Comparing Dogecoin And Shiba Inu’s Performance
With similar price actions in recent weeks, Dogecoin and Shiba Inu have drawn attention from holders. Despite being popular meme coins, their recent price movements have caused disappointment among investors. Analyzing on-chain data indicates that SHIB holders might be more impacted, with a significant rise in addresses facing losses.
- Both DOGE and SHIB are experiencing negative price performance in the past 24 hours and seven days.
- Addressing the number of wallets slipping into losses during this price decline reveals differences between the two.
- DOGE holders seem to have a more manageable situation compared to SHIB holders based on IntoTheBlock’s profitability metric.
Profitability Analysis
IntoTheBlock’s profitability metric examines addresses that are “in the money,” “at the money,” and “out of the money.” Currently, this metric shows that a higher percentage of DOGE addresses are still profitable compared to SHIB addresses.
- Approximately 75% of DOGE addresses are in profit, while only 52% of SHIB addresses are in the green.
- 48% of SHIB addresses are experiencing losses, which is significantly higher than the 23% of DOGE addresses.
- Moreover, a smaller percentage of DOGE addresses are “at the money” compared to SHIB addresses.
Interpreting Recent Price Movements
As of the latest data, DOGE is trading at $0.123, with minor declines in the last 24 hours and seven days. On the other hand, SHIB is trading at $0.00001713, showing similar downward trends over the same period of time.
- DOGE whales have taken advantage of the price drops to increase their holdings, as evidenced by on-chain data.
- Due to its established community and higher number of supporters, DOGE has historically weathered price declines better than SHIB.
- While Shiba Inu has seen growth, it still lacks the widespread following that Dogecoin enjoys.
The Future of Meme Coins
Both Dogecoin and Shiba Inu hold promise for the future, despite their recent struggles. As meme coins continue to attract attention and interest, their trajectories remain intriguing for investors and enthusiasts alike.
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