DOGE and SHIB holders have had different things to talk about in the past month. As two of the most popular meme coins, Dogecoin and Shiba Inu seem pretty similar at first glance. Both digital assets have pushed themselves to the very best as they look to upgrade from the meme token status.
Everyone seems to have an opinion on which one will make holders more money, but on-chain metrics reveal different victors for different time frames. According to IntoTheBlock’s profitability metric, more DOGE holders are making money since the launch of both assets. On the other hand, SHIB dominates in terms of profitability in relation to the present market price.
How Dogecoin And Shiba Inu Holding Up?
When it comes to profitability, Dogecoin has proven itself to be the top meme coin for holders over the long run. Despite being a meme coin, the crypto has grown to create a strong community and is one of the top 10 in terms of market cap. Shiba Inu has also closely followed behind in terms of growth, with constant updates to its ecosystem in hopes of creating real-world value for its holders.
In terms of price action, both cryptocurrencies have had similar gains in the past month. DOGE is up by 24% while SHIB is up by 21.5%. However, on-chain data shows a varying level of profitability for traders.
IntoTheBlock’s profitability metric follows wallets 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 the money” tracks those encountering losses.
According to the Global In/Out of the Money, around 49% of holders are making money at DOGE’s price of $0.07394, while only 22% of SHIB holders are making money at its current price of $0.000008523. This is not surprising, as DOGE has existed for a longer time and has a higher market cap.
Source: Into The Block
However, IntoTheBlock’s In/Out of the Money Around Price metric tells a different tale. This metric tracks addresses that bought around the current market price. According to this metric, 49.13% of DOGE addresses that bought between $0.062467 and $0.085278 are making a profit at the moment.
On the other hand, a better portion of 59.21% of SHIB addresses that bought between $0.000007 and $0.000010 are making money at the moment. This shouldn’t come as a surprise, seeing as how SHIB has been experiencing better money flow and ecosystem growth over the past few…
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