Dogecoin Vs. Shiba Inu: Which Meme Coin Is More Profitable For Holders?
November 15 2023 - 3:00PM
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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.
Related Reading: Crypto Analyst Says MATIC Price Will Rocket Above
$1.5 If This Happens 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 months. Source: IntoTheBlock Price Prediction And Future
Outlook The future looks bright for both Dogecoin and Shiba Inu as
both meme coins are starting to possess utility, an aspect in which
Dogecoin has performed particularly well. So perhaps DOGE could
reach the $0.1 mark very soon. Related Reading: BlackRock’s XRP ETF
Filing, Everything You Need To Know Shiba Inu is also poised to do
well with continued Shibarium success. According to a price
prediction from CoinCodex, SHIB’s price could hit $0.000009534 by
December 11. However, the likelihood of SHIB reaching $0.1 is very
small considering 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
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