On-chain data shows Dogecoin has seen almost a majority of its supply dip into the loss

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

On-chain data from Glassnode reveals that Dogecoin has seen nearly half of its supply dip into loss, highlighting the meme coin’s weak performance this year.

Dogecoin Has Seen A Huge Portion Of Its Supply Go Unprofitable In 2025

The on-chain analytics firm Glassnode has shared an update on the Supply in Profit for different crypto assets.

This indicator keeps track of the percentage of an asset’s circulating supply that’s presently holding a net unrealized profit. It does this by going through the transaction history of each coin to check for its last transfer price.

If this previous selling value for any coin is lower than the current spot price, then the metric considers the token to be in profit. 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 SMA of the Supply in Profit for eight cryptocurrencies over the last few months:

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, 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 and Solana. 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 and Tron, with more than 80% of the circulating supply still in the green.

Bitcoin and Toncoin 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.