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.

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.