The memecoin craze that swept the crypto world in 2021 has lost much of its luster in 2022, with new data showing the majority of traders invested in popular memecoins are currently facing losses.
According to analytics firm IntoTheBlock, only 11% of Shiba Inu (SHIB) holders and 10% of Floki (FLOKI) holders are in profit. The data is slightly better for Dogelon Mars (ELON) at 14% and Doge Killer (LEASH) at 19%.
However, the outlook remains challenging for most memecoin traders. A staggering 83% of Shiba Inu holders are in the red, despite the recent launch of layer-2 scaling solution Shibarium. SHIB is down 1.18% in the last 24 hours.
Floki investors have fared even worse, with 90% currently underwater. The memecoin launched in 2021 as a spin-off of Dogecoin is struggling to stay afloat.
Dogelon Mars is faring similarly, with 85% of its holders facing losses. The meme token created to capitalize on Elon Musk’s Mars colonization ambitions has sunk in value in 2022.
While memecoin mania propelled massive gains in 2021, the downturn in the crypto market this year has hit this sector hard. Traders will be hoping for a revival of the memecoin craze, but for now, the losses continue to mount.
#Memecoins #SHIB #Floki #Dogelon
