By comparing Meme coins on-chain metrics side by side, you'll find that the gap between DOGE and SHIB is actually much more significant than their price performance.

Let's look at some data. Currently, about 72.4% of DOGE addresses are still in profit, which means a large portion of the old chips were acquired at low costs and held until now. The situation with SHIB is different; the proportion of profitable addresses is noticeably lower, which is directly related to its recent market performance and price retracement.

Where is the problem? Many people only focus on price fluctuations, but in reality, the chip structure is the true determining factor. Since 2013, DOGE has accumulated deep holders and long-term participants, and this structural advantage is directly reflected in the profit distribution on-chain. Although SHIB has a large community, its profit layer is compressed, indicating that it is more easily influenced by emotions during volatility.

The logic of Meme coins has never been just about memes or hype—that's only the surface. What truly sustains them is the combination of community foundation and holder behavior. The health of a project's chip structure can be quantified by on-chain indicators like "profit address ratio." These details can tell you more clearly than just price movements about the internal state of a Meme coin ecosystem.

In summary: Dogecoin still holds an advantage in the current Meme coin profit landscape, while SHIB's chip performance is relatively under pressure. Instead of blindly chasing price rises and falls, it's better to analyze these details from the perspective of on-chain data.