Hey y’all! 🙋♀️ So, while some altcoins like Solana and XRP are having their moment in the sun 🌞, our dear old friend Ethereum seems to be struggling. Like, really struggling. It’s like watching your favorite high school jock turn into a middle-aged dad who still wears his letterman jacket to the PTA meetings. 😅
On-chain data tells us that a bunch of ETH investors are feeling the pain right now, thanks to the recent market downturn. It’s like someone spiked the punch bowl at the crypto party and now everyone’s feeling a little green. 🤢 Let’s dive into how many ETH tokens are actually in profit these days. 🤑
ETH Tokens: The Profit Party Poopers 🎉🚫
According to Santiment, the “king of altcoins” has seen a noticeable dip in tokens in profit. The “percent of total supply in profit” and “total supply in profit” metrics are kind of like checking your bank account after a wild weekend in Vegas. 😱
Here’s the tea: Ethereum’s market cap has taken a 36% hit since hitting a high of $4,016 back in December. That’s like going from a fancy steak dinner to eating ramen noodles for a month. 🍜 As a result, the number of ETH tokens in profit has dropped to levels not seen since…wait for it…the night Trump won the election in 2024. 🗳️ WTF?
Currently, only around 97.7 million ETH tokens are in profit, which is just 65.5% of the total supply. Back in December, that number was a whopping 97.5%. It’s like going from a full house at a concert to hearing crickets chirping. 🦗
Santiment had this to say:
The crowd has been super negative about Ethereum because it’s been performing worse than other large caps. With all the FUD and retail traders throwing in the towel, we might see some unexpected bounces once the crypto markets find their footing again.
When fewer tokens are in profit, it usually means the long-term hodlers are holding strong, while the FUDsters and retail traders have bailed out. This could mean less downward pressure and a potential comeback for our altcoin king. 🤩
Ethereum Price: A Tale of Two Thousand Six Hundred 📈
At the time of writing, ETH is sitting just above $2,600, up over 2% in the past 24 hours. It’s like a rollercoaster ride, but without the puke bags. 🎢
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2025-02-09 23:12