Most Dogecoin (DOGE) Holders in Profit As Over 65% of Shiba Inu (SHIB) Owners Languish Underwater: IntoTheBlock

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.

Dogecoin is trading for $0.075 at time of writing, down more than 24% from its 2023 high of $0.099.

Meanwhile, just 29% of SHIB holders are profitable, while 67% are underwater.

SHIB is worth $0.000011 at time of writing, down more than 31% from its high this year of $0.000016.

The Shiba Inu ecosystem saw its highly anticipated layer-2 scaling solution Shibarium go live in beta form this month. The layer-2 protocol is built on top of the smart contract platform Ethereum (ETH), similar to Polygon (MATIC).

Once the beta test is complete, Bone ShibaSwap (BONE) will serve as the governance token for the new ecosystem and the digital asset will be used to pay for gas fees.

Kusama has warned that coins in Shibarium’s beta form are not real and users should not spend their SHIB trying to accumulate them.

“All tokens on Puppynet are NOT REAL. Don’t spend you’re hard-earned SHIBS on these tokens if you see them no matter how hard people, anyone, shills.”

The project, first announced in May 2021, is designed to allow developers to create inexpensive and highly scalable applications.

Kusama said the beta-testing phase should take about two months, but noted the testing period could last until July.

Generated Image: Midjourney