The market may have lacked luster, but investors are comfortably sitting on substantial piles of profit.
Data suggest that profits are heavily focused on large-cap tokens and meme coins, while altcoins have taken a backseat.
The latest findings by IntoTheBlock revealed that Bitcoin (BTC) leads the pack with 89.11% of its holders currently sitting in profit, thereby demonstrating its continued dominance in the market despite the launch of a flurry of different types of tokens in recent years.
Next in line is Ethereum (ETH), which has 83.19% of its holders in profit, reflecting its strong performance, which could be further boosted by the potential introduction of spot Ethereum ETF after the US Securities and Exchange Commission (SEC) greenlighted the applications of several issuers.
Meme coins have led massive rallies this year, so it is no surprise that these tokens have captured a huge chunk of the chart. In the lead are Pepe (PEPE) and Floki (FLOKI), with 80.57% and 76.85% in profits, respectively.
Meanwhile, the OG meme coin, Dogecoin (DOGE), and the newly launched Jasmycoin (JASMY) trailed closely behind, with investors sitting at 74.99% and 72.18% profits, respectively.
Besides the meme coins, other popular cryptocurrencies with a high percentage of holders in profit include Tron (TRX), Ondo (ONDO), Maker (MKR), and Bitcoin Cash (BCH), with profits of 82.07%, 75.61%, 75.45%, and 72.54%, respectively.
“This suggests that substantial profits are concentrated in large-caps and memecoins, while other altcoins are still awaiting their breakthrough moment.”