2023 started on a good note for cryptoa, and meme coins have not been left out. But the impact of the price increase has been felt differently by holders of the two largest memes coins – Dogecoin and Shiba Inu.
Data from blockchain analytics firm IntoTheBlock shows the percentage of holders in profit for the two major meme coins differs. While 64% of Dogecoin holders are currently holding at a profit, only 45% of SHIB holders are still profitable.
Dogecoin (DOGE) Price Soars 35% in 30 Days
Dogecoun price performance has seen it rise by around 35% in the last 30 days, reaching a high as $0.099 for the first time since December 2022. Still, DOGE has retraced to $0.0952 as of press time.
The recent uptick in DOGE price is due to several factors, including general market performance and the possibility of Twitter supporting crypto payments.
Elon Musk has instructed Twitter developers to build a payment system that supports crypto. Musk is also reportedly working on Twitter Coins. This is said to be a digital asset that would be used for tipping and payments on the social media platform.
The price increase Dogecoin experienced in the last 30 days has helped it claim a significant area of support. IntoTheBlock’s Global In/Out of the Money reveals that over 830,000 addresses purchased over 78 billion DOGE around $0.075. As long as this important demand wall continues to hold, Dogecoin could be positioned for further gains.
It is worth noting most token holders – around 74% of them – have held DOGE for over a year, while 3% of all token holders acquired DOGE in the past month. These metrics suggest that Dogecoin investors have strong hands and may not be deterred by price volatility.
Shiba Inu (SHIB) Holders Are in the Red
In contrast to Dogecoin, most Shiba Inu holders are holding SHIB at a loss. On-chain data from IntoTheBlock shows that 55% of all addresses who have acquired SHIB are “Out of the Money” while 45% are “In the Money.”
Data from the blockchain forensics also suggests that the biggest concentration of SHIB tokens were acquired at around $0.000017. If Shiba Inu were to overcome this important supply barrier, it may gain the strength to advance further given the lack of significant resistance ahead, according to BeInCrypto’s Global Head of News Ali Martinez.
Further data reveals that most SHIB holders invested when Shiba Iny was trading higher. Around 63% of SHIB holders have held the token for more than a year. Meanwhile, 33% of all SHIB holders have held it for less than 12 months.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
