Holders of top meme coins have seen wild price action over the past few weeks. Most meme cryptocurrencies crashed badly Over the last week, with losses of over 20% in each asset across the board. In particular, holders of top meme coins Dogecoin, PEPE and Shiba Inu have been disappointed as the price drop means many are now out of profitability.
Interestingly, IntoTheBlock’s In/Out Of The Money metric shows different levels of profitability for each meme coin, and it looks like SHIB holders are feeling the most down right now.
Comparing the Profitability of the Best Meme Coins
Dogecoin, Shiba Inu, and PEPE are the top OG meme coins. Dogecoin and Shiba Inu have grown over the years and are looking to improve as they seek to enhance their meme token status. PEPE, the newest of the bunch, recently joined them after a strong rally.
March and May. However, recent market action has shown these funny cryptocurrencies taking a brutal beating, with each falling by more than 20% and more than 40% over the last seven and 30 days, respectively.
Dogecoin, the OG meme coin and king of the meme market, has fallen 24% and 41.8% over the past seven and 30 days, respectively. The self-proclaimed “Dogecoin killer,” the Shiba Inu, has also lost some of its bite in recent weeks, falling 23.5% and 49% over the past seven and 30 days, respectively. Even the internet’s favorite frog, PEPE, failed to avoid a recessionThe meme-inspired cryptocurrency has fallen 34.5% and 45.6% over the past seven and 30 days, respectively.
IntoTheBlock’s profitability ratio tracks wallets that are “in the money,” “at the money,” and “out of the money.” “In the money” tracks those that are making a profit at the current price, while “out of the money” tracks those that are in the red. According to Global In/Out of the Money data, 3.43 million Dogecoin addresses, representing 54.05% of all addresses, are still in the black, while 1.77 million addresses, representing 27.93% of all addresses, are now in the red.
Similarly, 58% of PEPE holders (155,810 addresses) are in the money, while 32.36% (86,940 addresses) are losing money. On the other hand, only 20.47% (274,540 addresses) of SHIB holders are making money at the current price, while 52.46% of the majority (703,700 addresses) are losing money.
Is It Time to Buy Dogecoin, Shiba Inu and PEPE?
At the time of writing, Dogecoin is trading at $0.09535, Shiba Inu is trading at $0.00001321, and PEPE is trading at $0.000007991. While all three cryptocurrencies remain at risk of further price declines, recent double-digit drops could provide an attractive opportunity for meme coin enthusiasts. “buy the dip.”
