$DOGE Over $SHIB? Most Dogecoin Investors Are in Profit, While Most Shiba Inu Investors Are Underwater

$DOGE Over $SHIB? Most Dogecoin Investors Are in Profit, While Most Shiba Inu Investors Are Underwater
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Blockchain data show that among the best cryptocurrencies based on memes, Dogecoin ($doge) and Inushiba ($shib), most of these investors are still in the water, whereas most investors in the first are in a profit state.

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 fall in recent months, and have seen a small rebound to date this year. Over the past year, the performance of the two meme-inspired cryptocurrencies has been somewhat similar, according to the crypto-comparison 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.

Depending on the data from the blockchain, there were 523 Dogecoin blockchain transactions in excess of $100,000 in late January, while the number of active addresses per day on the network has increased to 86400.

The sharp increase in whale activity has occurred at a time when a popular cryptocurrency analyst was aware 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 operate above Ethereum and is designed to provide faster transactions at less cost, among other significant enhancements.