2023-10-10 12:33:28
Interest in Dogecoin has steadily declined over the past year; and according to the latest data, even the miners are starting to lose their faith in memecoin. Dogecoin miners’ reserves dropped significantly between August and October, suggesting that they started selling their hard-earned coins. Considering that this group of owners is considered among the biggest DOGE whales, their decisions may also indicate the fate of the cryptocurrency. According to data from IntoTheBlock, Dogecoin miners reduced their balances by around 320 million DOGE between August and October: selling $53 million worth of DOGE in less than two months. Miners usually wait for better prices before selling their reserves. Selling at a higher price ensures they can cover their operations and make a profit. Since miners are selling their coins at a low price right now, this may indicate that they don’t see the value of DOGE going up any time soon. And the selling pressure further reduces the coin’s price, which contributes to the current, not very promising trend. Miners got rid of their coins between August 17th and October 5th, which suggests that they have completed the sales. The DOGE exchange rate may thus recover somewhat; however, if miners decide to get rid of even more DOGE, it will be a completely different situation. It is also important to note that the number of daily active addresses also decreased, as well as miners, and other Dogecoin whales started selling, which also contributed to the drop in the exchange rate. If the selling continues, DOGE could fall below $0.05 before the end of the week.
1696978157
#Dogecoin #Miners #Abandon #Sinking #Ship #DOGE