Here’s what on-chain data reveals regarding the profitability of the different segments of the Dogecoin, Shiba Inu, and Pepe investors.
Dogecoin, Shiba Inu, & Pepe Compared In Terms Of Investor Profits
In a new insight , the on-chain analytics firm Santiment has discussed how the three biggest memecoins in the sector, DOGE, SHIB, and PEPE, have been doing in terms of different indicators.
Among these, one of the metrics that the analytics firm has talked about is the Market Value to Realized Value (MVRV) Ratio Intraday, which tells us about the percentage of profit or loss the investors hold right now.
When the value of this metric is greater than 0%, it means the overall market is in a state of profit. On the other hand, the indicator being under this cutoff suggests the holders are carrying a net loss.
In the context of the current topic, the MVRV Ratio Intraday of the entire market isn’t of interest but rather that of two specific segments: the 30-day and the 365-day investors.
The MVRV Ratio Intraday for the 30-day investors would naturally only keep track of the profitability of the addresses who bought their coins within the past month. Similarly, the 365-day version of the metric would tell us about the profit/loss status of the buyers from the past year.
Now, here is first the trend in these two indicators for the original memecoin, Dogecoin, over the past year:
Looks like both of the metrics have been low recently | Source:
As displayed in the above graph, the Dogecoin MVRV Intraday for the 30-day investors currently has a value of just 1.7%, which means this cohort is only slightly in the green.
Usually, the long-term holders enjoy higher profits than those who recently bought, but in the case of DOGE, it’s the reverse right now. The investors who bought during the past year are in the red, with their holdings being almost 21% underwater.
“With prices dropping significantly since its top in mid-April, there is an argument for a price rebound to bring this long-term deficit back to break-even,” notes Santiment.
Dogecoin’s rival, Shiba Inu, has been doing even worse in these metrics, with both classes of investors being in loss.
The data for the MVRV Ratio of SHIB over the last few months | Source:
The 30-day Shiba Inu investors are holding their tokens at a slight loss of 1%, while the 365-day buyers are more than 31% below their average cost basis.
Interestingly, Pepe’s situation is opposite to that of SHIB and DOGE, with the memecoin’s long-term holders having their patience rewarded.
The 365-day buyers appear to be in the green for this asset | Source:
The monthly investors are down around 0.8% for PEPE, while the yearly ones are enjoying gains of almost 24%. According to the analytics firm, this indicates “there is still a bit of profit that patient traders may need to wait to see evaporate before there is a clear buy signal.”
DOGE Price
When writing, Dogecoin is trading around $0.988, down almost 4% in the last 24 hours.
The price of the coin has been going up over the last few days | Source:
Featured image from Dall-E, Santiment.net, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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