- Dogecoin and Shiba Inu, two popular meme coins, have demonstrated similar price actions recently, leading to varied discussions among their holders.
- Despite their apparent similarities, the number of SHIB addresses experiencing losses has surged, contrasting with DOGE’s situation.
- SHIB holders appear to be struggling more than DOGE holders, with nearly half of SHIB addresses currently at a loss.
Examining the diverging fortunes of Dogecoin and Shiba Inu in the recent cryptocurrency market downturn.
Profitability Analysis of Dogecoin and Shiba Inu
Both Dogecoin (DOGE) and Shiba Inu (SHIB) have shown negative price trends over the past 24 hours and week. However, a marked difference lies in the number of addresses that have transitioned into a loss state during this downturn. Using IntoTheBlock’s profitability metrics, we see that the decline has not been as severe for DOGE holders.
IntoTheBlock’s metrics categorize wallets as “in the money,” “at the money,” or “out of the money.” “In the money” indicates wallets in profit at current prices, while “out of the money” indicates those at a loss. Current data reveals that 75% of DOGE addresses remain profitable, compared to only 52% of SHIB addresses.
Moreover, 48% of SHIB addresses are currently experiencing losses, significantly higher than the 23% of DOGE addresses facing the same. Additionally, DOGE has 119,380 addresses, or 2% of the total, “at the money” at an average price of $0.1245. SHIB has 7,630 addresses, or 1% of the total, “at the money” at an average price of $0.000017.
Recent Price Movements of Dogecoin and Shiba Inu
As of the latest data, DOGE is trading at $0.123, reflecting a decrease of 1.2% over the past 24 hours and 1.98% over the past week. Conversely, SHIB is trading at $0.00001713, down by 2.05% in the past 24 hours and 7.56% over the past week.
Interestingly, DOGE whales have utilized the recent price drop as a strategic buying opportunity. On-chain data reveal that these large holders are actively accumulating more DOGE, demonstrating confidence in its long-term potential.
Dogecoin has consistently outperformed during market downturns, attributed to its large, dedicated community and substantial whale holdings. Its enduring popularity as the leading meme coin fosters a robust investor base ready to seize buying opportunities. While Shiba Inu has seen remarkable growth, it has yet to match Dogecoin’s massive following. Nonetheless, the future remains promising for both meme coins.
Conclusion
The recent market performance highlights a key divergence in the trajectories of Dogecoin and Shiba Inu. While SHIB addresses have faced substantial losses, DOGE has demonstrated resilient profitability, supported by strategic whale accumulation. Understanding these dynamics provides valuable insights for investors navigating the meme coin market.
