- Major cryptocurrencies have exhibited an interesting price dynamic in the past few days. According to data from Coinmarketcap, the majority of cryptocurrencies, including Dogecoin, have posted losses in the past 24 hours. On the other hand, some of these cryptocurrencies are still on a price increase when looking at a larger timeframe and many more addresses have crossed into the profitability zone in the past seven days.
- Dogecoin, for instance, is still up by 9% in a 7-day timeframe. As a result, the number of DOGE addresses in profitability has now been pushed to 83%, with 163,000 more addresses waiting to be pushed into profit if DOGE crosses over $0.1657.
- Holders of Shiba Inu, Dogecoin’s meme counterpart, haven’t been treated to the same effect. At the time of writing, the number of SHIB holders in profitability has largely consolidated around 60%.
Explore the profitability dynamics of Dogecoin and Shiba Inu holders, and the factors that could influence future profitability.
Dogecoin And Shiba Inu Holder Profitability
According to data from IntoTheBlock’s “In/Out of the Money” metric, Dogecoin is still proving itself to be the top meme coin for holders over the long run. The majority of Dogecoin holders are still in profitability, despite the wider lackluster movement of most cryptocurrencies. Particularly, the number of Dogecoin holders in profit now stands at 83%, its highest level in weeks.
Shiba Inu Profitability
Shiba Inu, on the other hand, has not really seen a growth in the profitability of its holders. In terms of price action, both cryptocurrencies have increased from their price point in the beginning of the month. DOGE is up by 29%, while SHIB is up by 13.79%. However, on-chain data shows a varying level of profitability for traders.
Can SHIB Catch Up In Holder Profitability?
Shiba Inu has a long way to go before it reaches Dogecoin’s level of profitability for holders. An interesting fact about Shiba Inu is that it is deflationary by design, unlike Dogecoin, which has an unlimited supply. This means over time, the total number of Shiba Inu coins will decrease, making the remaining ones scarcer and potentially more valuable. This could lead to a stable price increase over the years and more investors moving into profitability.
Conclusion
While Dogecoin currently leads in holder profitability, Shiba Inu’s deflationary design could potentially lead to increased profitability for its holders in the future. As always, investors should conduct thorough research and consider various factors before investing in any cryptocurrency.
