According to the report by blockchain data analytics platform IntoTheBlock, Dogecoin outpaces its counterparts, with 42% of its holders being in profit.
It is worth noting that this appears to solidify its position as a frontrunner in the meme coin domain and emphasizes its growing importance in the broader crypto space.
The analysis, which took into account the top six meme coins including Dogecoin (DOGE), Pepe (PEPE), Doge Killer (LEASH), Dogelon Mars (ELON), Shiba Inu (SHIB), and Floki (FLOKI), positioned PEPE and LEASH in second and third places, with 21% and 19% of their holders respectively turning a profit.
The report also shows that whale concentration for LEASH rests at 42%. Dogelon Mars and Shiba Inu, although popular names in the meme coin sphere, are fourth and fifth in terms of holder profitability, with 14% and 11%, respectively.
Floki, on the other hand, sees 10% of its holders in profit with a 59% whale concentration, indicating the large players’ influence in the meme coin market. Notably, whale concentrations can significantly impact the price movements of cryptocurrencies, making large holders create substantial market swings just with their trading decisions.
Featured image from Unsplash, Chart from TradingView
