Dogecoin Miners Halt Month-Long Selling Trend, Accumulate 110M DOGE Within 7 Days

The snapshot above shows that miners held a cumulative balance of 4.08 billion DOGE as of June 16. But it appears that as price fell below the $0.14

Miners’ collective dogecoin (DOGE) holdings have risen by 110 million in the past seven days as the price fell below the $0.14 level.

The snapshot above shows that miners held a cumulative balance of 4.08 billion DOGE on June 16. But it appears that as price fell below the $0.14 range last week, the Dogecoin miners halted their month-long selling trend, and began accumulating their block rewards instead.

At the time of writing on June 23, a total for 4.19 billion DOGE now sits in the miners reserve balances, reflecting an addition of 110 million DOGE within past 7-days alone.

Priced at the DOGE 7-day Simple Moving Average (SMA) price of $0.125, the miners’ newly-acquired 110 million DOGE are valued at approximately $13.7 million.

On a Proof-of-Stake network like Dogecoin, miners are rewarded with block rewards in the native token, for dedicating computing resource to validating transactions on the blockchain network.

When miners cut-back on selling those block rewards, it reduces the rate at which newly-mined coins trickle into the market supply, cooling the inflationary pressure.

Dogecoin Price Forecast: Bulls Eyeing $0.15 Retest

Evidently Dogecoin miners’ $13.7 million accumulation trend over the past week, has played a key role in DOGE price defending the $0.12 support despite raging bearish headwinds from the broader crypto market downtrend and Elon Musk excluding DOGE from X Payment initial fillings.

Dogecoin price could be on the verge of a major upswing towards the $0.15 level, if this trend persists in the week ahead.

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-miners-halt-month-selling-trend-accumulate-m-doge-days.html

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