Majority Of Dogecoin Holders In Profit, While 67% Of Shiba Inu Owners Are Underwater

Leading blockchain analytics firm IntoTheBlock has reported that Dogecoin (CRYPTO: DOGE) holders are in profit while Shiba Inu (CRYPTO: SHIB) holders are underwater.  Fifty-six percent of Dogecoin holders are profitable from their investment, 34% are sitting on losses, and 10% are breaking even.

Timeline of Dogecoin, Shiba-inu

Although the pioneering memecoin Dogecoin (DOGE) is recording losses on multiple charts, its community still holds a bullish attitude and expects the digital asset to conclude the third month of 2023 with a significant increase to its current price.

Shiba Inu, a popular meme-based cryptocurrency, has recently experienced a remarkable increase in its burn rate. In the past 24 hours, the burn rate has spiked to an astonishing 1,384%, with about 40 million tokens being destroyed.

Floki Inu is gaining more popularity as it now poses a great threat to Dogecoin (DOGE) and Shiba Inu (SHIB) after soaring by 300% in 2023 alone.  The asset's unprecedented rise has caused leading cryptocurrency exchange Bitpanda to list the memecoin to its user base of more than 3 million users.

The coin value has increased today after correcting during the previous trading session, according to the most recent Dogecoin price analysis, suggesting a strong positive trend for today.

A leading blockchain analytics firm says a majority of meme token Dogecoin (DOGE) holders are in profit while rival meme token Shiba Inu (SHIB) owners are faring a lot worse. According to IntoTheBlock, 56% of DOGE holders are profitable on their investments, 34% are sitting on losses, and 10% are breaking even.

SHIB, the token powering the second-largest meme coin, Shiba Inu flew 15% to trade at $0.00001120 at the time of writing. Shiba Inu price retested critical descending trendline support earlier in March—and rebounded, implying the trend was ready to change course northwards.

The lead of Shiba Inu, who goes under the pseudonym Shytoshi Kusama, has been showing signs of attention to actress Shaun Romy recently. On March 17, she turned 29 and he posted a birthday tweet, tagging her and calling Romy his favorite actress.

According to Shiba Archives, over 1,325,000 people worldwide now hold SHIB, the crypto token associated with the Shiba Inu project. The news comes after a surge in interest in the token, which has seen its value increase significantly in recent weeks.

The popular meme coin SHIB recently faced issues due to the controversy surrounding the Shibarium code. But the latest on the layer 2 network is that its beta launch will hit the metaverse this week.

Dogecoin rebounded from a recent decline on Friday, as cryptocurrency markets shook off yesterday's bear wave. The meme coin has now risen by over 5%, a day after falling by the same sum. Chainlink was another notable mover, as prices climbed by over 7%.