Dogecoin Miners have increased their holdings significantly over the last 30 trading days. On-chain analysis explores the possibility of a major price action.
Like top-ranked memecoins like PEPE and Shiba Inu (SHIB), Dogecoin’s (DOGE) price has had a dismal performance over the past month. However, the Proof of Work miners on the Doge network have taken on a fairly positive disposition.
Dogecoin Miners Have Accumulated 90 million DOGE Over the Past Month
DOGE price is down 15% from August 8, but behind the scenes, Dogecoin miners have been beefing up their reserves. According to data from IntoTheBlock, the DOGE Miners held only 4.29 billion coins in their cumulative reserves as of August 8. And a month later, their current balances now sit at a lofty 4.38 billion DOGE.
Miners Reserves tracks real-time changes in the wallet balances of recognized miners on the Dogecoin network. When benchmarked to the current market prices, the 90 million DOGE inflows mean that the miners have accumulated coins worth $56 million over the past month. This suggests that rather than sell, the miners would rather HODL in anticipation of a major price action.
Considering Elon Musk’s well-documented support of Dogecoin, the recent “money tra
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Author: Ibrahim Ajibade
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