Meme coin projects have been very popular in the last few months after the success of PEPE. But now that the excitement is finally over, there is room for investors to actually look at the most promising meme coins. These old meme coins have been around for a while and their community is still very active. However, not all of them hold up well for the price. This is why analyst Best Owie points out a meme coin that performs best even in a bear market. Here are the details…
Meme coin report: These cryptocurrencies got attention
This report takes a look at the biggest meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), Floki Inu (FLOKI), and Dogelon Mars (ELON). As we reported on Kriptokoin.com, all of these coins have performed very well in the 2021 bull market, growing over 1,000 times each. However, the bear market has not been kind to them, and their prices have dropped significantly from their all-time highs. Given this drop in prices, the profitability of these coins has also suffered. But some have performed better when it comes to owners’ returns.
Data from IntoTheBlock shows that Dogecoin’s profitability levels remain the highest among all meme coins. Although its price has dropped nearly 85 percent from a record level, an impressive 47 percent of all DOGE owners are still in profit. This brings the percentage of loss-seeking owners to 52 percent and 1 percent sitting in neutral. So they bought their coin at the price at which the meme coin is currently traded.
In contrast, only 16 percent of Shiba Inu and Dogelon Mars owners are making a profit at current prices. The gap between profits and losers continues, with 81 percent of SHIB holders at a loss and 83 percent of ELON holders at a loss.
FLOKI performed poorly
Floki Inu managed to perform even worse in this regard. The owners of the meme coin are the worst on the list with only 14 percent in green. However, 78 percent of FLOKI holders suffered losses, with less outnumbered SHIB and ELON holders. The rest of the investors, 8 percent, sit in neutral territory. Meme coins are on the decline right now, but so is the general industry.
The lack of momentum has weighed on prices across the space, with the biggest assets like Bitcoin and Ethereum trading below critical support levels. Dogecoin, Shiba Inu, Floki Inu and Dogelon Mars followed the same trend. According to analysts, Bitcoin will likely see an upward movement once it starts to recover. For now, investors are waiting for their time as the Fear and Greed Index remains neutral, pointing to market instability.
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