Which Meme Coin Is More Profitable For Holders?
DOGE and SHIB holders I’ve had different things to say over the past month. As two of the most popular meme coins, Dogecoin and Shiba Inu seem quite similar at first glance. Both digital assets have been pushing themselves to the next level as they seek to transition from meme token status.
Everyone seems to have an opinion on which will make the holders more money, but on-chain metrics reveal different winners for different periods. According to In TheBlock profitability measure, more and more DOGE holders are making money since the launch of both assets. On the other hand, SHIB dominates in terms of profitability compared to the current market price.
How are Dogecoin and Shiba Inu holding up?
When it comes to profitability, Dogecoin has proven to be the best coin for long-term holders. Despite being a meme coin, the crypto has grown to create a strong community and is in the top 10 in terms of market capitalization. Shiba Inu has also followed closely in terms of growth, with constant updates to its ecosystem in hopes of creating real value for its holders.
In terms of price action, both cryptocurrencies have seen similar gains over the past month. DOGE is up 24% while SHIB is up 21.5%. However, on-chain data shows a varying level of profitability for traders.
IntoTheBlock Profitability Metric tracks portfolios 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 of the money” tracks those making losses.
According to the Global In/Out of the Money, around 49% of holders are making money at the DOGE price of $0.07394, while only 22% of SHIB holders are making money at the current price of 0, 000008523 $. This is not surprising, as DOGE has been around longer and has a higher market capitalization.
Source: Into The Block
However, the IntoTheBlock In/Out of the Money Around Price metric tells a different story. This metric tracks addresses that purchased around the current market price. By this metric, 49.13% of DOGE addresses that purchased between $0.062467 and $0.085278 are currently making a profit.
On the other hand, a better portion of 59.21% of SHIB addresses that purchased between $0.000007 and $0.000010 are currently making money. This should not come as a surprise, given that SHIB has seen better financial flow and ecosystem growth over the past few months.
Source: IntoTheBlock
Price prediction and future outlook
The future looks bright for both Dogecoin And Shiba Inu as the two pieces themselves are begins to have a usean aspect in which Dogecoin performed particularly well. So maybe DOGE could reach the $0.1 mark very soon.
Shiba Inu is also about to do well with continued success of Shibarium. According to a price forecast According to CoinCodex, SHIB price could reach $0.000009534 by December 11. However, the probability of SHIB reaching $0.1 is very low given that it has a total supply of 589 trillion SHIB tokens.
DOGE price recovers to $0.074 | Source: DOGEUSD on Tradingview.com
Featured image from Outlook India, chart from Tradingview.com
