- Despite the correction that has seen the market lose $430 billion in a week, over 80% of Dogecoin holders are still in the profits, data from IntoTheBlock shows.
- Pepe and Shiba Inu have recorded higher losses, but 57% of SHIB owners and over 69% of PEPE owners are still in the money.
The entire crypto market has been on a downturn for several days now, shedding $430 billion in the past week alone as Bitcoin edges ever closer to $60,000 while Ethereum struggles to stay above $3,000. However, despite the downturn, the owners of some of the most popular meme coins are still profitable, data shows.
Since the bull market started last year, meme coins have been the tokens to watch as they led the market for gains. The veterans like Dogecoin and Shiba Inu made great leaps, but it was the newer meme coins like Dogwifhat, Bonk and Book of Meme that made the biggest splash,
While some of the gains have been eroded by the recent downturn, data from IntoTheBlock shows that an overwhelming majority of DOGE owners are still in the money. The platform shows that 83% of the wallets holding Dogecoin are still profitable, with 3% at the money while 14% are out of money.
It’s worth noting that Dogecoin was the first meme coin and a majority of the tokens are held by investors who have been in the industry for years. According to the platform, a third of the DOGE owners have held the token for at least a year.
Dogecoin is trading at $0.151 at press time, shedding 3.64% in the past 24 hours and 20.7% in the past week.
Pepe and Shiba Inu Holders Still Profitable
Shiba Inu trades at $0.00002242 at press time, losing just under 20% in the past week despite a massive surge in whale activity, as CNF reported. However, IntoTheBlock shows that 57% of the SHIB holders are in the money, with a further 3% at the money, which means they purchased the token at its current price.
Shiba Inu has an even higher concentration of veteran holders than Dogecoin, with 75% of the owners holding the coin for over a year.
Pepe is different from the other two—it’s not even a year old as it launched in April last year. As such, all its owners have held it for less than a year, with close to a fifth holding it for less than a month.
However, it has held its value decently, with 69% of the holders still in the money, IntoTheBlock data shows.
At press time, PEPE trades at $0.000005104 and has shed 29.46% in the past week.
Collectively, meme coins have had a tough week, with most losing over 25%. Dogwifhat, Bonk, Book of Meme and Degen have all shed over 35% in the past seven days.
Other coins that are still massively profitable include Floki at 83%, Ton at 83% and Mantle at 82%.
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