PEPE, the frog-themed meme cryptocurrency, has surged ahead to become the most profitable meme coin, overshadowing Shiba Inu (SHIB) and igniting debate over SHIB's declining performance. According to recent data from IntoTheBlock, PEPE has achieved a remarkable 90% return this month, with over 96% of its holders currently in profit.

IntoTheBlock's Global In/Out of the Money indicator highlights PEPE's standout performance. As of now, 91.59% of PEPE addresses, equivalent to 227,990 holders, are in profit. An additional 5.32%, or 13,250 addresses, are breaking even, with PEPE's current price hovering around $0.0000144 per token. However, not all PEPE holders are celebrating. Approximately 7,680 addresses, representing 3.09% of the total, are experiencing losses, having purchased PEPE at prices between $0.000016 and $0.000033.

Just three months ago, PEPE was nearly on par with Shiba Inu (SHIB) in terms of profitability. Now, PEPE has surged ahead, placing SHIB holders in a more difficult position. Current data reveals that 63.08% of SHIB addresses, or 846,450 holders, are in profit. In contrast, 32.93%, or 441,890 addresses, are in losses, with SHIB's price having fluctuated between $0.000027 and $0.000139. The remaining 3.99%, or 53,530 addresses, are at breakeven.

The contrasting fortunes of PEPE and SHIB have led to significant market movements. Recently, Lookonchain reported a substantial transaction where an investor withdrew 67 billion PEPE, valued at $1.02 million, from the cryptocurrency exchange OKX. This same investor previously suffered a significant loss of $2.55 million in SHIB, having bought at high prices during the bull market and sold at a significant loss during the bear market.

The rise of PEPE and the challenges faced by SHIB highlight the volatile nature of the meme coin market. As PEPE continues to gain traction, it will be interesting to observe how SHIB and other meme coins respond to this shifting landscape.