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Shiba Inu and Dogecoin Profitability Evened Out: Here's Why

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Sun, 01/02/2022 - 15:05
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Arman Shirinyan
Shiba Inu and Dogecoin are now equally "average" crypto assets
Shiba Inu and Dogecoin Profitability Evened Out: Here's Why
Cover image via stock.adobe.com

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The friendly rivalry between the Dogecoin and Shiba Inu communities has always been a thing during conversations about the assets' profitability. But according to data from IntoTheBlock, the two assets are now earning the same profits for investors.

Shiba Inu correction lead to 54% profitability

The In/Out of the Money indicator on Shiba Inu suggests that almost half of investors are currently either losing money or breaking even on SHIB. During the asset's mind-blowing 1,000% rise, almost every entry into dog-based cryptocurrency ended up in profit as the token updated its ATH hour after hour.

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Shiba Inu Technical Indicator Shows Reversal After Predicting 200% Run

But after the asset reached its all-time high back in October, it failed to show any signs of recovery and ended up in a three-month correction before entering the rangebound that we see now. With the unstoppable correction on the market, nearly a majority of SHIB holders have entered the "unprofitable" zone, with 37% of positions on the market opened at a higher price.

Dogecoin investors waiting for a recovery

Compared to Shiba Inu, the last time Dogecoin showed ascending movement on the market was back in May, when the coin went through its 937% rally, constantly fueled by Elon Musk.

Dogecoin IntoTheBlock
Source: IntoTheBlock

As of now, only 54% of Dogecoin holders are remaining in profit for the last month. The last time Dogecoin experienced something similar to a recovery was when Elon Musk announced that Tesla would once again accept Doge as a payment asset. The announcement resulted in a 40% DOGE price increase at some point.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.