According to blockchain statistics, the majority of investors in the two meme-inspired cryptocurrencies, Dogecoin ($DOGE) and Shiba Inu ($SHIB), are still underwater, while the majority of investors in the former are profiting.
According to statistics from blockchain analytics firm IntoTheBlock, which was first reported by Daily Hodl, around 63% of Dogecoin holders are still profitable, while 2% are breaking even and 35% are underwater.
In comparison, 45% of Shiba Inu investors are profiting, 1% are breaking even, and 54% are still underwater, despite the fact that the bitcoin market has begun to rebound.
Both cryptocurrencies’ prices have fallen in recent months, with just a tiny comeback so far this year. According to CryptoCompare statistics, the performance of both meme-inspired cryptocurrencies has been pretty comparable over the last 12 months.
Whale activity on the $DOGE network has lately skyrocketed, with whale transactions reaching their greatest level since November 27, at a time when the number of active addresses on the network reached its highest two-day stretch since early November, according to CryptoGlobe.
According to blockchain data, there were 523 transactions worth more than $100,000 on the Dogecoin blockchain at the end of January, while the number of daily active addresses on the network increased to 86,400.
The big increase in whale activity occurred at a time when a renowned cryptocurrency analyst known on social media as Smart Contractor stated that although the DOGE/USD trading pair appears to be a “hot mess,” the DOGE/BTC pair “looks to be gearing up for a vengeance pump of perhaps 100% or more.”
Dogecoin’s price has lately risen significantly following reports that Elon Musk wants Twitter to create a cryptocurrency-based payment option. Musk is a well-known proponent of $DOGE, and he recently pressed fast-food behemoth McDonald’s to adopt it as a payment mechanism.
Elon Musk’s initial offer to McDonald’s came during a cryptocurrency market sell-off, which saw McDonald’s tease the cryptocurrency community with a tweet asking those who manage crypto Twitter accounts how they were doing following the sell-off.
Shiba Inu, on the other hand, has seen the Ethereum ($ETH) network’s largest whales accumulate around $85 million of $SHIB ahead of the launch of its layer-2 scaling solution, and at a time when the meme-inspired cryptocurrency partnered with North American luxury brand Bugatti Group involved the minting of non-fungible tokens (NFTs) in a “special event” in which the Bugatti Group hosted a “mint party and space” dedicated to Shiboshis.
The unique mint collection “went out in the first 4 minutes” of the event, according to an account linked with the meme-inspired cryptocurrency, as demand for the tokens considerably outweighed supply.
Shibarium, $SHIB’s layer-2 network, is also expected to launch in the near future. The network will be built on Ethereum and is intended to provide speedier transactions at a lesser cost, among other significant enhancements.
