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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

PEPE Has 80% Of Holders In Profit: How It Compares To DOGE & BTC

Keshav Verma
Keshav Verma
1 year ago
2 mins read
PEPE, BTC, and DOGE

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On-chain data shows the memecoin Pepe currently has 80% of its holders in profit. Here’s how Dogecoin, Bitcoin, and other top coins compare.

PEPE Is Among The Coins With The Highest Profitability Ratio Right Now

In a new post on X, the market intelligence platform IntoTheBlock has shared a chart that shows how the various top cryptocurrencies compare against each other regarding the percentage of holders carrying a net unrealized profit currently.

The analytics firm has determined these percentages using on-chain data; the transaction history of each address on a given network can reveal at what price it received and how many coins it received, based on which an average cost basis can be calculated.

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Naturally, the addresses or holders with this cost basis below the current spot price are in the green. They would contribute towards the holders in profit metric for the blockchain.

Now, here is the chart posted by IntoTheBlock, which shows how this metric is looking at the moment for various assets in the sector:

PEPE Vs Dogecoin Vs Bitcoin
Looks like Bitcoin is currently at the top of this list | Source: IntoTheBlock on X

As is visible above, Bitcoin (BTC) currently has the highest profitability ratio among the top coins, with more than 89% of its holders carrying gains. Ethereum (ETH), the second largest cryptocurrency by market cap, is also second on this list, with over 83% of the addresses in the green.

The gap between these two isn’t much right now, and the analytics firm thinks the Ethereum spot exchange-traded funds (ETFs) could push the asset to reach new highs.

The third cryptocurrency on the list is Tron (TRX), with around 82% of investors in profit. Interestingly, two memecoins make up for the rest of the top 5, but none are Dogecoin (DOGE), the original and largest meme-based token.

The two memecoins in question are Pepe (PEPE) and Floki (FLOKI), with around 80% and 77% holders above water, respectively. DOGE is further down the list, with the metric at 75%.

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IntoTheBlock notes that this indicator data implies profitability is currently skewed towards large-caps and memecoins, with other altcoins waiting for breakthroughs.

Now, what’s the significance behind holders in profit for any cryptocurrency? Generally, the investors holding gains are more likely to sell their coins. As such, the probability of a mass selloff increases as more holders come into profits.

Because of this, corrections can become more probable when the percentage of addresses in the green increases. In this view, the top coins with lower profitability, like Dogecoin or Pepe, may have more room to run before hitting a wall than an asset like Bitcoin.

PEPE Price

Pepe is trading around $0.00001126 at the time of writing, down more than 8% in the last seven days.

PEPE Price Chart
Looks like the price of the asset has been going down over the past few weeks | Source: PEPEUSD on TradingView
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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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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