Blockchain data shows that out of the top meme-inspired cryptocurrencies, Dogecoin ($DOGE) and Shiba Inu ($SHIB), the majority of investors in the latter are still underwater, while the majority of investors in the former are in a state of profit.
According to data from blockchain analytics firm IntoTheBlock, first spotted by Daily Hodl, around 63% of Dogecoin holders are still in a state of profit, while 2% are breaking even and 35% are underwater.
In contrast, 45% of Shiba Inu investors are in a state of profit, while 1% are breaking even and 54% are still underwater, even at a time in which the cryptocurrency market has started to recover.
Both cryptocurrencies have seen their values plunge over the last few months, and saw a slight recovery so far this year. Over the past 12 months, the performance of both meme-inspired cryptocurrencies has been somewhat similar, according to CryptoCompare data.
As CryptoGlobe reported, whale activity on the $DOGE network has recently exploded, with whale transactions spiking to their highest level since November 27, at a time in which the number of active addresses on the network hit its largest 2-day stretch since early November.
According to blockchain data, there were 523 transactions on the Dogecoin blockchain above $100,000 at the end of January, while the number of daily active addresses on the network surged to 86,400.
The large whale activity surge came at a time in which a popular cryptocurrency analyst known as Smart Contractor on social media said that while the DOGE/USD trading pair looks like a “hot mess,” the DOGE/BTC pair “looks gearing up for a revenge pump of probably 100% or more. “
Dogecoin’s price has notably recently surged after a report suggested Elon Musk wants Twitter to offer a payments service that would include cryptocurrencies. Musk is a well-known $DOGE supporter who recently put pressure on fast-food giant McDonald’s to accept it as a payment method.
Elon Musk’s original offer to McDonald’s came after a cryptocurrency market sell-off that had seen McDonald’s tease the cryptocurrency community with a tweet asking people who run crypto Twitter accounts how they are doing after the sell-off.
Shiba Inu, on the other hand, has seen the largest whales of the Ethereum ($ETH) network accumulate around $85 million of $SHIB ahead of its layer-2 scaling solution’s launch, and at a time in which the meme-inspired cryptocurrency partnered with the North American luxury brand Bugatti Group involved the minting of non-fungible tokens (NFTs) in a “special event” in which the Bugatti Group hosted a “mint party and space” dedicated to Shiboshis.
According to an account associated with the meme-inspired cryptocurrency, the special mint collection “sold out in the first 4 minutes” of the event as demand for the tokens far exceeded supply.
Moreover, $SHIB’s layer-2 network Shibarium is set to launch in the near future. The network will run on top of Ethereum and is designed to deliver faster transactions at a lower cost, among other important improvements.
Featured image via Pixabay.