Most Dogecoin Holders Are in Profit While Majority of Shiba Inu Owners Remain Underwater: IntoTheBlock

Most holders of the meme token Dogecoin (DOGE) are sitting on profits, but the majority of rival meme token Shiba Inu (SHIB) owners are in the red even though the crypto markets are rallying.

According to blockchain analytics firm IntoTheBlock, 59% of DOGE holders are profitable in their investments while 35% are not.

Meanwhile, 56% of those holding onto SHIB are underwater and just 25% are keeping their heads above water.

Both tokens got a boost in their value as part of the larger crypto market rally this week.

DOGE shot up nearly 12% in the past week. At time of writing, DOGE is changing hands at $0.0799.

SHIB had shot by nearly 17% from its low this past week. At time of writing, SHIB is changing hands at $0.00000941.

Both meme tokens are also experiencing noteworthy activity of late.

DOGE is the fourth most commonly used for crypto payments on leading crypto payments processor BitPay as of December 2022, accounting for 9.8% of the transactions. At the top of the list is Bitcoin (BTC), followed by Litecoin (LTC) and Ethereum (ETH).

SHIB recently announced a partnership with luxury firm Bugatti Group to mint Shiboshis, non-fungible tokens (NFTs) exclusive to the Shiba Inu ecosystem. The pair plan to hold a “mint party” on January 14th.

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Generated Image: Midjourney