Dogecoin investors, the pilgrims of Elon’s journey to control the money of the future, are now laughing at SHIB holders. Now, whether it funny or not, one of the two rival memecoins is now doing much better for its investors. With that, older dogs hunt better as the majority of Dogecoin investors are still in profit. In the meantime, most Shiba holders are in the red which is how most altcoin holders are currently doing. New data from IntoTheBlock reveals some interesting data that may indicate a bullish outlook for at least one of the two doggy coins.
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Dogecoin Investors in Profit
According to IntoTheBlock, a leading crypto analytics firm, around 63% of Dogecoin holders are still in profit. In the meantime, 35% are enduring losses while the rest are even.
Simultaneously, 45% of Shiba Inu investors are in profit while 47% are underwater. SHIB has been showing bullish sign since their announcement of building a layer-2 solution on Ethereum network. However, with the Ethereum 2.0, layer 2 solutions on the network do not make as much sense as the past. Regardless, for both DOGE and Shiba Inu, utility has never been top priority. Yes, the big element of success is the meme!
Speaking of memes and utility, there are strong rumors going around about a possible adoption of Dogecoin for Twitter payments. Now this, can jump start a pretty strong rally for DOGE in case of approval. Bear in mind, Elon Musk is still dealing with a lawsuit accusing him of running a pyramid scheme with Dogecoin. But that’s just Elon!
The Bear Market
While there’s still debate on whether the latest Bitcoin rally is a bull trap or not, recent data shows an improving situation.
At the moment, a majority of Bitcoin and Ethereum holders are still in the green.
According to IntoTheBlock, 61% of BTC investors are in profit while 35% are underwater. BTC is currently trading at 23,380.
As for Ethereum, there is a similar situation with 62% in profit and 36% are enduring losses.
Fundamentally speaking, crypto investors are mostly dealing with an uncertain market. Unlike the pandemic days, there is no free money flowing into the market like the stimulus checks. On top of that, higher inflation will cause investors to be extra careful with their investment in crypto assets.
Following a bear market lasting for more than a year, crypto companies are at a critical point where they must prove their utility. In such times, memecoins and JPEGs are no longer appealing options for majority of people.
Perhaps, this is why both Shiba Inu and Dogecoin are getting their act together. However, Shiba with the layer 2 solution is embarrassingly behind what Dogecoin is cooking.
In case Elon pushes DOGE into the mainstream with Twitter, Dogecoin holders will be a lot happier that Shiba investors.
