On-chain data shows that Dogecoin is the only cryptocurrency among the top ten where investors are currently experiencing greater losses than profits.
Dogecoin investors lost 124 million dollars in the past 24 hours.
In a new article on X, on-chain analytics company Glassnode shared a comparison of major cryptocurrencies in terms of actual losses and actual profit indicators.
As its name suggests, these indicators measure the current amount of losses/profits that investors on a specific network are realizing through trading.
The way this indicator works is by looking at the transfer history of each token for sale to understand its previous transfer prices. If the previous price is lower than the current selling price of the token, it indicates that the sale of that token is achieving profit. Conversely, if the previous price is higher than the current selling price of the token, it indicates a loss.
Realized profits summarize the difference between the two prices involved in all sales of the former type, while realized losses summarize the difference between the two prices involved in all sales of the latter type.
Now, here is a table shared by the analytics company showing how the 24-hour values of these two indicators accumulate across the top 10 tokens by market cap:
As seen in the above chart, the scale of realized losses and realized profits varies greatly among different assets, but there is a consistent pattern: the latter exceeds the former, indicating that investors tend to have a net profit withdrawal trend.
However, there is one asset that does not fit this model: Dogecoin. The memecoin's actual losses over 24 hours are about 132 million dollars, while its actual profits are much lower, only 5 million dollars.
Thus, it appears that while other participants in the industry are harvesting profits, DOGE holders are losing in panic.
Among these top cryptocurrencies, Bitcoin investors have made the most profit, with a market cap of up to 1.3 billion dollars. The actual losses for Bitcoin are only 33 million dollars, indicating that the selling behavior is heavily skewed towards profit-taking.
The situation for the second-ranked digital asset, Ethereum, is more balanced. Its actual losses amount to 18.4 million dollars, roughly half of its actual profits of 35.2 million dollars.
However, for cryptocurrencies like Bitcoin, the dominance of profit realization can actually signal a bearish trend. Historically, such market conditions are more likely to form a peak. On the other hand, the dominance of losses may promote a price reversal upwards. Therefore, the situation for Dogecoin may not be so bad, although this is not guaranteed, at least in this aspect.
DOGE Price
Dogecoin reached the threshold of 0.170 dollars over the weekend, but at the beginning of this week, the memecoin has dropped below 0.165 dollars.
