New data from market intelligence platform IntoTheBlock reveals that over 80% of traders who have invested in a handful of memecoins are currently underwater.
According to the crypto analytics firm, just 11% and 10% of traders who hold Dogecoin (DOGE) competitors Shiba Inu (SHIB) and Floki (FLOKI) are in the green while only 14% and 19% of Dogelon Mars (ELON) and Doge Killer (LEASH) holders are seeing profits.
However, holders of Dogecoin and Pepe (PEPE) appear to be faring better as 42% and 21% of their investors are in profit, respectively. DOGE and PEPE are valued at $0.063 and $0.000000779 at time of writing, respectively.
The data further reveals that 83% of SHIB investors are seeing red despite last month’s launch of Shibarium, Shiba Inu’s highly anticipated layer-2 scaling solution. SHIB is trading for 0.000008 at time of writing, a 1.18% decrease during the last 24 hours.
Moving on to Floki, a virtual currency launched in 2021 based on billionaire Elon Musk’s real-life dog that evolved into a web3 project, IntoTheBlock finds that a staggering 90% of its investors are seeing losses.
FLOKI is trading for 0.000017 at time of writing, a 0.56% increase during the last day.
Furthermore, the market analytics firm finds that 85% of Dogelon Mars holders are also underwater. ELON, a meme asset created as an attempt to replicate the success of DOGE by piggybacking off of Musk’s idea of colonizing Mars, is moving for $0.000000138 at time of writing, a fractional decrease on the day.
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Generated Image: Midjourney
