Dogecoin Supply In Loss Hits 50%: How Bitcoin, XRP Compare

The post Dogecoin Supply In Loss Hits 50%: How Bitcoin, XRP Compare appeared on BitcoinEthereumNews.com.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure 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…