鏈上數據表明，多黴素幾乎將其供應量大部分浸入損失中

這意味著現在，Memecoin的大部分供應都在水下。有些資產比Dogecoin還差，但是

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.

GlassNode的鏈上數據表明，Dogecoin的供應量將近一半陷入損失，突顯了Meme Coin今年的弱勢性能。

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

Dogecoin看到其供應的很大一部分在2025年無利可圖

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

鏈分析公司GlassNode分享了有關不同加密資產的利潤供應的最新信息。

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.

該指標可以跟踪目前持有未實現利潤的資產循環供應的百分比。它通過瀏覽每個硬幣的交易歷史記錄來檢查其最後轉移價格。

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.

如果任何硬幣的先前銷售價值都低於當前現貨價格，則指標將令牌視為盈利。它增加了所有符合此條件的硬幣，並找到了它們彌補的總供應量的百分比。

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.

另一個稱為損失供應的度量標準跟踪相反類型的供應。由於總供應必須總計高達100％，因此損失的供應也可以簡單地從利潤供應中得出，從100中減去其價值，反之亦然。

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:

現在，這是分析公司發布的圖表，該圖表顯示了過去幾個月中八個加密貨幣的7天SMA供應利潤供應中的趨勢：

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.

如上圖所示，由於市場不景氣，所有這些資產在2025年的利潤供應量下降了一定程度的下降。

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.

但是，盈利能力的降低並不比例，但是某些資產僅通過相對較小的下降。這意味著，儘管硬幣在一月份都在狹窄的樂隊中，但自那時以來，它們就已經分歧了。

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.

例如，Dogecoin在此窗口期間又有32.3％的供應量損失，將其供應量降至50.8％。這意味著現在，Memecoin的大部分供應都在水下。

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).

但是，有些資產比Dogecoin更糟，但是，例如以太坊和Solana。前者的指標降至44.9％（下降了39.9輛），後者降至31.6％（下降46.8單位）。

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.

因此，這些資產的投資者，尤其是SOL的投資者，目前將處於重大困境。完全相反的是XRP和TRON，綠色仍有80％以上的循環供應。

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.

比特幣和噸幣仍然在水上供應量的大部分中，指標分別為76.8％和76.7％。

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.

從歷史上看，利潤供應量的高價值實際上是任何資產價格的看跌信號，因為最有可能阻礙價格集會的利潤持有人。另一方面，隨著利潤企業的耗盡，低價值可以幫助加密貨幣降低。

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.

從這個角度來看，像Dogecoin，以太坊和Solana這樣的下端的硬幣可能比XRP和Tron之類的價格更好。