According to new data from market intelligence platform IntoTheBlock, a significant number of traders who have invested in memecoins are currently facing losses. The data reveals that over 80% of traders holding a handful of memecoins are currently underwater.
Among the memecoins analyzed, Dogecoin (DOGE) competitors Shiba Inu (SHIB) and Floki (FLOKI) had the highest percentage of traders in the red. Only 11% and 10% of SHIB and FLOKI holders, respectively, are currently seeing profits. This indicates that the majority of investors in these memecoins are facing losses.
Similarly, the data shows that only 14% and 19% of Dogelon Mars (ELON) and Doge Killer (LEASH) holders are currently making profits, indicating a significant number of traders facing losses in these memecoins as well.
However, there are a few memecoins that seem to be faring better than the others. Dogecoin (DOGE) and Pepe (PEPE) have a higher percentage of profitable investors compared to other memecoins. 42% of Dogecoin investors and 21% of Pepe investors are currently in profit.
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Dogecoin, valued at $0.063, and Pepe, valued at $0.000000779, seem to have a better performance compared to other memecoins. This could be attributed to factors such as the longevity and popularity of Dogecoin and the market sentiment surrounding Pepe.
While Shiba Inu recently launched Shibarium, a highly anticipated layer-2 scaling solution, the data reveals that 83% of SHIB investors are still facing losses. This suggests that the launch of Shibarium did not have a significant positive impact on the price and profitability of SHIB.
Floki, a memecoin based on billionaire Elon Musk’s real-life dog, has seen a staggering 90% of its investors facing losses. Despite this, FLOKI has experienced a slight increase in price during the last day, trading at 0.000017.
Another memecoin, Dogelon Mars, which was created to replicate the success of Dogecoin by piggybacking off the idea of colonizing Mars, also has a majority of investors in the red. The data shows that 85% of Dogelon Mars holders are currently underwater. ELON, the symbol for Dogelon Mars, is currently trading at $0.000000138.
It is important to note that investing in memecoins, like any other investment, comes with risks. These memecoins tend to be highly volatile, and their prices can fluctuate dramatically within short periods. Therefore, investors should exercise caution when investing in such assets and conduct thorough research before making any investment decisions.
In conclusion, the data from IntoTheBlock highlights that a significant number of traders holding memecoins are currently facing losses. While some memecoins like Dogecoin and Pepe have a higher percentage of profitable investors, the majority of traders holding memecoins like Shiba Inu, Floki, and Dogelon Mars are currently underwater. Investors should carefully assess the risks associated with memecoins and make informed investment decisions.
