Over 80% of Traders in Memecoins are Currently Underwater, Reveals IntoTheBlock
New data from market intelligence platform IntoTheBlock indicates that the majority of traders who have invested in several memecoins are currently facing losses. According to the crypto analytics firm, only 11% and 10% of Shiba Inu (SHIB) and Floki (FLOKI) holders are currently in profit, while just 14% and 19% of Dogelon Mars (ELON) and Doge Killer (LEASH) investors are seeing returns.
However, holders of Dogecoin (DOGE) and Pepe (PEPE) appear to be faring better, with 42% and 21% of their investors in profit, respectively. DOGE and PEPE are currently valued at $0.063 and $0.000000779.
Furthermore, the data reveals that 83% of SHIB investors are experiencing losses despite the recent launch of Shibarium, Shiba Inu’s layer-2 scaling solution. Floki investors also face significant losses, with 90% currently underwater. Similarly, 85% of Dogelon Mars holders are in the red.
Hot Take: Majority of Traders in Memecoins are Seeing Losses
The data from IntoTheBlock highlights the high risk associated with investing in memecoins. While some investors in Dogecoin and Pepe are enjoying profits, the majority of traders in Shiba Inu, Floki, Dogelon Mars, and Doge Killer are currently facing losses. This serves as a reminder that memecoins can be extremely volatile and speculative investments. Investors should exercise caution and thoroughly research any memecoin before investing. It’s important to consider the potential risks and to only invest what you can afford to lose in these highly unpredictable assets.
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