.jpg)
Dogecoin and Shiba Inu saw similar price action in the past few weeks, but their holders had different things to discuss. Dogecoin and Shiba Inu, as two of the most popular meme currencies, seem to be quite similar at first glance. In particular, its price movements in the past few weeks have left many stockholders disappointed In the middle of a wider decline Among the best cryptocurrencies. However, on-chain data suggests that SHIB holders may be feeling more pressure than others, as the number of lost titles has recently risen to nearly half of all titles.
Comparing the profitability of Dogecoin and Shiba Inu
Both DOGE and Gray hair It is currently experiencing negative price performance over the past 24 hours and 7 days. However, the contrast between the two is the number of addresses that have slipped into losses during this price drop. According to IntoTheBlock’s profitability metric, the current decline is still not scary for DOGE holders.
Related reading
IntoTheBlock’s profitability measure follows portfolios that are “in the money,” “in the money,” and “out of the money.” “In the money” tracks those who make a profit at the current price, while “Out the Money” tracks those who suffer losses. Comparing the two assets using this measure shows that about 75% of… DOGE addresses Still in profit, in contrast to 52% of SHIB addresses.
Furthermore, 48% of SHIB addresses are currently in losses, which is significantly higher than the 23% of DOGE addresses in losses. Finally, 119,380 DOGE addresses, representing 2% of the total, are currently “in the money” with an average price of $0.1245. Around 7,630 SHIB addresses, representing 1% of the total, are “in the money” with an average price of $0.000017.
Decoding recent price action
At the time of writing, DOGE is trading at $0.123, down 1.2% and 1.98% over the past 24 hours and seven days respectively. SHIB is trading at $0.00001713, down 2.05% over the past 24 hours and 7.56% over the past seven days.
Interestingly, DOGE whales have made a decision to lower prices As an opportunity To increase their holdings. On-chain data regarding DOGE balance across different exchanges It indicates that whales are accumulating..
Related reading
Dogecoin has proven to be the most popular coin with its long-term holders. This is due to its larger community, its status as the king of meme coins, and a larger number of whales and religious investors waiting to increase their holdings at any opportunity. Hence, Dogecoin has always managed to perform better during severe price declines.
While the Shiba Inu has closely followed In terms of growththe meme currency is It still has to be earned Huge following like Dogecoin. However, the future It stays bright to Both coins.
Featured image created using Dall.E, chart from Tradingview.com
