Despite recent volatility in the altcoin market, the Dogecoin (DOGE) price has held the $0.078 support level. Multiple on-chain metrics flashing green signals lead strategic investors to make bullish DOGE price predictions. Is it time for another breakout to $0.09?
Dogecoin (DOGE) bulls have stood firm, even with the global altcoin market contracting by 2.5% since the end of April 2023. Here’s how the recent accumulation trend among Dogecoin miners and disillusioned holders could potentially power a price rebound.
Miners Are Growing Optimistic
After selling off about 5% of their total reserves in April, Dogecoin miners entered May in accumulation mode. On-chain data shows that they have increased their holdings by a total of 20 million coins in 3 consecutive days of positive netflow.
The chart below shows that Dogecoin miners had only 4.47 billion coins in their reserves as of Tuesday, May 2. And by Friday, May 5, they had increased their balance to 4.50 billion DOGE.
The newly added 20 million coins are worth approximately $2.3 million at the current market price of $0.078
When
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Author: Ibrahim Ajibade
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