Dogecoin leads memecoins with 72% of holders in profit

Recent on-chain data highlights Dogecoin (CRYPTO:DOGE) as a standout among major memecoins, with an impressive 72.75% of its holders currently in profit.

This positions Dogecoin as the most profitable memecoin, outperforming competitors like Shiba Inu (CRYPTO:SHIB) and Pepe (CRYPTO:PEPE).

The "holders in profit" metric, which measures the percentage of investors holding assets at a price higher than their acquisition cost, underscores Dogecoin's strong performance relative to other popular memecoins.

This metric is crucial for gauging market sentiment and potential selling pressure, as holders in profit are more likely to sell their assets to secure gains.

Following Dogecoin, Floki (FLOKI) ranks second with 70.42% of its holders in profit, while Mog Coin (CRYPTO:MOG) is third with 61.48%.

In contrast, Shiba Inu and Pepe lag behind, with only 46% and 56% of their holders in profit, respectively.

Shiba Inu’s position is particularly concerning, as less than half of its investors are currently in a profitable position.

Historically, a low percentage of holders in profit has often indicated a potential buying opportunity, as it reduces the likelihood of mass sell-offs.

This could suggest that Shiba Inu, despite its lower profitability, might be nearing a market bottom, offering a possible entry point for investors.

Bitcoin (CRYPTO:BTC), the leading cryptocurrency, also shows a strong profitability ratio, with 75% of its supply in profit.

This indicates that Bitcoin holders, like those of Dogecoin, are largely in a favorable position.

Currently, Dogecoin’s price hovers around $0.101, reflecting a 3% decline over the past week.

Despite the recent dip, Dogecoin’s high profitability ratio suggests that it remains a strong contender in the memecoin market.

Meanwhile, Shiba Inu’s lower profitability could signal potential for future gains, depending on market dynamics.