Top 3 meme coins Dogecoin, Shiba Inu, Pepe steady with over 30% holders underwater

The largest meme coins by market capitalization – Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) – swing on Thursday between mild gains and losses, tracking the broader trend in the main crypto assets. More broadly, DOGE and SHIB gained between 3% and 4% in the last seven days, while PEPE erased 1.37% of its value in the same time frame. 

On-chain data shows rising activity in Shiba Inu, while on-chain activity in Dogecoin and PEPE has slowed down since August 16. 

SHIB on-chain activity rises, DOGE and PEPE see slowdown

Data from Santiment’s active addresses chart shows a peak in activity on August 16 in all three meme coins. Since then, activity has slowed down significantly, with Dogecoin and PEPE performing relatively worse than SHIB, as seen in the chart below. 

The number of active addresses in DOGE dipped from 55,295 to 38,911 and for PEPE were down from 2,698 to 2,372 between August 16 and 22. 

Shiba Inu active addresses, which on August 16 saw a much smaller increase, have climbed nearly 22% since then.

Active addresses in SHIB, DOGE and PEPE

IntoTheBlock’s Global In/Out of the Money metric data, which helps identify the percentage of wallet addresses with unrealized gains and losses, shows that between 30% and 70% of wallet addresses holding the top three meme coins are currently sitting on unrealized losses.

Typically, if the percentage of wallet addresses underwater (or with unrealized losses) is relatively high, there is a lower likelihood of a sell-off since traders do not typically realize losses on their holdings. These wallet addresses sitting on unrealized losses are likely to wait to turn profitable on their assets before shedding them. 

Currently, 45% of the wallets holding DOGE are underwater, a percentage that rises to 72% in the case of SHIB. For PEPE, on the contrary, just 31% of holders are in losses. 

As the data shows that Shiba Inu has the highest percentage of wallet holders sitting on unrealized losses, there is a lower likelihood of a sell-off in the short-term, at least compared with the other two meme coins.

Global In/Out of the Money DOGE, SHIB and PEPE

Shiba Inu trades at $0.00001414, up 0.14% on Thursday, while Dogecoin and PEPE trade at $0.1057 and $0.00000791, respectively, at the time of writing.