Half of Dogecoin investors are currently experiencing profits.
Meme cryptocurrencies, or memecoins, have become very popular since the appearance of Dogecoin (DOGE) in 2013.
Currently, the Shiba Inu-inspired memecoin ranks as the 9th most capitalized cryptocurrency in the crypto industry, with a market value of over $10.000 billion.
Also, Shiba Inu (SHIB), nicknamed “Doge Killer” by developers, is listed among the Top 20 cryptocurrencies by market capitalization, with a total market capitalization of $4.900 billion.
Source: Into The Block
Both meme cryptocurrencies have committed and loyal communities behind their development. However, overall, Dogecoin is the memecoin that remains at the forefront of the crypto market.
Dogecoin holders record further gains
According to data from IntoTheBlock, half of Dogecoin holders are currently enjoying profits, with the meme cryptocurrency trading at around $0,073 per unit at the time of writing.
In contrast, only 22% of Shiba Inu holders are currently enjoying gains. SHIB is trading at $0,000008 USD, currently.
Although the price of this memecoin rose slightly this week, contrary to the Dogecoin price, the percentage of holders or investors who have a positive connotation about the cryptocurrency they own is higher in Dogecoin. Therefore, based on this data, it seems that DOGE holders are being more optimistic than SHIB holders.
Data from IntoTheBlock shows that 50% of Dogecoin holders, half of the meme cryptocurrency’s holders, are in profit, while 8% of these investors are at breakeven.
In the case of Shiba Inu, the data shows that only 22% of SHIB holders are making money with the memecoin, while 5% are breaking even and 73% are at a loss.
Shiba Inu has a higher percentage of whales
Over the past year, the number of Dogecoin addresses holding a balance of up to $1.000 has increased by 96%, while Shiba Inu has seen a 53% increase in the same metric. This data indicates that retail investors are more interested in Dogecoin.
On the other hand, the number of cryptocurrency units held by large investors is higher in Shiba Inu than in Dogecoin, indicating that SHIB has a higher percentage of whales, that is, addresses that own at least 1% of the circulating supply of the memecoin.
The data reveals that both Dogecoin and Shiba Inu are perceived as healthy ecosystems for navigating the opportunities of the crypto market, according to needs and preferences.
Another important metric about Dogecoin and Shiba Inu in IntoTheBlock’s data is the daily on-chain transaction volume that each of these memecoins is experiencing. Currently, Dogecoin records a daily trading volume of over $800 million USD, while Shiba Inu’s volume is around $52 million USD.
Also, the number of daily active addresses is 20 times higher in Dogecoin, compared to Shiba Inu.
In the middle of this year, Bit2Me News reported on the impressive growth that memecoins have been experiencing and how big brands are approaching Web3, attracted by its narrative.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
