Meme coins took the crypto world by storm, fueled by the success of PEPE and a wave of excitement that lasted for months. But as the hype gradually subsided, investors began to scrutinize meme coins that truly had potential. Amidst the flurry of newer meme coins, a few older ones stood out, boasting active communities and a track record in the market. However, not all of them weathered the storm of the bear market, making it crucial to identify the meme coin that has outperformed its peers even in challenging times.
This report examines the largest meme coins in the market, including Dogecoin (DOGE), Shiba Inu (SHIB), Floki Inu (FLOKI), and Dogelon Mars (ELON). These coins made impressive gains during the bullish run of 2021, with each of them experiencing growth exceeding 1,000 times their initial value.
Unfortunately, the bear market hit these meme coins hard, resulting in a significant decline in their prices from their all-time highs. Consequently, the profitability of these coins has suffered as well. However, some have managed to fare better in terms of returns for their holders.
According to data from IntoTheBlock, Dogecoin remains the most profitable meme coin, with an astonishing 47% of DOGE holders still in profit, despite an 85% decrease from its ATH. This leaves 52% of holders at a loss, while 1% are currently in a neutral position, having purchased their coins at the current trading price.
In stark contrast, only 16% of Shiba Inu and Dogelon Mars holders are currently seeing any profit at the prevailing prices. The discrepancy between profit and loss is even more significant, with 81% of SHIB holders and 83% of ELON holders incurring losses.
Floki Inu fares even worse in this aspect. Only 14% of its holders find themselves in the green, making them the most unfortunate group on our list. Nevertheless, Floki Inu holders experience relatively fewer losses compared to SHIB and ELON, with 78% of FLOKI holders currently at a loss. The remaining 8% fall into the neutral category.
While meme coins are currently in a downtrend, the overall market is experiencing a similar decline. The lack of momentum has had an adverse impact on prices across the crypto space, with major assets like Bitcoin and Ethereum trading below critical support levels.
As Bitcoin’s recovery becomes more probable, meme coins like Dogecoin, Shiba Inu, Floki Inu, and Dogelon Mars are likely to follow suit and witness an upside. In the meantime, investors are patiently awaiting a market shift as the Fear & Greed Index hovers in neutral territory, reflecting the indecisiveness prevalent among market participants.
In conclusion, the volatile nature of meme coins has been evident throughout the bear market. While some coins have struggled to maintain profitability for their holders, Dogecoin has emerged as the most promising meme coin, boasting the highest percentage of profitable holders. As the market sentiment shifts and Bitcoin regain momentum, meme coins have the potential to reignite the excitement that once surrounded them. Until then, investors must tread carefully and monitor market indicators for signs of a trend reversal.
