Dogecoin Price Eyes $0.15 Rally Despite Elon Musk Excluding DOGE from Twitter Payments
Dogecoin Price vs. DOGE Miner Balances | June 16 – June 23, 2024 | IntoTheBlock

The snapshot above shows that miners held an accumulated balance of 4.08 billion DOGE as of June 16. However, as the price dipped below the $0.14 range last week, Dogecoin miners appeared to halt a month-long selling trend and instead began accumulating block rewards.

As of writing on June 23rd, a total of 4.19 billion DOGE is sitting in miners’ reserve balances, with 110 million DOGE reflected in the past seven days alone.

Valuing DOGE’s seven-day simple moving average (SMA) price of $0.125, the miners’ newly acquired 110 million DOGE is worth approximately $13.7 million.

In Proof-of-Stake networks like Dogecoin, miners allocate computing resources to verify transactions on the blockchain network, and thus block rewards are issued in the native token.

And when miners cut back on their block reward sales, the rate at which newly mined coins flow into the market supply slows, easing inflationary pressures.

Dogecoin Price Prediction: Bulls Aim for Retest of $0.15

Apparently, the $13.7 million accumulation trend by Dogecoin miners over the past week played a key role in helping DOGE price defend the $0.12 support despite the intense bearish headwinds from the overall crypto market downtrend and Elon Musk’s exclusion of DOGE from the initial filling of Xpayments.

If this trend continues in the coming week, Dogecoin price may see a significant rise towards the $0.15 levels.

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