Nearly 50% of Dogecoin Supply Is Lost

On-chain evidence suggests Dogecoin has lost most of its supply. Compare Bitcoin and XRP to other popular currencies.

Other major coins like Dogecoin have seen a decline in profitability.

In a new discussion on X, on-chain analytics company Glassnode updated Supply in Profit for leading cryptocurrency currencies. The “Supply in Profit” indicator shows the fraction of an asset's circulating supply with a net unrealized profit.

The indicator finds the latest transfer price of each coin in circulation by checking its transaction history. The statistic deems a token to have gained if its prior selling price is less than its spot price.

It adds all coins meeting this requirement and calculates their fraction of the supply. Supply in Loss measures the opposite supply.

The Supply in Loss may be calculated by subtracting the Supply in Profit from 100, and vice-versa, as the entire supply must equal 100%.

The analytics company provided this graphic showing the 7-day simple moving average (SMA) of Supply in Profit for eight cryptocurrencies over the previous several months:

As seen in the graph above, the market slump has reduced Supply in Profit for all of these assets in 2025. Profitability has decreased unevenly, with certain assets seeing just a tiny dip.

The coins have drifted since January, when they were all in a close band. Dogecoin (DOGE) lost 32.3% of its supply during this timeframe, bringing its Supply in Profit to 50.8%.

This implies most memecoins are underwater. Ethereum (ETH) and Solana (SOL) have fared worse than Dogecoin.

The former dropped 39.9 units to 44.9% and the latter 46.8 units to 31.6%. Thus, these asset investors, notably SOL's, are in turmoil.

On the other hand, XRP (XRP) and Tron (TRX) have over 80% of their supply in the green. Bitcoin (BTC) and Toncoin (TON) both have 76.8% and 76.7% supply above water, respectively.

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