BTC-Newswire

Dogecoin Vs Shiba Inu: How Do The Memecoins Compare In On-Chain Metrics?

Press Releases Crypto News Bitcoinist Dogecoin Vs Shiba Inu: How Do The Memecoins Compare In On-Chain Metrics?

Here’s how the various memecoins in the market, like Dogecoin and Shiba, compare against each other in terms of the on-chain indicators.

Dogecoin, Shiba Inu, And Other Memecoins Stacked Against Each Other

In a new post on X, the market intelligence platform IntoTheBlock shared an infographic that looks into the underlying metrics of the different memecoins in the sector.

The firm has compared these assets based on two indicators: the holders in profit and the whale concentration. The former tells us about the total percentage of the investors of assets currently sitting in the green.

This metric works by going through the transaction history of each address to see the average price at which they acquired their coins. If this average buying price for any holder was less than the current spot value of the cryptocurrency, then that investor is carrying a net profit.

The other metric, the whale concentration, measures the total percentage of the supply of the coin that the whales carry in their addresses. According to IntoTheBlock, “whale” entities refer to all addresses that hold at least 1% of the asset’s supply.

Now, here is how these indicators currently look like for six popular memecoins in the sector: Dogecoin (DOGE), Pepe (PEPE), Leash (LEASH), Dogelon Mars (ELON), Shiba Inu (SHIB), and Floki (FLOKI).

The data for the two on-chain metrics for these assets | Source: IntoTheBlock on X

The table shows that Dogecoin is the number one memecoin in terms of the holders in profit metric. When the analytics firm shared this infographic, 42% of all investors of DOGE were enjoying profits.

While this value is greater than for the other memecoins, it’s still relatively low, as it means that most of the Dogecoin holders are currently underwater.

The next best coin, Pepe, only has 21% of the investors in profit, while SHIB, the second largest memecoin in the market cap, is fifth with nearly 90% of investor

Go to Source to See Full Article
Author: Hououin Kyouma

Did you like this?
Tip BTC Newswire with Cryptocurrency