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According to Glassnode, despite recent drawdowns, some assets retain the majority of their supply in profit. In a tweet, the on-chain analytics platform highlighted crypto assets with a high supply in profit and those at the low end. Ethereum and Solana saw the steepest declines in unrealized profits among majors, with a bulk of holders currently underwater.
Dog-themed cryptocurrency Dogecoin was between the high and low end at 50.8%, with over half of its supply still above water. The "supply in profit" refers to the total number of coins in a network that are currently profitable, which means their current price is higher than the price at which they were last moved.
Other assets sit somewhere in between:$BTC: 76.8% (↓ -11.9pp)$TON: 76.7% (↓ -5.5pp)$ONDO: 74.3% (↓ -22.2pp)$DOGE: 50.8% (↓ -32.3pp) pic.twitter.com/UQBsxnHxPp
— glassnode (@glassnode) April 8, 2025
This metric aids in identifying potential market tops by indicating when investors are about to take profits, as a significant number of coins in profit could indicate a potential sell-off.
A figure of 50.8% supply in profit for Dogecoin might suggest a neutral investor base, with nearly equal incentives to sell or hold.
This level — not unduly optimistic, but far from catastrophic — could indicate that the worst may be priced in, and a base may be forming for a potential bounce. It might also signal reduced panic-selling pressure, as half of the DOGE supply remains profitable. There might also be room for upside momentum if positive catalysts appear — particularly if more holders buy in.
DOGE price rebounds
Dogecoin is currently trading near the $0.15 mark, having recovered from recent lows following a broader market rebound.
At the time of writing, DOGE was up 6% in the last 24 hours to $0.154. Bitcoin (BTC) clawed its way back to nearly $80,000, launching a relief rally after falling below $75,000 late Monday, causing a surge in major cryptocurrencies.
Dogecoin rose as much as 13%, offsetting some of the previous day's losses, before giving up slight gains.
Crypto-tracked futures saw almost $1.4 billion in liquidations on Monday, as some cryptocurrencies fell more than 20% at one point, paving the way for a rebound as traders liquidated short positions and reversed overextended selling.