Dogecoin Miners Accumulate 360 Million Coins

  • Ultramining.com
  • 1 April, 2023 21:19
Dogecoin Miners Accumulate 360 Million Coins

Dogecoin (DOGE) is displaying bullish signals as miners accumulate more of the cryptocurrency, which could lead to a price rally in the coming weeks. In March 2023, DOGE miners increased their reserves by 360 million coins, taking the total to 4.76 billion, which represents 3.5% of the total supply. With this significant share, miners’ actions could greatly influence the future price movement of DOGE.

The recent price rebound for Dogecoin has been driven by an increase in reserves held by miners, as well as an uptick in large transactions. On-chain data from analytics platform IntoTheBlock shows that the number of DOGE large transactions has risen by 71% since March 4, with whales consistently exceeding 800 daily transactions.

Buy orders for DOGE currently outnumber sell orders on top exchanges, indicating that bullish traders could trigger a price increase in the near future. The cryptocurrency is expected to face minimal resistance until it reaches $0.077, with a sell wall of 57.16 million DOGE potentially impeding the rally. However, if DOGE can break through this level, it may rise further until $0.095, where another 130 million DOGE coins are up for sale.

On the downside, if DOGE loses its $0.066 support level, bears could force a drop to $0.056, where a buy wall of 118 million DOGE may offer support. As market conditions remain unpredictable, investors should closely monitor the situation and conduct their own research before making any financial decisions.

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