Holders of the top meme coins have witnessed rough price action in the past few weeks. The majority of meme cryptos have crashed hard during the last week, with losses of over 20% in each asset across the board. Particularly, holders of the top meme coins Dogecoin, PEPE, and Shiba Inu have been disappointed, as the price drop means many of them have now fallen out of profitability.
Interestingly, IntoTheBlock’s “In/Out Of The Money” metric shows a varying level of profitability in each meme coin, and it seems like SHIB holders are currently feeling the heat the most.
Comparing The Profitability Of The Top Meme Coins
Dogecoin, Shiba Inu, and PEPE are the top OG meme coins. Dogecoin and Shiba Inu have grown over the years and are pushing themselves to the very best as they look to upgrade from the meme token status. PEPE, the newest of the bunch, recently joined the ranks after strong rallies in.
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March and May. However, recent market dynamics have seen these fun-branded cryptocurrencies taking a brutal beating, with each plunging over 20% and over 40% in the past seven and 30 days respectively.
Dogecoin, the OG meme coin and king of the meme market, has plummeted by 24% and 41.8% in the past seven and 30 days, respectively. The self-proclaimed “Dogecoin killer,” Shiba Inu, has also lost some of its bites in recent weeks and is down by 23.5% and 49% in the past seven and 30 days, respectively. Even the internet’s favorite frog, PEPE, couldn’t escape the downturn. The meme-inspired crypto has been down by 34.5% and 45.6% in the past seven and 30 days, respectively.
IntoTheBlock’s profitability metric follows wallets that are “in the money,” “at 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 in losses. According to the Global In/Out of the Money, 3.43 million Dogecoin addresses, representing 54.05% of total addresses, are still in profit, while 1.77 million addresses, representing 27.93% of total addresses, are now at a loss.
Similarly, 58% of PEPE holders (155,810 addresses) are in the money, while 32.36% (86,940 addresses) are in losses. On the other hand, only 20.47% (274,540 addresses) of SHIB holders are making money at its current price, while a 52.46% majority (703,700 addresses) are swimming in losses.
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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 cryptos are still at risk of further price declines, the recent double-digit dips may present an attractive opportunity for meme coin enthusiasts to “buy the dip.”
Featured image created with Dall.E, chart from Tradingview.com
