On-chain data reveals that approximately 77.9% of Dogecoin’s total circulating supply is currently in profit. According to a recent analysis by the on-chain analytics firm Santiment, key cryptocurrencies such as Bitcoin, Dogecoin, and others are exhibiting varying degrees of profitability among holders. The metric “Percent of Total Supply in Profit” measures the proportion of tokens whose last transaction price was lower than the current market price, thereby indicating profitable positions.
In recent months, most major cryptocurrencies have experienced an increase in the proportion of supply held at a profit, with the exception of XRP. Bitcoin leads the pack, with around 98.4% of its circulating supply in profit, reflecting its recent all-time high price levels. XRP follows, with over 90% of its supply profitable, ranking it second. Chainlink and Dogecoin occupy the third and fourth positions, with approximately 80.5% and 77.9% of their supplies respectively in profitable states. Ethereum, the second-largest cryptocurrency by market capitalization, shows relatively weaker performance, with 71.5% of its supply in profit.
Typically, investors holding profitable positions tend to sell, which can lead to increased selling pressure during profit surges and may signal potential market peaks. However, Bitcoin’s current robust demand suggests that prices could continue rising until profit-taking is absorbed by the market. Meanwhile, cryptocurrencies such as Ethereum, Cardano, and Dogecoin may have room for further gains should market conditions improve.
Dogecoin’s price has recently stabilized around the $0.22 mark, indicating a phase of consolidation. Overall, these metrics provide valuable insights for investors aiming to assess the current market environment and anticipate possible trends.
Source: bitcoinist
