the main cryptocurrencies. However, network data suggests that SHIB holders may be the ones feeling the pressure the most, as the number of lost addresses has recently increased to almost half of total addresses.
Comparing the profitability of Dogecoin and Shiba Inu
Both DOGE and SHIB are currently experiencing negative price performance over the past 24 hours and seven days. However, the discrepancy between the two is the number of addresses that suffered losses during this price drop. According to IntoTheBlock’s profitability metric, the current decline is still not that scary for DOGE holders.
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IntoTheBlock’s profitability metric follows portfolios that are “in the money”, “in 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 making a loss. Comparing the two assets using this metric shows that around 75% of DOGE Addresses are still making a profit, in contrast to 52% of SHIB addresses.
Furthermore, 48% of SHIB addresses are currently lossy, much more than the 23% of DOGE addresses are lossy. Lastly, 119,380 DOGE addresses, representing 2% of the total, are currently “in the money” at an average price of $0.1245. Around 7,630 SHIB addresses, representing 1% of total addresses, are “at the money” at an average price of US$0.000017.
Decoding Recent Price Action
At the time of writing, DOGE is trading at $0.123, down 1.2% and 1.98% over the last 24 hours and seven days, respectively. SHIB is trading at $0.00001713, down 2.05% over 24 hours and 7.56% over the last seven days.
Interestingly, DOGE whales suffered from falling prices as an opportunity to increase their holdings. On-chain data on DOGE balance across various exchanges Suggests Whales Are Hoarding.
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Dogecoin has proven to be the top meme coin for holders in the long run. This is due to its larger community, its status as the king of meme coins, and the larger number of whales and devoted investors waiting to increase their holdings at any opportunity. Consequently, DOGE has always managed to outperform during intense price drops.
Although Shiba Inu followed closely in terms of growththe meme coin is Haven’t won yet followers as big as Dogecoin. However, the future remains bright for both coins meme.
Featured image created with Dall.E, chart from Tradingview.com