The original meme coin, Dogecoin (DOGE), has come under pressure as new on-chain data highlights its underperformance compared to Bitcoin and Ethereum. According to the latest insights from the popular analytics firm Glassnode, Dogecoin recorded significant realised losses over the past 24 hours, making it the worst-performing cryptocurrency among the top 10.
DOGE Leads in Realised Losses
Glassnode’s recent update revealed that Dogecoin became the only top-tier crypto asset to report greater realised losses than profits during the last day. Specifically, DOGE holders saw losses totalling $132 million compared to just $5 million in realised profits. This stark imbalance underscores the meme coin’s heightened vulnerability to market swings driven by hype rather than solid fundamentals.
In comparison, Bitcoin (BTC) and Ethereum (ETH) displayed more resilient metrics. Bitcoin recorded only $33 million in losses against an impressive $1.3 billion in realised profits, meaning its losses amounted to a mere 2.5% of its earnings. Ethereum showed slightly higher loss ratios, with $18.4 million in losses versus $35.2 million in profits, equaling about 52% of its gains.
Bitcoin and Ethereum Maintain Strong Fundamentals
Unlike Dogecoin, which often fluctuates based on community sentiment and speculative trends, Bitcoin and Ethereum have continued to benefit from widespread institutional adoption. Spot exchange-traded funds (ETFs) and consistent acquisitions by major corporations have helped BTC and ETH maintain stronger market positions and investor trust.
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One example that demonstrates this is the ongoing accumulation by companies like Metaplanet. This treasury firm, which operates in both Japan and the United States, recently announced it had purchased an additional 1,005 BTC, valued at approximately $108.1 million. At an average price of $107,601 per coin, this new acquisition brings Metaplanet’s total Bitcoin holdings to an impressive 13,350 BTC. The firm’s entire stash, acquired for roughly $1.31 billion, is now worth over $1.44 billion.
Metaplanet Joins the Top Bitcoin Treasuries
With this latest purchase, Metaplanet has secured its position among the top five largest corporate Bitcoin treasuries. While Metaplanet’s strategy aligns with that of MicroStrategy, the latter remains the leader in corporate Bitcoin holdings. MicroStrategy’s founder, Michael Saylo, recently shared that the company owns a staggering 592,345 BTC, valued at over $63 billion.
Saylor’s bold strategy has often made headlines. Since 2020, he has famously claimed that he went “irresponsibly long Bitcoin,” choosing it over traditional investments like cash, equities, or even gold. Notably, Metaplanet’s CEO seems to be following a similar playbook, regularly teasing upcoming Bitcoin purchases on social media before confirming new acquisitions.
Other Companies Add to Bitcoin Holdings
The trend extends beyond Metaplanet and MicroStrategy. In Europe, the newly formed Blockchain Group recently added 60 BTC, worth around 5.5 million euros, to its growing reserve. The firm now holds 1,788 BTC and has reported a remarkable Bitcoin yield of over 1,270% year-to-date.
Why DOGE Struggles Against Stronger Players
While Bitcoin and Ethereum continue to secure institutional confidence and steady growth through robust use cases and governance, Dogecoin’s meme-driven status leaves it more exposed to investor sentiment swings. Without the consistent backing of large funds or ETFs, Dogecoin remains subject to volatility, as demonstrated by its lopsided realised loss figures this week.
In contrast, Bitcoin’s and Ethereum’s broader adoption, consistent inflows from institutional players, and increasing on-chain utility have enabled these assets to weather recent market pressures far better than the meme-inspired DOGE.
