The meme coin sector, led by Dogecoin and Shiba Inu, has seen a series of ups and downs over the past six months. These ups and downs were highlighted by volatility, which is known as meme coins. Majority of these meme coins exhibited similar price actions; as such, holders had similar things to talk about in terms of price and profitability.

Interestingly enough, the recent market correction has seen many meme coins rebound to multi-month lows. Interestingly enough, on-chain data shows that despite the widespread decline in the niche, not all holders are experiencing the same level of impact. Profitability metrics, which track the percentage of holders in profit, indicate different outcomes depending on the specific meme coin in question. According to data from IntoTheBlock, DOGE holders are currently leading the way in profitability.

Profitability Between Dogecoin and Shiba Inu

The level of profitability of meme coins comes from IntoTheBlock’s “In/Out Of The Money” metric, which tracks the number of addresses that are in profit or loss at the current market price. Of the various meme coins, only a few can claim to have a significant number of addresses in profit. It’s no surprise that Dogecoin (DOGE), the largest and most famous meme coin, tops the list.

A remarkable 72.4% of Dogecoin addresses are currently profitable, while 26.25% are in losses and 1.35% are breaking even. This high level of profitability can be attributed to the fact that a large portion of Dogecoin holders maintained their positions before the last bullish cycle started in the fourth quarter of 2024.

Closely following Dogecoin is FLOKI, another popular meme coin that has managed to remain stable even when other meme coins struggled. FLOKI has 70.43% of its addresses in profit, 28.41% in loss, and 1.24% at breakeven. In third place is Mog Coin (MOG), with 57.56% of holders currently in profit and 26.16% in loss. In fourth place is PEPE, with 55.47% of addresses in profit and 34.16% of addresses in loss.

SHIB, the second largest meme coin by market capitalization, ranks fifth in profitability among meme coins. SHIB has a large community of followers and enthusiasts that rivals that of Dogecoin. Despite its large and loyal fanbase, SHIB has not been immune to recent market corrections, which have seen its price drop to a five-month low. SHIB has lost around 62% of its market cap since reaching a multi-year high of $0.00003592 in March 2024.

As a result, the number of SHIB holders in profit has dropped significantly, with many choosing to partially or completely reduce their exposure to the token. At the time of writing, only 45.80% of SHIB holders are in profit, compared to 52.51% in loss.

Main image created with Dall.E, chart from Tradingview.com