On-chain data shows Dogecoin has seen almost a majority of its supply dip into loss. Here’s how other top coins like Bitcoin and XRP compare.
Dogecoin & Other Major Coins Have All Seen A Decline In Profitability
In a new thread on X, the on-chain analytics firm Glassnode has shared an update on the Supply in Profit for different top coins in the cryptocurrency sector. The “Supply in Profit” here is an indicator that keeps track of the percentage of an asset’s circulating supply that’s sitting on a net unrealized profit right now.
The indicator determines this by going through the transaction history of each coin in circulation to check for its last transfer price. If this previous selling value for any coin is less than the current spot price, the metric considers the token to be holding a gain.
It adds up all coins fulfilling this condition and finds what percentage of the total supply they make up for. Another metric known as the Supply in Loss keeps track of the supply of the opposite type.
Since the total supply must add up to 100%, the Supply in Loss can also simply be derived from the Supply in Profit by subtracting its value from 100, and vice-versa.
Now, here is the chart posted by the analytics firm that shows the trend in the 7-day simple moving average (SMA) of the Supply in Profit for eight cryptocurrencies over the last few months:
The value of the metric seems to have been sliding down for these assets in recent days | Source: Glassnode on X
As displayed in the above graph, all of these assets have witnessed a decline in the Supply in Profit to some degree in 2025 so far, as a result of the market-wide downturn. The decrease in profitability hasn’t been proportionate, however, with some assets going through only a relatively small drop.
This has meant that while the coins were all inside a narrow band back in January, they have diverged since then. Dogecoin (DOGE), for instance, has seen an additional 32.3% of its supply go into loss during this window, putting its Supply in Profit at 50.8%.
This means that almost a majority of the memecoin’s supply is now underwater. There are assets that have had it even worse than Dogecoin, however, like Ethereum (ETH) and Solana (SOL).
The former has seen the metric go down to 44.9% (a drop of 39.9 units) and the latter to 31.6% (down 46.8 units). Thus, the investors of these assets, especially that of SOL, would currently be in major distress.
On the exact opposite end are XRP (XRP) and Tron (TRX), with more than 80% of the circulating supply still in the green. Bitcoin (BTC) and Toncoin (TON) also still have a decent majority of the supply above water, with the indicator sitting at 76.8% and 76.7%, respectively.
Historically, a high value on the Supply in Profit has actually been a bearish signal for any asset’s price, as it’s the profit-holders who are the most likely to impede a price rally. A low value, on the other hand, can help the cryptocurrency bottom out, as profit-takers run out.
From this perspective, the coins on the lower end like Dogecoin, Ethereum, and Solana may be in a better spot for future price action than the likes of XRP and Tron.
DOGE Price
At the time of writing, Dogecoin is floating around $0.154, up more than 11% over the last 24 hours.
The price of Dogecoin has rebounded during the past day | Source: DOGEUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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