PEPE has 80% of holders profit: How does it compare to DOGE and BTC
On-chain data shows that 80% of Pepe, the memecoin holders are currently in profit. Here's a comparison of Dogecoin, Bitcoin, and other top currencies. In a new post by X, market intelligence platform IntoTheBlock shared a chart comparing the percentage of holders with unrealized net profit for various top cryptocurrencies at present.
The analytics company used on-chain data to determine these percentages; the transaction history of each address on the given network can show the price received and how many coins were received, based on which the average cost basis can be calculated.
Of course, addresses or holders whose cost basis is lower than the current spot price are profitable. They will contribute to the profit indicators for blockchain holders.
Now, this is a chart released by the data platform showing the performance of this indicator in various assets in the industry. As shown in the chart, Bitcoin (BTC) currently has the highest profit rate among top cryptocurrencies, with over 89% of holders profiting. The second largest cryptocurrency by market capitalization, Ethereum (ETH), ranks second, with over 83% of addresses profiting.
Currently, there is not much difference between the two, and the analysis firm believes that the Ethereum spot exchange-traded fund (ETF) may push the asset to new heights.
The third cryptocurrency on the list is Tron (TRX), with about 82% of investors profiting. Interestingly, among the top five, there are also two memecoins, but none of them is Dogecoin (DOGE), which is the earliest and largest meme token.
These two memecoins are Pepe (PEPE) and Floki (FLOKI), with holdings rates of approximately 80% and 77% respectively. DOGE ranks lower at 75%.
The data platform pointed out that the profitability currently tends to favor large-cap coins and memecoins, while other altcoins are waiting for a breakthrough. So, what is the significance of profit for any cryptocurrency holder? Generally speaking, investors who hold profits are more likely to sell their tokens. Therefore, as more holders profit, the likelihood of large-scale selling will also increase.
Therefore, when the percentage of green addresses increases, there is a greater possibility of correction. From this perspective, top tokens with lower profitability (such as Dogecoin or Pepe) may have more room to run before hitting a wall compared to assets like Bitcoin.
The current trading price of Pepe is about 0.00001126 dollars, which has dropped by more than 8% in the past seven days.
(Data source: Keshav Verma)
