HomeNewsDogecoin Miners' $56M Bet: Could This Trigger a Price Rally?

Dogecoin Miners’ $56M Bet: Could This Trigger a Price Rally?

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  • Miners on the Dogecoin network have accumulated an additional 90 million DOGE, increasing their reserves to a value of $56 million over the past month.
  • Long-term holders of Dogecoin are also boosting their accumulation, indicating strong confidence in the cryptocurrency’s future prospects.

A recent report by Late ETH News on Dogecoin Miners highlighted an intriguing trend. Despite Dogecoin’s price dropping 15% since August 8, the cryptocurrency’s miners have been stealthily increasing their reserves. As of August 8, Dogecoin miners held a total of 4.29 billion coins. Fast forward to a month later, this figure has swelled to 4.38 billion DOGE.

Miners’ Anticipation of a Bullish Turn

Miners Reserves is a tool that offers insights into the real-time shifts in recognized Dogecoin miners’ wallet balances. When juxtaposed with current market valuations, the recent inflow of 90 million DOGE to these wallets signifies that miners have beefed up their holdings by a whopping $56 million within the last 30 days. Such accumulation suggests that miners are betting on an upward price movement, choosing to HODL rather than liquidate their assets.

Elon Musk’s consistent endorsement of Dogecoin, coupled with the recent acquisition of a “money transmitter license” by Twitter, might provide additional rationale for the miners’ bullish stance.

Long-term Believers in Dogecoin’s Growth

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Similarly, long-term Dogecoin investors have been ramping up their holdings. Data extracted from IntoTheBlock reveals a noteworthy uptick in the coins owned by these steadfast believers. From 45.37 billion DOGE in long-held wallets as of August 8, the number has grown to 46.63 billion by September 7. This addition of 1.26 billion DOGE means that long-term aficionados now manage 32.50% of Dogecoin’s total circulating supply.

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For the uninitiated, “Long-term Holders” in the crypto sphere allude to wallet addresses that have remained untouched for a minimum of one year. An increase in coins overseen by such holders often acts as a morale booster for the entire community, signaling faith in Dogecoin’s enduring value.

Market Sentiments and Price Predictions

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While the current market sentiment for Dogecoin might not be overly optimistic, specific indicators hint at a potential price rally. The In/Out of Money Around Price (IOMAP) data — which showcases the distribution of purchase prices among present Dogecoin holders — echoes this optimistic stance. This data suggests Dogecoin’s most formidable resistance buy-wall is situated around the $0.07 mark.

Examining this further, a total of 184,600 individuals have acquired 23.4 billion DOGE coins at an average rate of $0.072 each. Early profit bookings could lead to a price correction. However, if miners persist in their accumulation and long-term investors continue their holding pattern, Dogecoin might well surge towards the $0.080 prediction. On the flip side, a prevailing negative sentiment could drag it downwards to $0.05. But in that scenario, the 43,000 holders who’ve invested in 928.4 million DOGE at an average of $0.061 could establish a significant resistance.

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