Memecoin Investors Buck Market Correction, Stay Profitable

Despite a market correction, most Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) holders remain profitable according to analytics firm IntoTheBlock. Currently, 85% of DOGE, 62% of SHIB, and 69% of PEPE holders are in profit. Despite losses in other sectors such as Cardano (ADA), Polygon (MATIC), and Litecoin (LTC), DOGE, SHIB, and PEPE have maintained their value and remain positive investments.

Memecoin Investors Remain Profitable Amid Crypto Correction

[Date] - Despite a widespread correction in the cryptocurrency market, investors who purchased memecoins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have maintained their profitability, according to data from market analytics firm IntoTheBlock.

Dogecoin (DOGE)

Following a sharp decline in Bitcoin's (BTC) value from $72,750 to a low of $61,079 last week, IntoTheBlock's data indicates that 85% of DOGE holders continue to profit. This represents a significant majority of investors who have not experienced losses despite the market correction.

Shiba Inu (SHIB)

Similarly, SHIB holders have remained resilient, with over half (62%) of them reporting gains. Only 36% have experienced negative returns, while a negligible 2% have neither gained nor lost.

Pepe (PEPE)

PEPE holders have also fared well, with 69% remaining profitable. Approximately 28% of holders have incurred losses, while 3% are at break-even point.

Market Value and Performance

As of this writing, Dogecoin is trading at $0.16, indicating a 6.42% increase over the past 24 hours. Shiba Inu has risen by 6.22% to its current value of $0.000022, while Pepe has experienced a 6.23% gain, trading at $0.000005.

Non-Memecoin Investors Affected by Correction

In contrast to the performance of memecoin investors, holders of other cryptocurrencies have faced significant losses. IntoTheBlock's data reveals that only 39% of Cardano (ADA) holders are profitable, while 55% have experienced losses. Polygon (MATIC) and Litecoin (LTC) holders have faced similar challenges, with only 14% and 37% remaining in the green, respectively.

Current Market Conditions

Cardano is currently trading at $0.46, having gained 4.69% from its previous value. Polygon has increased by 8.76% to $0.70, while Litecoin has risen by 2.86% to $79.05.

Conclusion

While the cryptocurrency market has experienced a period of correction, it is noteworthy that investors in memecoins Dogecoin, Shiba Inu, and Pepe have largely remained profitable. However, holders of other cryptocurrencies, such as Cardano, Polygon, and Litecoin, have faced more significant losses. These findings highlight the volatility and risk associated with cryptocurrency investments, underscoring the importance of diversification and prudent portfolio management.