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Joke Gains: Analyzing The Profitability Of The Top Meme Coins

Meme coins

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Memecoins have increasingly become an investment option for many crypto investors over the past year. Their tendency to make large profits in a short period of time has been one of the main engines behind their rapid adoption. However, like anything that allows for high rewards, these meme coins are also notorious for losing much of their value very quickly.

Which meme coins are still good?

Over the past couple of months, the crypto market has started to strengthen its position in a bear market. As a result, many cryptocurrencies have lost much of their value during this time, and meme coins have not been left out of the slaughter.

Currently, meme coins like Dogecoin and Shiba Inu have lost more than 80% from their all-time highs. With the decrease in these prices, the profitability of these tokens has weakened considerably. But as expected, some have held up better than others.

Coinmarketcap lists the top three meme coins by market capitalization as follows; Dogecoin, Shiba Inu and Dogelo Mars. All three of these cryptocurrencies have, in one way or another, toyed with the backing of billionaire Elon Musk and have enjoyed success as a result. However, they differ greatly in how well their investors do.

The data shows that Dogecoin is still the best investment of all meme coins right now. It is one of the few cryptocurrencies where the majority of holders are currently making a profit, with 50% making money and 48% of investors seeing losses.

The other two meme coins on this list fare much worse than their predecessors. The Shiba Inu, which became known as the “Dogecoin killer”, has seen most of its owners lose after a disappointing 2022. As of this writing, only 25% of all SHIB holders are currently seeing profits. The majority (72%) are firmly in the red, while 3% are neither in profit nor loss.

When it comes to Dogelo Mars, it gets worse, with only 18% of owners currently seeing any kind of profit. Its loss ratio is even higher than SHIB’s, with 79% of all holders seeing losses and only 2% in neutral territory.

The decline in the prices of these tokens also speaks well of their ability to hold their value through bear markets. Dogecoin is down 91.71% from its all-time high, while Shiba Inu and Dogelo Mars are down 87.44% and 76.69% from their all-time highs.

Featured image from The Face, charts from TradingView.com

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