The prices of Dogecoin, Shiba Inu, and PEPE have been on the come-up as the Bitcoin price has recovered. However, at this time, all of their profitability levels remain different, meaning investors in these meme coins are seeing varying levels of profit and losses. In this report, we compare the profitability levels of these three meme coins, in a bid to figure out which has been the best investment based on return on investment.
Dogecoin Profitability Remains Highest
As the largest meme coin in the market, the Dogecoin price has often set the tone for how investors are looking at meme coins. This often means a rally for Dogecoin can often spread to the other meme coins and trigger a market-wide meme coin rally. As a result, it remains the top choice for meme coin investors.
In line with its position as the market leader, Dogecoin is leading in other major ways as well and one of those ways is in profitability levels. According to data from the on-chain data tracking website, IntoTheBlock, a total of 72% of all Dogecoin investors are seeing a profit. In contrast, a low 27% are seeing losses, while 1% are sitting at breakeven.
This means of the over 6 million Dogecoin holders, 4.6 million addresses are in profit, compared to 1.75 million addresses seeing losses and 68,420 wallets at breakeven. This puts it ahead of the likes of Shiba Inu and PEPE when it comes to profitability.
PEPE Takes Second Place
After a notable rally in the month of July, the PEPE market cap jumped above $3 billion, automatically cementing its position as the 3rd-largest meme coin by market cap. This means it still remains more than 50% behind Shiba Inu whose market cap is above $7.8 billion. However, PEPE has been able to catch up and overtake Shiba Inu in profitability.
IntoTheBlock’s data show that of the approximately 300,000 PEPE holders, 147,090 addresses are sitting “In The Money.” This translates to an approximate 50% of all holders who are seeing a profit. A total of 115,280 address are “Out Of The Money,” which means they’re seeing a loss, and they make up 39.06% of the total address. While 32,790 addresses, representing 11.11% of the total addresses, are sitting at breakeven at this level.
Shiba Inu Comes Out Last Among Top 3
Despite being the 2nd-largest meme coin by market cap, the Shiba Inu price has taken a significant beat down over the past year and this has severely impacted the profitability levels of its investors. According to IntoTheBlock data, only 613,400 Shiba Inu addresses are seeing profits at the current levels. This means 45.42% are “In The Money” right now.
This percentage puts the Shiba Inu profitability behind both Dogecoin and PEPE, making it the worst performer of the top 3 meme coins by market cap. More than half of Shiba Inu holders, 706,660 addresses, or 52.32%, are losing money at these levels. Finally, 30,500 address, or 2.26%, are at breakeven.
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