Here’s what on-chain data reveals about the profitability of different segments of Dogecoin, Shiba Inu, and Pepe investors.

Dogecoin, Shiba Inu and Pepe Compared in Investor Profits

In a recent perspective fastingOn-chain analytics firm Santiment discussed how the three largest memcoins in the sector, DOGE, SHIB, and PEPE, are performing across a variety of metrics.

One of the metrics mentioned by the analytics firm is the intraday market value to realized value (MVRV) ratio, which tells us the percentage of profit or loss that investors have at a given point in time.

When the value of this metric is greater than 0%, it means that the entire market is in profit. On the other hand, an indicator that is below this cut-off suggests that the holders are in a net loss.

In the context of the current topic, we are not interested in the intraday MVRV indicator for the entire market, but rather for two specific segments: 30-day and 365-day investors.

The intraday MVRV indicator for 30-day investors would naturally only track the profitability of addresses that have purchased their coins within the last month. Similarly, the 365-day version of the metric would tell us the profit/loss status of buyers over the last year.

First, let’s analyze the trends of these two metrics for the original meme coin, Dogecoin, over the past year:

As shown in the chart above, the Dogecoin MVRV Intraday value for 30-day traders is currently just 1.7%, meaning this group is only slightly in the black.

Typically, long-term holders enjoy higher gains than those who bought recently, but the opposite is true for DOGE. Investors who bought in the past year are now in the red, with their shares underwater by almost 21%.

“Given the significant decline in prices since their peak in mid-April, there is a case for a price recovery that would bring this long-term deficit back to breakeven,” Santiment noted.

Dogecoin’s rival, Shiba Inu, does even worse on these metrics, with both classes of investors suffering losses.

Shiba Inu investors with a 30-day maturity hold their tokens at a loss of just 1%, while investors with a 365-day maturity hold their tokens at over 31% below the average underlying cost.

Interestingly, Pepe’s situation is the opposite of SHIB and DOGE: the patience of long-term memecoin holders has been rewarded.

Monthly investors are losing about 0.8% on PEPE, while yearly investors are enjoying gains of almost 24%. According to the analyst firm, this means that “there is still some profit that patient traders may have to wait for to evaporate before a clear buy signal appears.”

DOGE price

At the time of writing, Dogecoin was trading at around $0.988, down almost 4% in the last 24 hours.

Featured image from Dall-E, Santiment.net, chart from TradingView.com