Dogecoin Vs. Shiba Inu: How do Memecoin’s on-chain metrics compare?
In a new post on X, the data platform shared an infographic that examines the underlying metrics of different meme coins in the industry. The assets were compared based on two metrics: holder profits and whale concentration. The former tells us the total percentage of investors currently in green assets.
This indicator works by looking at each address’s transaction history to see the average price at which they acquired their tokens. If the average purchase price of any holder is less than the current spot value of the cryptocurrency, then that investor will receive a net profit.
Another metric is whale concentration, which measures the total percentage of token supply that whales carry in their addresses. According to the data platform, "whale" entities are all addresses holding at least 1% of the asset's supply.
Figure 1 shows the indicators of six popular memecoins in the field: Dogecoin (DOGE), Pepe (PEPE), Leash (LEASH), Dogelon Mars (ELON), Shiba Inu (SHIB) and Floki (FLOKI). The table shows that Dogecoin is the number one meme coin by number of holders in terms of profit metrics. When the analyst firm shared this infographic, 42% of all DOGE investors were enjoying profits.
While this value is larger than other memecoins, it is still relatively low as it means that most Dogecoin holders are currently underwater.
Pepe, which ranked second, had only 21% of its investors making a profit, while SHIB, the second largest memecoin by market value, ranked fifth, with nearly 90% of its investors losing money. Generally speaking, the fewer holders who take profits, the more likely a rally is, because investors who take profits are more likely to sell at any time, so a lack of them may mean a sell-off is less likely to occur.
Leash appears to be the healthiest coin right now in terms of whale concentration, as these massive investors control approximately 42% of the asset’s supply. Dogecoin is not far behind, as the original memecoin’s whales hold approximately 44% of the supply. Shiba Inu, Dogelon Mars, and Floki all believe that whales control the majority of the supply of their respective assets, meaning that these assets are highly concentrated in the hands of a few large holders.
Concentration of supply in whales is never a positive as it means these influential entities can easily move the market on their own, increasing the likelihood of a pull occurring.
(Data source: Hououin Kyouma)
