Dogecoin (DOGE) price bounced back above $0.075 on Thursday, but it’s still some distance away from regaining the monthly peak of $0.086. On-chain analysis pinpoints key indicators that could drive the DOGE price recovery mission.
DOGE price has experienced a series of lower lows since rejecting at the $0.086 area on November 18. However, recent on-chain movement from Dogecoin miners flashes early signals of a major recovery.
Miners Have Accumulated DOGE Worth $30M in the Last 2 Days
On November 18, Beincrypto reported how Dogecoin price retraced from its six-month peak of $0.086 after Elon Musk’s SpaceX lost a spacecraft.
The market turbulence that heralded Changpeng Zhao’s exit from Binance further exacerbated the downtrend, as DOGE price spiraled toward a week-low of $0.072 on Wednesday, November 2. However, on-chain data trends have revealed unusual activity among Dogecoin miners, which could trigger bullish price actions.
According to on-chain data compiled by IntoTheBlock, Dogecoin miners have increased their cumulative reserves by a whopping 400 million DOGE within the last two days.
The miner reserves chart below clearly illustrates how the Dogecoin network validators increased their holdings from 4.17 billion to 4.57 DOGE between November 20 and November 22.
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Author: Ibrahim Ajibade
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