Most Memecoin Holders are Currently Facing Unrealized Losses, Analysis Shows
A recent analysis by IntoTheBlock reveals that a majority of memecoin holders are currently experiencing unrealized losses. Among these memecoins, Shiba Inu investors seem to be the most affected, with only 11% of them currently in profit. The overall cryptocurrency market has also been on a downfall recently, impacting the price of assets like SHIB.
DOGE Investors are the Most Successful, FLOKI Holders at the Bottom
According to the infographic presented by IntoTheBlock, the majority of Dogecoin, Pepe, Leash, Dogelon Mars, Shiba Inu, and Floki holders are underwater. However, DOGE investors appear to be the most successful, with 42% of them currently in profit. On the other hand, FLOKI holders are at the bottom with only 10% in profit.
Shiba Inu Holders Face Significant Losses
Investors who have put their money into Shiba Inu, the self-proclaimed Dogecoin-killer, have also been severely affected by the market decline. A staggering 89% of Shiba Inu holders are currently facing paper losses.
Shibarium Goes Live, Increasing Transaction Speed and Lowering Costs
Shiba Inu recently launched Shibarium, a layer-2 scaling solution aimed at improving transaction speed, reducing costs, and positioning the memecoin above its competitors. The total number of wallets on Shibarium has already surpassed one million, indicating growing popularity.
Whale Concentration in Memecoins
IntoTheBlock also analyzed the concentration of memecoins held by large investors, known as whales. The analysis revealed that 75% of the Dogelon Mars supply is owned by whales, while Shiba Inu comes in second with a whale concentration of 63%.
Hot Take: Memecoin Holders Face Losses as Market Declines
As the overall cryptocurrency market experiences a downfall, memecoin holders find themselves facing unrealized losses. Shiba Inu investors are particularly affected, with the majority of them currently not making a profit. However, DOGE investors seem to be the most successful, while FLOKI holders are at the bottom of the list. The recent launch of Shibarium aims to improve Shiba Inu’s transaction speed and reduce costs. Additionally, the concentration of memecoins held by whales is high, with Dogelon Mars and Shiba Inu having the highest whale concentration. These factors contribute to the current state of memecoin investments.
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