According to on-chain data, the percentage of holders making profits between Dogecoin (DOGE), Shiba Inu (SHIB), and other memecoins differs as follows.

Dogecoin has the highest profitability ratio among major memecoins

In a new post on X, market intelligence platform IntoTheBlock has detailed how the top memecoins compare to each other in terms of holder profitability.

As the name suggests, “holders in profit” is an on-chain indicator that tracks the percentage of investors who are currently making a net unrealized profit.

This metric works by going through the transaction history of each address on the blockchain to find the average price it received for its coins. This price would of course correspond to its cost price.

If the spot price of the cryptocurrency is currently higher than this cost base for an address, then that particular holder can be considered profitable. The holders in profit add up all those addresses and calculate what portion of the total user base they are.

This is the value of holders’ profit for five memecoins: Dogecoin, Shiba Inu, Pepe (PEPE), Floki (FLOKI), and Mog Coin (MOG).

As seen above, Dogecoin currently has 72.75% of its userbase retaining profits, the most of the memecoins on this list. Floki comes in second with 70.42% and Mog Coin comes in third with 61.48%.

Interestingly, Shiba Inu and Pepe, the largest memecoins in the sector after DOGE, are the bottom two on this list. The former has 46% of its holders in profit, while the latter has 56%.

SHIB looks especially bleak, as not even half of its investors are in the green. Historically, however, a low value on the indicator is a bullish sign for any cryptocurrency.

This is because profit holders are more likely to participate in the selling. When a large percentage of investors make profits, the chance of massive profit taking increases, which increases the chance of a top forming.

If there are not many addresses that are generating profit, the sale can reach a state of exhaustion, which leads to the price finding a bottom. From this point of view, Shiba Inu is perhaps the best place of these memecoins.

As for Bitcoin’s profitability, CryptoQuant author Axel Adler Jr. shared the data in an X-post.

Note that the metric in the chart differs from the previous IntoTheBlock chart, as it tracks the percentage of supply that is yielding profits rather than the holders. Approximately 75% of all Bitcoin in circulation is yielding profits.

DOGE Prize

At the time of writing, Dogecoin is hovering around $0.101, down almost 3% over the past seven days.