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Despite crypto market growth slowing down, Dogecoin’s value has remained relatively strong. The project’s value has increased by 17.70% in the last 30 days, and now Dogecoin could rise to $0.1. However, further analysis shows that the project could be in trouble. Dogecoin miners are selling their reserves, and whales are turning their Dogecoin into fiat. As a result, holders are now switching to Solana and Everlodge, which are expected to offer better returns.

Could Miner Action Be Bad News For Dogecoin?

At the time of writing, Dogecoin was trading at $0.09238. Its daily trading volume was half a billion, and most indicators look strong. However, miner activity suggests that Dogecoin growth may have peaked for 2023.

Recent data from IntoTheBlock indicates that Dogecoin miners have been offloading their reserves. In total, over 240 million DOGE (around $25 million) has been sold. According to analysts, this suggests that miners could be selling to cash out at Dogecoin’s peak. Further data on crypto whales shows that $41.5 million worth of DOGE was sold for fiat, implying that Dogecoin’s recent bull run could be ending.

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Author: Crypto Daily

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