Ah, the world of cryptocurrency, where fortunes rise and fall like the whims of a drunken Cossack. On-chain data, that ever-watchful eye of the digital realm, has revealed that Dogecoin and XRP are currently leading the charge in the grand race to the bottom of profitability. 🐕📉
In a recent proclamation on the platform formerly known as Twitter, the analytics firm Glassnode has shed light on the latest trend in the “Supply in Profit” for the major players in the crypto circus. This “Supply in Profit” is a curious little metric, one that tracks the percentage of a cryptocurrency’s total circulating supply that is currently sitting pretty in the green. It does this by rummaging through the transaction history of each coin, like a nosy neighbor peeking through your curtains, to determine the price at which it was last moved. If this price is less than the current spot price, well, congratulations! That coin is in profit. 🎉💰
Now, the Supply in Profit adds up all these fortunate coins and calculates what portion of the total supply they represent. Its counterpart, the Supply in Loss, does the same for the less fortunate coins, those poor souls who are currently underwater. The value of the Supply in Loss can be easily deduced by subtracting the Supply in Profit from 100, because, as we all know, the total supply must always add up to a neat and tidy 100%. 🧮📊
Here is a chart, shared by the ever-vigilant Glassnode, that illustrates the trend in the 7-day simple moving average (SMA) of the Supply in Profit for eight cryptocurrencies over the past few months:
As you can see, Toncoin (TON) and BNB (BNB) have been enjoying a rather pleasant increase in their Supply in Profit. Over the last 30 days, TON has seen an additional 23.8% of its supply enter the green zone, bringing the total to a staggering 94.1%. BNB, not to be outdone, has seen a rise of 17.4%, pushing the metric to a respectable 86.3%. 🚀📈
On the other side of the coin, we have Dogecoin (DOGE), XRP (XRP), and Solana (SOL), each of which has experienced a notable decrease in the indicator. Below is a chart that filters out the other assets to focus on the trajectories of these three coins:
With this decrease, XRP has seen another 5.2% of its supply fall into the red, bringing the total Supply in Profit down to 81.5%. Dogecoin, meanwhile, has suffered an almost double-digit decrease in the metric, though a majority of its coins are still above water, with the indicator sitting at 53.6%. Solana, however, has not been so fortunate. Despite a decline of just 4.4%, only 35.2% of its supply is currently holding a gain. But fear not, dear reader, for there is a silver lining to this cloud. Generally, profit-sellers are the ones who put the brakes on bullish moves, but when there aren’t many investors left in profit, the price tends to bottom out. So, perhaps Solana and even Dogecoin are nearing a rebound. 🤔📉📈
As for the current price of Dogecoin, it is floating around $0.173, down more than 11% over the last week. 🐕💸
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2025-04-03 12:41