The profitability of Shiba Inu (SHIB) and Dogecoin (DOGE), two cryptocurrencies taking by storm as the flash meme coins of 2021, has equalized. Shiba Inu and Dogecoin are now equally “average” cryptocurrencies, according to data from IntoTheBlock. Reasons for this situation and details of the issue cryptocoin.com‘in.
Dogecoin and Shiba Inu are now “equal”
Conversations about the profitability of the two meme coins have always been a topic during the friendly rivalry between the Doge and Shiba Inu communities. But according to data from IntoTheBlock, the two assets are now making the same profits for investors. The Shiba Inu fix resulted in 54% profitability. The Money In/Exit indicator on the Shiba Inu shows that almost half of the traders are currently either losing money or breaking the SHIB. During the asset’s mind-blowing 1,000% increase, nearly every entry into the dog-based cryptocurrency has resulted in profits as the token updates its ATH every hour. However, after hitting an all-time high in October, the asset failed to show any signs of recovery and made a three-month correction before entering the range we are seeing right now. With the unstoppable correction in the market, almost the majority of SHIB holders entered the “unprofitable” zone and 37% of the positions in the market were opened at a higher price.
Dogecoin investors are waiting for a recovery. Compared to the Shiba Inu, the last time Dogecoin showed a bullish move in the market was May. The date of May 2021, when the cryptocurrency experienced its 937% rally fueled continuously by Elon Musk. As of now, only 54% of Dogecoin holders were in profit last month. Dogecoin last experienced something similar to the recovery when Elon Musk announced that Tesla would accept Doge as a payment asset. The announcement resulted in a 40% DOGE price increase at one point.
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