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Highlights
- Dogecoin and top memecoin in profit despite market onslaught
- The memecoin niche is displaying an unusual resilience in the market
- Rebound is expected in the long term with Dogecoin likely to serve as Litmus test
IntoTheBlock data has revealed that a significant percentage of Dogecoin (DOGE), Pepe Coin (PEPE) and MOG (MOG) holders are still in profit.
Broad Crypto Market Sees Price Crunch
Amidst a general crypto market downturn, many memecoin have maintained a reasonable positive sentiment. The chart shared by the Blockchain analytic platforms shows that MOG is leading the sector with 85.5% of its holders still in profit.
It was followed closely by PEPE at 78.53%, Floki at 75% and Dogecoin at 75%. Popular dog-themed memecoin Shiba Inu held the 6th position of memecoins with a significant percentage of holders in profit. According to IntoTheBlock, Shiba Inu’s profitable holder metric comes in at 51.83%.
This chart illustrates the percentage of holders in profit across various memecoins👇
💚Despite a general market downturn, many memecoins still have a significant portion of their holders in profit.
💰 $MOG and Pepe $PEPE lead the space with the highest percentages of… pic.twitter.com/ElivXDXVeu
— IntoTheBlock (@intotheblock) July 4, 2024
It is worth noting that these digital currencies are demonstrating resilience relative to other crypto categories. Two of the market’s favorites SHIB and DOGE are part of this group displaying positive sentiment. One Dogecoin whale recently turned heads with its massive accumulation on Binance. According to on-chain insights, the whale bagged a whopping 90 million DOGE from the leading crypto exchange.
Meanwhile, the dog-themed memecoin is currently bleeding with an 8.51% drop within the last 24 hours. DOGE price comes in at $0.1078 but the accumulation by the whale address “DGmzv39riW” hints hope for Dogecoin’s future price surge. This optimism finds credence in the fact that massive accumulations usually add a bullish tint to a coin’s future prospects.
Dogecoin, Memecoins See More Support
Similarly, a crypto trader was also seen engaging the potential buy-the-dip strategy.
Amidst the price decline seem in Bitcoin and most crypto assets, the trader managed to accumulate $59 million worth of PEPE and seven different altcoins. This includes ETH, SHIB, RNDR, MATIC, LINK, AVAX, and GRT. His move hinted at hopes for potential gains ahead for these token.
On an average, most of these memecoin including Dogecoin are currently seeing downtrend in terms of its market value. However, this has not stopped the increase in holders profitability.
Noteworthy, this comes around the time that crypto trading firm BitMex added support for SHIB, DOGE and PEPE. Precisely, BitMEX launched a new product dubbed the MEMEMEXTUSDT. The new product is a Basket Index perpetual swap contract that is designed to give traders exposure to top 10 meme coins.
Per a Coingape report, the contract, which encompasses derivatives, is margined in USDT and traders can leverage up to 25x.
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