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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52%

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Dogecoin

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Dogecoin and Shiba Inu have had similar price action in the past few weeks, but their respective holders have had different things to discuss. As two of the most popular meme coins, Dogecoin and Shiba Inu seem pretty similar at first glance. Particularly, their price movements in the past few weeks have left many holders disappointed amidst a wider decline among top cryptocurrencies. However, on-chain data suggests SHIB holders might be feeling the heat the most, as the number of addresses in losses has surged recently to almost half of the total addresses.

Comparing Dogecoin And Shiba Inu’s Profitability

Both DOGE and SHIB are currently experiencing negative price performance in the past 24 hours and seven days. However, the discrepancy between the two is the number of addresses that have slipped into losses during this price decline. According to IntoTheBlock’s profitability metric, the current decline is still not as daunting for DOGE holders. 

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IntoTheBlock’s profitability metric follows wallets that are “in the money,” “at the money,” and “out of the money.” “In the money” tracks those making a profit at the current price, while “out the money” tracks those in losses. Comparing the two assets using this metric shows that around 75% of DOGE addresses are still in profit, in contrast to 52% of SHIB addresses. 

Furthermore, 48% of SHIB addresses are currently in losses, far higher than 23% of DOGE addresses in losses. Lastly, 119,380 DOGE addresses, representing 2% of the total are currently “at the money” at an average price of $0.1245. Around 7,630 SHIB addresses, representing 1% of the total addresses, are “at the money” at an average price of $0.000017.

Decoding Recent Price Action

At the time of writing, DOGE is trading at $0.123, down by 1.2% and 1.98% in the past 24 hours and seven days, respectively. SHIB is trading at $0.00001713, down by 2.05% in 24 hours and 7.56% in the past seven days. 

Interestingly, DOGE whales have taken the price decline as an opportunity to increase their holdings. On-chain data regarding DOGE balance across various exchanges suggests whales are accumulating.

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Dogecoin has proven itself to be the top meme coin for holders over the long run. This is due to its larger community, its status as the king of meme coins, and a higher number of whales and devout investors waiting to increase their holdings at any given opportunity. Consequently, DOGE has always managed to perform better during intense price declines. 

While Shiba Inu has closely followed behind in terms of growth, the meme coin is still yet to gain a following as huge as Dogecoin. However, the future remains bright for both meme coins. 

Dogecoin price chart from Tradingview.com
DOGE price sits at $0.12 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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