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Joke Gains: Analyzing The Profitability Of The Top Meme Coins

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Meme coins have increasingly become the investment choice for a lot of crypto investors over the last year. Their tendency to return large gains in a short period of time has been one of the major drivers behind their rapid adoption. However, as with anything that carries the potential for high rewards, these meme coins are also notorious for losing large portions of their value very quickly.

Which Meme Coins Are Still Good?

Over the last couple of months, the crypto market has begun to cement its position in the bear market. This has seen large numbers of cryptocurrencies lose a lot of their value during this time, and meme coins have not been left out of the slaughter.

At this time, meme coins such as Dogecoin and Shiba Inu have lost more than 80% of their all-time high values. With these declines in price has come a large decline in the profitability of these tokens. But as expected, some have held up better than others.

Coinmarketcap lists the top three meme coins by market cap as follows; Dogecoin, Shiba Inu, and Dogelon Mars. All three of these cryptocurrencies are, in one way or another playing off the support of billionaire Elon Musk and have enjoyed success as a result. However, they differ greatly in terms of how well their investors are doing.

Dogecoin price chart from TradingView.com

Data shows that Dogecoin continues to be the best investment out of all the meme coins at this time. It is one of the only cryptocurrencies that is currently seeing the majority of its holders in profit, with 50% making money and 48% of investors seeing losses.

The other two meme coins on this list are faring much worse compared to their predecessor. Shiba Inu, which made a name for itself as the “Dogecoin killer,” has seen the majority of its holders plunged into loss after a disappointing performance in 2022. As of the time of this writing, only 25% of all SHIB holders are currently seeing gains. The vast majority (72%) are firmly in the loss territory, while 3% are neither in profit nor loss.

As for Dogelon Mars, it gets worse, with only 18% of holders currently seeing any kind of profit. Its loss ratio is even higher than that of SHIB, with 79% of all holders seeing losses and only 2% in the neutral territory.

The declines in the price of these tokens are also very telling of their ability to hold their value through bear markets. Dogecoin’s price is down 91.71% from its all-time high, while Shiba Inu and Dogelon Mars are down 87.44% and 76.69% from their respective all-time highs.

Featured image from The Face, charts from TradingView.com

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