A recent report by IntoTheBlock provides new insights into the profitability of holders of meme coins, including Dogecoin, and highlights variations in the percentage of holders in profit and whale concentration. Dogecoin, the forerunner in this category, continues to hold its own, with new data underlining its dominance in profitability for its holders.
Dogecoin is in charge
According to the report from blockchain data analytics platform IntoTheBlock, Dogecoin outperforms its counterparts, with 42% of holders making a profit.
It is worth noting that this seems to solidify its position as a leader in meme coins and highlights its growing importance in the wider crypto space.
Have you ever wondered how meme coins compete on key stats? ????Dive into our latest infographic where we break down the performance of 6 popular meme coins, analyzing holder gains and whale concentration.#Dogecoin #Pepe #LEINE #SHIB #FLOKI #ELON pic.twitter.com/Di5vbyo3PZ
— IntoTheBlock (@intotheblock) September 8, 2023
The analysis, which took into account the top six meme coins, including Dogecoin (DOGE), Pepe (PEPE), Doge Killer (LEASH), Dogelon Mars (ELON), Shiba Inu (SHIB), and Floki (FLOKI), positioned PEPE and LEASH rank second and third, with 21% and 19% of holders making a profit respectively.
Whale concentrations and other tokens
In addition to highlighting profitability, the research also delved into the concentration of whales in these meme coins. Interestingly, 44% of Dogecoin tokens are held by whale accounts almost half of PEPE tokens (49%) are owned by whales.
The report also shows that the whale concentration for LEASH is 42%. Dogelon Mars and Shiba Inu, while popular meme coin names, rank fourth and fifth in holder profitability, with 14% and 11% respectively.
Floki, on the other hand, sees 10% of its holders making a profit with a whale concentration of 59%, indicating the influence of major players in the meme coin market. Whale concentrations, in particular, can significantly influence the price movements of cryptocurrencies, allowing large holders to create substantial market swings with their trading decisions alone.
Further wWhile Dogecoin has made profits for about 44% of its holders, the meme coin is not exempt from the volatile swings of the market. In the past month alone, DOGE has seen a drop of over 16%. At the time of writing, the price fell from the previous high of $0.77 to a low of $0.62.
The price of Dogecoin (DOGE) is moving sideways on the 4-hour chart. Source: DOGE/USDT op TradingView.com
Moreover, despite the downtrend in the market, DOGE’s trading activity has surged. The daily trading volume for the meme coin currently stands at $201 million, a significant increase from the $128 million recorded late last month.
Featured image of Unsplash, chart from TradingView