XRP Supply In Profit At 78.8%, Here’s How Dogecoin, Bitcoin Compare
Release: 2024/06/08 06:04 Reading: 739
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=304272
Cryptocurrency Supply Profitability: A Comparison
Santiment recently analyzed the profitability of major cryptocurrencies, including XRP, Bitcoin, and Dogecoin, using the "Supply in Profit" metric.
Supply in Profit Indicator
"Supply in Profit" measures the percentage of an asset's circulating supply that is currently in profit. Unlike other metrics, Santiment calculates cost basis using the price at which tokens were initially mined, rather than the last transaction price.
Top Cryptocurrencies' Profitability
Based on this metric, Bitcoin and Ethereum are the top performers, with 98.3% and 95.1% of their supply in profit, respectively. This indicates that almost all tokens of these coins were mined at prices below the current spot price.
XRP, on the other hand, is the second-worst performer with 78.84% of its supply in profit, while Dogecoin is above it at 82.16%. Cardano (ADA) has the lowest profitability, with only 53.5% of its supply in green.
Significance of Supply in Profit
A high Supply in Profit may indicate a potential for a selloff, as holders become more likely to take profits. Conversely, assets with a lower Supply in Profit, such as XRP and Dogecoin, may have more room for growth.
Polygon's Unique Situation
When queried about Polygon (MATIC), Santiment revealed that only 35% of its supply is in profit. This is attributed to MATIC's launch during the 2019 bear market, which resulted in a lower initial mining cost basis.
XRP's Current Price
At the time of writing, XRP is trading at $0.52, up 1% in the past week.
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