Floki, Dogecoin, Shiba Inu Lead In Meme Coin Holder Profitability As Market Returns To Valuation From 6 Months Ago

The meme coin market is slowly bottoming, with top meme coins showing the best returns for traders.

What Happened: According to on-chain analytics from Into The Block, the meme coin market cap has returned to Q3 2024 levels, which were the lowest since early 2024 levels.

Key on-chain indicators to watch for a market shift include the number of traders: a rise in short-term traders signals new retail engagement.

Most meme coins are still in a downtrend, but a reversal could indicate a turning point.

Dogecoin DOGE/USD has seen an increase in short-term traders in late July 2024, though this number has dropped since. The number of short-term traders in Shiba Inu SHIB/USD is stable.

Other important metrics include:

• Transaction Count: Increased transaction volume suggests greater utility and community engagement, supporting sustained growth.

Dogecoin's transaction count held strong until late 2024 before falling.

• Holder Profitability: If many holders are at a loss while usage rises, it may signal undervalued opportunities with upside potential.

Floki emerged as the highest gainer with Dogecoin, Shiba Inu, Pepe following the list.

Also Read: Cathie Wood Believes Most Memecoins Will Face ‘Fearsome Declines,’ But They Could End Up Becoming Collector’s Items

Why It Matters: In a Bloomberg Crypto interview, Ark Invest founder, CEO and chief investment officer Cathie Wood warned that most meme coins will become worthless over time.

When asked about the Trump meme coin she responded that some meme coins will be collector's items – "digital collectors' items."

She believes some will withstand the judgement of time and Trump meme coin will be one of them.

Read Next:

• Pepe, Fartcoin, Bonk Leapfrog Dogecoin, Shiba Inu In Momentum As Traders Predict Bullish Momentum

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