Meme coins remain popular among crypto enthusiasts despite volatility and mixed analyst forecasts.
DOGE Leads the Pack
The meme coin sector witnessed a huge resurgence earlier this year, with its market capitalization surpassing $60 billion. Despite retracing to the current $40 billion, the niche is still full of tokens that have brought numerous traders some profits. Data from IntoTheBlock shows that Dogecoin (DOGE) ranks first among meme coins. Over 72% of its holders are currently in the green, while 25% are underwater. DOGE is among the cryptocurrencies that are predominantly held for the long term, with 67% of holders buying over a year ago, and only 2% doing so in the past month.
What About SHIB?
The second-largest meme coin, Shiba Inu (SHIB), experienced a significant price increase in March this year, making over 63% of its holders profitable. However, the subsequent decline in the following months has changed the situation. Currently, 46% of the SHIB investors are in the green, while more than 50% are underwater.
Other Meme Coins
Other meme coins whose holders are predominantly in profit include Floki Inu (FLOKI) and Mog Coin (MOG). Approximately 70% of FLOKI investors are in the green, while 27% are recording losses. As for MOG, 61% of its investors are currently in profit. Conversely, investors in other meme coins such as Bone (BONE), Coq Inu (COQ), Dogelon Mars (ELON), and MAGA (TRUMP) face losses. MAGA is down over 80% from its peak registered in June, with nearly 87% of its investors sitting on losses.
Meme coins remain volatile assets, and their profitability depends on various factors, including market trends and the timing of acquisition. DOGE and FLOKI continue to bring returns to their holders, while SHIB and other meme coin investors face losses.
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