According to various blockchain data, a sizable part of investors who bought Floki, a rival to other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), are currently in the red, which means they are holding unrealized losses.
Data from on-chain analytics company IntoTheBlock, which was initially covered by Daily Hodl, shows that only 19% of FLOKI investors now hold profitable positions at the token's current value. A startling 70% of those who purchased the asset are experiencing losses, while only 11% are at break-even levels.
The community of the meme-inspired cryptocurrency recently celebrated a fresh listing on Binance.US. The exchange said it was thrilled to offer the cryptocurrency and give its consumers low-fee access to trading it. Nevertheless, it is still unclear whether the Binance listing could mitigate investors’ losses.
The FLOKI team claims that the token's reputation as an asset is solidified by the Binance listing, further consolidating its position alongside DOGE and SHIB in the meme coin market. However, most Shiba Inu investors are also struggling with losses, with only 3% of token purchasers breaking even and realizing profits, while 28% are recording profits. At the current price of $0.00001 for SHIB, 68% of its total investors are operating at a loss.
Investors in Dogecoin, though, appear to be doing better, with 54% of owners reporting gains from their investments. Only 4% and 43% of DOGE investors are still afloat and suffering a loss, respectively. At the time of writing, the leading memecoin is priced at $0.079 per coin.
The bigger picture
The price performance of meme coins is not so tied to the valuation of the bigger crypto sector, but sometimes investor sentiment tends to fall in sync. Bitcoin, the leading crypto to date, has proven its power to boost or sink the entire crypto sector, and right now it seems that the crypto king seems to be doing well.
Bitcoin (BTC) is up almost 4% in the past seven days, with its price yet again setting $30,000 on its crosshairs. There are strong fundamentals in Bitcoin’s price performance that experts consider to be a bullish sign, one of them being the trading volumes figure, which is sitting above its levels before the price jump. However, the leading crypto is still far from its 30-day high of $31,005.61, but still far away from its 30-day bottom at $31,005.61.
Ethereum (ETH), on the other hand, is still trying to mitigate the consequences of the fall from mid-April’s peak at $2,137.45. Currently, the altcoin leader is trading at $1,887.22, incurring a 2% loss in the past seven days.