Memecoins Market Shows Mixed Signals as Dogecoin Leads the Pack With 72.75% of Holders in Profit

Recent data from market intelligence platforms shows varying levels of profitability among major memecoins. Dogecoin (DOGE) currently leads the pack with 72.75% of its holders in profit, according to information shared by IntoTheBlock.

Major memecoins, including Dogecoin (DOGE), Floki (FLOKI), Mog Coin (MOG), Pepe (PEPE), and Shiba Inu (SHIB), have experienced varying levels of price performance recently. According to data shared by IntoTheBlock, DOGE leads the pack with 72.75% of its holders currently in profit.

This calculation is based on the analysis of each address’ transaction history on the blockchain to determine the average price at which they received their coins. This average price is essentially the cost basis for each holder. If the current market price is higher than this cost basis, the holder is considered to be in profit.

Here's a closer look at the top memecoins by the percentage of holders currently in profit:

DOGE: 72.75%

FLOKI: 70.42%

MOG: 61.48%

PEPE: 56%

SHIB: 46%

Interestingly, two of the largest memecoins after DOGE – SHIB and PEPE – are at the bottom of this list. Pepe has 56% of its holders in profit, while Shiba Inu lags behind with only 46% of investors currently in the green.

While a high percentage of holders in profit might seem positive at first glance, it can also indicate increased selling pressure. When many investors are in profit, there's a higher chance of a mass profit-taking event, which could lead to a price drop.

Shifting our focus to specific memecoins, both Pepe and Shiba Inu are currently facing bearish pressure. Pepe's price has dropped below a key support level that had been holding since the start of the month.

Technical indicators, such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), suggest that further price declines may be on the horizon for Pepe.

Shiba Inu is also experiencing challenges. The token's price is stuck within a descending parallel channel, unable to break above average levels. The RSI for SHIB remains low, indicating the possibility of a further drop to a support zone between $0.00000991 and $0.00000927.

It's worth noting that while these memecoins face challenges, the broader cryptocurrency market is showing mixed signals. Bitcoin, the largest cryptocurrency by market cap, currently has about 75% of its supply in profit, according to data shared by CryptoQuant author Axel Adler Jr.

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