Dogecoin (DOGE) price remains rooted at the $0.06 range as the bulls failed to capitalize on the brief crypto market bounce in late September. On-chain data analysis examines how the recent bearish disposition among Dogecoin miners could put DOGE prices at risk.
Dogecoin miners have been spotted making unprecedented withdrawals, condemning the pioneer memecoin to a 30-day consolidation at the $0.06 range. Can bullish speculative traders prevent the DOGE price from sinking to historic lows?
Dogecoin Miners Reserves Drop All-Time Low
Dogecoin price has conspicuously remained stuck in the $0.06 – $0.063 range since mid-August. The consolidation has persisted despite waves of bullish headwinds, albeit sporadic, in the broader crypto markets.
Vital on-chain data trends now reveal that Dogecoin miners offloading their reserves could be behind the price stagnation. As depicted below, the miners held a total of 4.67 billion DOGE as of August 17. But that figure has gradually reduced since then, hitting 4.35 billion DOGE on October 5.
This implies that Dogecoin miners have sold 320 million coins from their cumulative reserves between August 17 and October 5.
Miners Reserves tracks the current deposit balances in wallets controlled by recognized large-scale Dogecoin miners and mining pools.
When valued at the current market p
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Author: Ibrahim Ajibade
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