链上数据表明，多霉素几乎将其供应量大部分浸入损失中

这意味着现在，Memecoin的大部分供应都在水下。有些资产比Dogecoin还差，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的链上数据表明，Dogecoin的供应量将近一半陷入损失，突显了Meme Coin今年的弱势性能。

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

Dogecoin看到其供应的很大一部分在2025年无利可图

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

链分析公司GlassNode分享了有关不同加密资产的利润供应的最新信息。

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.

该指标可以跟踪目前持有未实现利润的资产循环供应的百分比。它通过浏览每个硬币的交易历史记录来检查其最后转移价格。

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.

如果任何硬币的先前销售价值都低于当前现货价格，则指标将令牌视为盈利。它增加了所有符合此条件的硬币，并找到了它们弥补的总供应量的百分比。

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.

另一个称为损失供应的度量标准跟踪相反类型的供应。由于总供应必须总计高达100％，因此损失的供应也可以简单地从利润供应中得出，从100中减去其价值，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:

现在，这是分析公司发布的图表，该图表显示了过去几个月中八个加密货币的7天SMA供应利润供应中的趋势：

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.

如上图所示，由于市场不景气，所有这些资产在2025年的利润供应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，盈利能力的降低并不比例，但是某些资产仅通过相对较小的下降。这意味着，尽管硬币在一月份都在狭窄的乐队中，但自那时以来，它们就已经分歧了。

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在此窗口期间又有32.3％的供应量损失，将其供应量降至50.8％。这意味着现在，Memecoin的大部分供应都在水下。

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，有些资产比Dogecoin更糟，但是，例如以太坊和Solana。前者的指标降至44.9％（下降了39.9辆），后者降至31.6％（下降46.8单位）。

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，这些资产的投资者，尤其是SOL的投资者，目前将处于重大困境。完全相反的是XRP和TRON，绿色仍有80％以上的循环供应。

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.

比特币和吨币仍然在水上供应量的大部分中，指标分别为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.

从历史上看，利润供应量的高价值实际上是任何资产价格的看跌信号，因为最有可能阻碍价格集会的利润持有人。另一方面，随着利润企业的耗尽，低价值可以帮助加密货币降低。

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.

从这个角度来看，像Dogecoin，以太坊和Solana这样的下端的硬币可能比XRP和Tron之类的价格更好。