Dogecoin Leads Meme Coins With 42% of Its Holders in Profit: Report
Blockchain data analytics platform IntoTheBlock, in a recent report, revealed that 42% of popular meme coin Dogecoin holders are in profit. The report which compares the top 6 popular meme coins shows that DOGE has the highest percentage of holders in profit.
Ever wondered how meme coins compete on important metrics? 📊Dive into our latest infographic where we break down the performance of 6 popular meme coins, analyzing holder profits and whale concentration.#Dogecoin #Pepe #LEASH #SHIB #FLOKI #ELON pic.twitter.com/Di5vbyo3PZ
— IntoTheBlock (@intotheblock) September 8, 2023
Notably, the report analyzes the top 6 meme coins, including Dogecoin (DOGE), Pepe (PEPE), Doge Killer (LEASH), Dogelon Mars (ELON), Shiba Inu (SHIB) and Floki (FLOKI). In addition to checking the percentage of holders in profit, the report also showed the whales concentrations on each of the networks.
According to the report, 44% of DOGE tokens are owned by whales. The meme coin is the 8th ranked cryptocurrency by market cap and the largest meme coin network. Data from CoinMarketCap show that DOGE has added a 0.38% gain in 24 hours, but dropped 15% in trade volume.
Popular meme coin PEPE has 21% of its holders in profit, per the report. Furthermore, 49% o the tokens are owned by whales. The meme coin also suffered from the downturn that has wiped billions off the crypto market. However, PEPE’s price has recorded a 1% gain in 24 hours.
The report revealed Doge Killer has 19% of its holders in profit, and 42% of the tokens owned by whales. The token has however recorded heavy losses in recent days. Price chart data shows the LEASH’s trade volume has dropped by 77% in the past 24 hours.
Furthermore, the report list Dogelon Mars and Shiba Inu as the fourth and fifth meme coins based on holders in profit. While Dogelon has 14% of its holders in profit, Shiba Inu has 11%. Floki has 10% of its holders holding profitably, and 59% of its tokens held by whales.
Despite recent efforts by the Shiba Inu team, the token has struggled to hit any remarkable performance lately. Data shows that SHIB has added a marginal gain of 0.23% in the past 24 hours. On the other hand, FLOKI added a 2.56% within the same period.