On-chain data shows that memecoin Pepe currently has 80% of its holders in profit. Here is a comparison of Dogecoin, Bitcoin and other top coins.

PEPE is currently one of the coins with the highest profitability rate

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The analytics firm determined these percentages based on on-chain data; the transaction history of each address on a given network can reveal what price it received and how many coins it received, from which an average cost basis can be calculated.

Of course, addresses or holders with this cost basis below the current spot price are marked in green. These would contribute to the profit meter holders for the blockchain.

Here is a chart published by IntoTheBlock that shows what this indicator currently looks like for various assets in the sector:

As you can see above, Bitcoin (BTC) currently has the highest yield rate among the top coins, with over 89% of its holders reporting profits. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, also ranks second on this list, with over 83% of addresses in green.

The difference between the two is not much at the moment, and the analyst firm believes that Ethereum spot ETFs (ETFs) could drive the asset to up-to-date highs.

The third cryptocurrency on the list is Tron (TRX), with approximately 82% of investors making a profit. Interestingly, the rest of the top five are made up of two memecoins, but neither of them is Dogecoin (DOGE), the original and largest meme-based token.

The two memecoins mentioned are Pepe (PEPE) and Floki (FLOKI), with approximately 80% and 77% above-water holders, respectively. DOGE is further down the list, with a rate of 75%.

IntoTheBlock notes that data on this metric indicates that profitability is currently skewed towards large-cap stocks and memecoins, while other altcoins are waiting for breakouts.

How crucial are profit holders to any cryptocurrency? Generally speaking, investors with profits are more likely to sell their coins. Therefore, the likelihood of a massive sell-off increases as more holders make profits.

For this reason, adjustments may become more likely as the percentage of addresses in green increases. From this point of view, top lower yielding coins like Dogecoin or Pepe may have more room to run before hitting a wall than assets like Bitcoin.

PEPE price

At the time of writing, Pepe is trading at around $0.00001126, down over 8% in the last seven days.