Meme coins have been the rave for the past couple of months after the success of PEPE. But now that the hype has finally died down, it has made room for investors to consider which meme coins actually hold the most promise. These old meme coins have been on the market for a while and their communities are still very active. However, not all of them have held up well in terms of price, so in this report, we take a look at which meme coin was the best performer even during the bear market.
Memecoin profitability comparison
In this report, we take a look at the biggest meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), Floki Inu (FLOKI), and Dogelon Mars (ELON). All of these coins did very well in the 2021 bull market, growing more than 1,000 times each.
However, the bear market has not been kind to them and their prices are down significantly from their all-time high values. Given this drop in price, the profitability of these coins has also suffered. But some have fared better when it comes to returns to holders.
Data from IntoTheBlock shows that Dogecoin profitability levels remain the highest of all meme coins. Even though its price is down about 85% from ATH, 47% of all DOGE holders still earn. This raises the percentage of loss holders to 52% and 1% in the neutral position – which means they bought their coins at the same price the meme coin is now trading at.
DOGE profitability remains the highest out of all meme coins | Source: IntoTheBlock
By contrast, only 16% of Shiba Inu and Dogelon Mars holders see any profit at current prices. The gap between those making profits and those making big losses remains, with 81% of SHIB holders experiencing losses and 83% of ELON holders experiencing losses.
Floki Inu manages to do even worse in this regard. Meme coin holders are the worst off the list with only 14% appearing green. However, losses holders came in lower than SHIB and ELON holders with 78% of FLOKI holders experiencing losses. The rest of the investors, 8%, are sitting in the no-man’s-land.
DOGE is most profitable of all meme coins | Source: DOGEUSD on TradingView.com
Meme coins go down with the market
Meme coins are going down now but so is the public sector. The lack of momentum has negatively affected prices across the space with the largest assets like Bitcoin and Ethereum trading below critical support levels.
Dogecoin, Shiba Inu, Floki Inu, and Dogelon Mars followed the same trend and are likely to see a rally once Bitcoin starts to recover. For now, investors are biding their time as the Fear and Greed Index continues to stand on the fence, indicating indecision in the market.