PEPE Has 80% Of Holders In Profit: How It Compares To DOGE & BTC
20 Junio 2024 - 8:00PM
NEWSBTC
On-chain data shows the memecoin Pepe currently has 80% of its
holders in profit. Here’s how Dogecoin, Bitcoin, and other top
coins compare. PEPE Is Among The Coins With The Highest
Profitability Ratio Right Now In a new post on X, the market
intelligence platform IntoTheBlock has shared a chart that shows
how the various top cryptocurrencies compare against each other
regarding the percentage of holders carrying a net unrealized
profit currently. The analytics firm has determined these
percentages using on-chain data; the transaction history of each
address on a given network can reveal at what price it received and
how many coins it received, based on which an average cost basis
can be calculated. Related Reading: IntoTheBlock Reveals Fact About
Current Bitcoin Situation Analysts Are Puzzled By Naturally, the
addresses or holders with this cost basis below the current spot
price are in the green. They would contribute towards the holders
in profit metric for the blockchain. Now, here is the chart posted
by IntoTheBlock, which shows how this metric is looking at the
moment for various assets in the sector: As is visible above,
Bitcoin (BTC) currently has the highest profitability ratio among
the top coins, with more than 89% of its holders carrying gains.
Ethereum (ETH), the second largest cryptocurrency by market cap, is
also second on this list, with over 83% of the addresses in the
green. The gap between these two isn’t much right now, and the
analytics firm thinks the Ethereum spot exchange-traded funds
(ETFs) could push the asset to reach new highs. The third
cryptocurrency on the list is Tron (TRX), with around 82% of
investors in profit. Interestingly, two memecoins make up for the
rest of the top 5, but none are Dogecoin (DOGE), the original and
largest meme-based token. The two memecoins in question are Pepe
(PEPE) and Floki (FLOKI), with around 80% and 77% holders above
water, respectively. DOGE is further down the list, with the metric
at 75%. Related Reading: Dogecoin, Cardano “Very Bullish” Based On
MVRV: Santiment IntoTheBlock notes that this indicator data implies
profitability is currently skewed towards large-caps and memecoins,
with other altcoins waiting for breakthroughs. Now, what’s the
significance behind holders in profit for any cryptocurrency?
Generally, the investors holding gains are more likely to sell
their coins. As such, the probability of a mass selloff increases
as more holders come into profits. Because of this, corrections can
become more probable when the percentage of addresses in the green
increases. In this view, the top coins with lower profitability,
like Dogecoin or Pepe, may have more room to run before hitting a
wall than an asset like Bitcoin. PEPE Price Pepe is trading around
$0.00001126 at the time of writing, down more than 8% in the last
seven days. Featured image from Dall-E, IntoTheBlock.com, chart
from TradingView.com
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