XRP, SOL, and DOGE Lead Declines in Profitability Metrics Amid Market Downturn

XRP, Solana (SOL), and Dogecoin (DOGE) have recorded the largest percentage drops in supply currently in profit, according to on-chain analytics firm Glassnode. Over the past 30 days, these cryptocurrencies saw a significant decline in the “Percent Supply in Profit” metric, reflecting reduced investor profitability as prices fell across the market.

Glassnode reports that 81.5% of XRP holders remain in profit, despite a 5.22% decline in the metric. Dogecoin and Solana saw even sharper drops, with only 53.6% and 35.2% of their respective supplies currently in profit. This metric measures the percentage of a coin’s total circulating supply that is above the price it was last moved at, providing insight into investor sentiment and market conditions.

The decline in profitability aligns with recent price drops: XRP fell below the $2 mark, while DOGE and SOL declined 12.6% and 9.4% respectively over the past week. These downward trends indicate growing bearish sentiment, with the potential for these coins to retest local support levels soon.

In contrast, other major cryptocurrencies like Toncoin (TON) and Binance Coin (BNB) show strong investor confidence. Glassnode data reveals 94% of TON holders and 86% of BNB holders remain in profit, suggesting a healthier market outlook for these assets.

While the Percent Supply in Profit is a lagging indicator, it remains a valuable tool for assessing market trends. Historically, this metric surpasses 90% during bull markets, reflecting widespread profitability. Current data implies that XRP, SOL, and DOGE may face further pressure unless market conditions reverse.

As investor sentiment weakens, traders are watching closely to see whether these altcoins can recover or continue their downward trajectories.