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Many early investors of meme coins had booked huge profits initially when the cryptos were at their peak, but what about current profitability? Are they still relevant?
Since the emergence of cryptocurrencies, different types of tokens and coins came into existence with their specific utilities and usabilities. Following the journey, cryptocurrencies evolved, and the crypto space got new experiences in meme coins.
From the very first meme coin in 2013, in the form of Dogecoin, followed by Dogelon Mars, Floki Inu, and let’s not forget the ferocious and insanely popular Shiba Inu. Today meme coins count for more than 300 and hold a combined market capitalization of more than $28 billion.
However, the battle between meme coins Shiba Inu and Dogecoin has been started since the launch of the former. Even Shiba Inu launched, claiming itself as a Dogecoin killer, so the rivalry was obvious. And just like what happens in rivalry on a positive note here, both opponents pushed each other to put their best. Both did well, performed more than expected, and made many people huge profits and a lot more.
But as the days pass, it seems like their good old days are going away. None of the digital assets make returns for their investors; instead, going into a downtrend following the market. Although we can’t say anything about the future, which cryptocurrency would boom and when one thing we could do is to check which digital assets have made more profitability to its investors and how much?
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Dogecoin — The OG Memecoin
The earliest and first successful meme coin was Dogecoin in the whole meme space. It can be preferred as some crypto that started from nothing but has made its place, made tremendous rallies, some new heights that others could have only thought of.
Dogecoin gained much hype and popularity, which was later followed by users’ acceptance. Many prominent personalities have praised Dogecoin, including Elon Musk, whose company Tesla announced to accept payments in Dogecoin for its merchandise.
Talking about the growth of the first meme coin, it rallied from its lowest of $0.000085 to the highest of $0.73, which made a lot of people tremendous profit out of which made a couple of millionaires.
But it didn’t perform well for quite a time now; since 2021, Dogecoin began to crash, and its support is getting weaker. As it lost its charm and market value, its share was stolen by other market players. However, it’s not like Dogecoin holders have lost everything. Since November, DOGE has made over 8000% growth since the beginning of the year.
Currently, it’s been trading around $0.11, which means investors still hold much more in their profit quotient. Some analysis reports showed that Dogecoin could still maintain a balance between its profit and loss-making investors even after the price drop and fluctuations. It says 49% have made a profit and an equal amount of people lost while the remaining 2% maintained neutrality.
What about Shiba Inu?
No doubt that Shiba Inu made its identity as the second most successful meme coin in the crypto space. For many people, the emergence and rise of Shiba Inu are more of a miracle in the middle of a time when the market was taking dips. It had made humongous and almost incomparable returns on investment to its investors. The report says that SHIB prices have made more than 60,000,000% of growth last year.
However, despite making this massive growth, the profitability of the Shiba Inu meme coin lags in comparison to its rival Dogecoin.
Same analysis reports show that SHIB holders remain at an overall loss. This is because most people started buying SHIBs after they had begun to rally those who had joined the journey at the bare end. Out of total Shiba Inu holders, 56% remain in loss with 38% in profit, while the remaining 5% in the neutral zone have purchased the meme coin at a current trading price.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
