A leading blockchain analytics firm says most Dogecoin (DOGE) meme token holders are making a profit, while rival Shiba Inu (SHIB) meme token holders are faring much worse.
According to IntoTheBlock, 56% of DOGE holders are profitable on their investments, 34% are losing, and 10% break even.
Dogecoin is trading at $0.075 at the time of writing, more than 24% below its high of $0.099 in 2023.
Meanwhile, only 29% of SHIB holders are profitable, while 67% are underwater.
SHIB is worth $0.000011 at the time of writing, more than 31% below its high this year of $0.000016.
The Shiba Inu ecosystem saw its highly anticipated Layer 2 scaling solution, Shibarium, go live in beta this month. The layer 2 protocol is based on the Ethereum (ETH) smart contract platform, similar to Polygon (MATIC).
Once the beta test is complete, Bone ShibaSwap (BONE) will serve as the governance token for the new ecosystem and the digital asset will be used to pay gas fees.
Kusama has warned that the Shibarium beta coins are not real and users should not spend their SHIB trying to accumulate them.
“All tokens on Puppynet ARE NOT REAL. Do not spend your hard-earned SHIBS on these tokens if you see them, no matter how hard people, anyone, abettors.”
The project, first announced in May 2021, is designed to enable developers to build highly scalable and inexpensive applications.
Kusama said the beta testing phase should last about two months, but noted that the testing period could last until July.
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