New data from market intelligence platform IntoTheBlock sheds light on the current status of traders who have invested in popular memecoins. The findings reveal that a significant majority of traders holding certain memecoins are currently facing losses.
As the market for these coins fluctuates, investors in Shiba Inu (SHIB), Floki (FLOKI), Dogelon Mars (ELON), and Doge Killer (LEASH) find themselves in the red, while holders of Dogecoin (DOGE) and Pepe (PEPE) fare relatively better.
Traders Facing Losses in Memecoins
Data provided by the crypto analytics firm, IntoTheBlock, indicates that the majority of traders who have invested in a selection of memecoins find themselves in an unfavorable position.
Specifically, only 11% and 10% of Shiba Inu (SHIB) and Floki (FLOKI) holders, respectively, are currently in profit. The situation is slightly better for Dogelon Mars (ELON) and Doge Killer (LEASH), with 14% and 19% of investors seeing profits, respectively.
However, the scenario seems more positive for holders of Dogecoin (DOGE) and Pepe (PEPE), as 42% and 21% of their respective investors are currently in profit. DOGE is valued at $0.06344, while PEPE is valued at $0.0000007255 at the time of writing.
Ever wondered how meme coins compete on important metrics? 📊Dive into our latest infographic where we break down the performance of 6 popular meme coins, analyzing holder profits and whale concentration.#Dogecoin #Pepe #LEASH #SHIB #FLOKI #ELON pic.twitter.com/Di5vbyo3PZ
— IntoTheBlock (@intotheblock) September 8, 2023
Losses for SHIB and Floki Holders
Among the memecoins analyzed, Shiba Inu (SHIB) holders are facing the highest losses, as 83% of investors find themselves in the red. This is despite the recent launch of Shibarium, the Shiba Inu layer-2 scaling solution. SHIB is currently trading at 0.000007582, experiencing a slight decrease of 1.18% in the last 24 hours.
Moving onto Floki, a virtual currency launched in 2021, the data reveals that a staggering 90% of its investors are experiencing losses. At the time of writing, FLOKI is currently trading at 0.00001732.
Underwater for Dogelon Mars
Additionally, 85% of Dogelon Mars (ELON) holders find themselves in a loss-making position. ELON, created as a meme asset to replicate the success of DOGE by capitalizing on Musk’s idea of colonizing Mars, is currently priced at $0.06344.
The latest data from IntoTheBlock highlights the challenging situation for the majority of memecoin investors. With over 80% of traders facing losses in Shiba Inu (SHIB), Floki (FLOKI), Dogelon Mars (ELON), and Doge Killer (LEASH), the market for these coins continues its downward volatility.
However, as aforementioned, holders of Dogecoin (DOGE) and Pepe (PEPE) show relatively better performance. As the memecoin landscape evolves, investors closely monitor market movements in anticipation of potential profit opportunities.