Key points:
- Dogecoin has 72.75% of holders in profit, the highest among major memecoins
- Shiba Inu and Pepe are facing bearish pressure and potential price drops
- Bitcoin has about 75% of its supply in profit
- Memecoins are experiencing varying levels of investor profitability
- Technical indicators suggest continued bearish trends for some memecoins
Recent data from market intelligence platforms shows varying levels of profitability among major memecoins. Dogecoin (DOGE) currently leads the pack with 72.75% of its holders in profit, according to information shared by IntoTheBlock.
Here are the top memecoins by percentage of holders currently in profit👇 pic.twitter.com/GxFJ2qngcC
— IntoTheBlock (@intotheblock) August 15, 2024
Following Dogecoin, Floki (FLOKI) ranks second with 70.42% of holders in profit, while Mog Coin (MOG) takes third place with 61.48%. Surprisingly, two of the largest memecoins after DOGE – Shiba Inu (SHIB) and Pepe (PEPE) – are at the bottom of this list. Pepe has 56% of its holders in profit, while Shiba Inu lags behind with only 46% of investors currently in the green.
The percentage of holders in profit is calculated by analyzing the transaction history of each address on the blockchain to determine the average price at which they received their coins. This average price represents the cost basis for each holder. If the current market price is higher than this cost basis, the holder is considered to be in profit.
While a high percentage of holders in profit might seem positive, it can also indicate increased selling pressure. When many investors are in profit, there’s a higher chance of a mass profit-taking event, which could lead to a price drop.
Shifting focus to specific memecoins, both Pepe and Shiba Inu are currently facing bearish pressure. Pepe’s price has dropped below a key support level that had been holding since the start of the month. Technical indicators, such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), suggest that further price declines may be on the horizon for Pepe.
Shiba Inu is experiencing similar challenges. The token’s price is stuck within a descending parallel channel, unable to break above average levels. The RSI for SHIB remains low, indicating the possibility of a further drop to a support zone between $0.00000991 and $0.00000927.
It’s worth noting that while these memecoins face challenges, the broader cryptocurrency market shows mixed signals. Bitcoin, the largest cryptocurrency by market cap, currently has about 75% of its supply in profit, according to data shared by CryptoQuant author Axel Adler Jr.
25% of the total available Bitcoin supply was purchased at the price level of $73-58K.
This represents a quarter of the total Bitcoin market capitalization, approximately $300 billion. pic.twitter.com/JakdIv0QFZ
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) August 16, 2024
As of August 17, 2024, Dogecoin is trading at approximately $0.101, showing a decrease of almost 3% over the past week. This price movement, combined with the high percentage of holders in profit, illustrates the volatile nature of the memecoin market.
