Do these meme coins, which were once popular and profitable, still hold their appeal? It seems that their charm has faded. Since 2021, Dogecoin has been unable to reach its previous all-time high range. However, a considerable number of its users have made profits. Additionally, 44% of the network is made up of large addresses.
PEPE coin has secured the second position, with 21% of its holders seeing profits. On the other hand, Shiba Inu has fallen behind, and its derivative token, LEASH, has seen 19% of its holders experience gains at the current asset price.
Shiba Inu has recently lost all the gains it made in July and August, returning to its lowest point from December 2022. Currently trading at $0.000007034, only 9% of its holders find themselves in a profitable position. This is quite surprising considering the recent debut of Shibarium. Interestingly, the SHIB network is home to the second-highest number of whales. In contrast, Dogelon Mars [ELON] has a significantly higher concentration of whales, standing at 75%.
A Look at PEPE Potential to Outshine Dog-Themed Coins
Several factors play a role here, starting with token supply. Shiba Inu has the highest total supply of one quadrillion tokens, followed by Dogecoin, which has an unlimited supply that increases by 10,000 coins per minute. PEPE, on the other hand, has a fixed supply of 420.69 trillion tokens. It’s important to note that a cryptocurrency’s value is influenced by factors such as demand and market sentiment.
The launch of Shibarium has expanded the utility of Shiba Inu, as the network aims to move away from being seen solely as a meme coin and focus on its potential real-world applications. Elon Musk has been making similar efforts with Dogecoin, but these endeavors have yet to show significant results.
Nevertheless, Dogecoin is widely accepted and used as a prominent form of payment at many locations. In contrast, PEPE has a defined roadmap, but recent disruptions within the network have raised concerns about the project’s credibility.
Dogecoin, Shiba Inu, and PEPE are distinct from one another. Ultimately, the future of these meme coins depends on their ability to retain their user communities, effectively develop their products, and adapt to changing market conditions.