{"id":28369,"date":"2023-10-07T18:57:49","date_gmt":"2023-10-07T21:57:49","guid":{"rendered":"https:\/\/tiproject.online\/index.php\/2023\/10\/07\/dogecoin-doge-miners-reserves-drops-to-historic-low-of-4-35b\/"},"modified":"2023-10-07T18:57:49","modified_gmt":"2023-10-07T21:57:49","slug":"dogecoin-doge-miners-reserves-drops-to-historic-low-of-4-35b","status":"publish","type":"post","link":"https:\/\/tiproject.online\/index.php\/2023\/10\/07\/dogecoin-doge-miners-reserves-drops-to-historic-low-of-4-35b\/","title":{"rendered":"Dogecoin (DOGE) Miners Reserves Drops to Historic Low of 4.35B"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div>\n<h2 id=\"key-insights\">Key Insights:<\/h2>\n<ul>\n<li><strong>Dogecoin (DOGE) price remains rooted at the narrow range of $0.060 \u2013 $0.065 range, failing to capitalize on the recent crypto market rally in late September.<\/strong><\/li>\n<li><strong>Dogecoin Miners\u2019 reserves now sit at 4.35 billion coins, the lowest balance since the pioneer memecoin was launched in 2013.\u00a0<\/strong><\/li>\n<li><strong>While DOGE spot price performance trending relatively flat for the past month, the bears are in a prime position to seize control of the market.\u00a0<\/strong><\/li>\n<\/ul>\n<p><span>The price of Dogecoin (<a href=\"https:\/\/www.fxempire.com\/crypto\/dogecoin\" target=\"_blank\" rel=\"noopener noreferrer\">DOGE<\/a>) has remained stagnant at the $0.06 range, failing to capitalize on the brief <a href=\"https:\/\/www.fxempire.com\/forecasts\/article\/crypto-news-ftx-co-founder-gary-wang-testimony-puts-sbf-in-a-corner-1379119\" target=\"_blank\" rel=\"noopener noreferrer\">cryptocurrency<\/a> market rally in late September. <\/span><\/p>\n<p><span>On-chain analysis examines how the Dogecoin miners, who have been withdrawing their holdings at an unprecedented rate, could potentially force a DOGE\u2019s price breakdown.\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<div>\n<div>\n<h2 id=\"dogecoin-miners-deplete-reserves-amid-prolonged-price-stagnation\"><span>Dogecoin Miners Deplete Reserves Amid Prolonged Price Stagnation.<\/span><\/h2>\n<p><span>The price of Dogecoin has been rather stagnant, hovering between $0.06 and $0.063 since mid-August. This consolidation has persisted despite recent bullish sentiment in the broader crypto markets.<\/span><\/p>\n<p><span>However, a closer look at on-chain data trends suggests that the actions of Dogecoin miners may be responsible for this prolonged price stagnation.<\/span><\/p>\n<p><span> According to recent data, Dogecoin miners have significantly reduced their reserves from 4.67 billion DOGE on August 17 to 4.35 billion DOGE as of October 5.<\/span><\/p>\n<p>\u00a0<\/p>\n<figure id=\"attachment_1379350\" aria-describedby=\"caption-attachment-1379350\" class=\"wp-caption alignnone\"\/><\/div>\n<\/div>\n<div>\n<div><figcaption id=\"caption-attachment-1379350\" class=\"wp-caption-text\">Dogecoin (DOGE) Miners\u2019 Reserves | Source: <a href=\"https:\/\/app.intotheblock.com\/coin\/DOGE\/deep-dive?group=financials&amp;chart=inAndOut\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><span>IntoTheBlock<\/span><\/a><\/figcaption><p><span>This reduction in miner-held Dogecoin reserves implies that they have sold 320 million DOGE between August 17 and October 5.\u00a0<\/span><\/p>\n<p><span>At the current market price of $0.06 per DOGE, this translates to roughly $53 million worth of Dogecoin withdrawn from miners\u2019 wallets.<\/span><\/p>\n<p><span>Typically, such a substantial decrease in miners\u2019 reserves indicates that these node validators are liquidating a significant portion of their block rewards.\u00a0<\/span><\/p>\n<p><span>With newly-minted hitting the markets, this could put downward pressure on Dogecoin price in the coming weeks.\u00a0<\/span><\/p>\n<h2 id=\"dogecoin-price-prediction-possible-downswing-below-006\"><span>Dogecoin Price Prediction: Possible Downswing Below $0.06<\/span><\/h2>\n<p><span>From the daily technical analysis data points towards a possible reversal below $0.060. However, the chart below illustrates that the $0.059 level could pose a major support for DOGE price.<\/span><\/p>\n<p><span>If the bears force a downswing as predicted, it could catalyze a larger drop toward 0.050<\/span><\/p>\n<figure id=\"attachment_1379351\" aria-describedby=\"caption-attachment-1379351\" class=\"wp-caption alignnone\"\/><\/div>\n<\/div>\n<div>\n<div><figcaption id=\"caption-attachment-1379351\" class=\"wp-caption-text\">Dogecoin (DOGE) Price Prediction<\/figcaption><p><span>Conversely, other influential stakeholders and market participants could counteract the bearish miners\u2019 actions. In that case, $0.067 will be the resistance territory to beat. But if the resistance sell-wall caves, DOGE could eventually reclaim $0.07.<\/span><\/p>\n<\/div>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.fxempire.com\/forecasts\/article\/dogecoin-doge-miners-reserves-drops-to-historic-low-of-4-35b-is-doge-price-in-jeopardy-1379349\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Key Insights: Dogecoin (DOGE) price remains rooted at the narrow range of $0.060 \u2013 $0.065 range, failing to capitalize on the recent crypto market rally in late September. Dogecoin Miners\u2019 reserves now sit at 4.35 billion coins, the lowest balance since the pioneer memecoin was launched in 2013.\u00a0 While DOGE spot price performance trending relatively flat for the past month, the bears are in a prime position to seize control of the market.\u00a0 The price of Dogecoin (DOGE) has remained stagnant at the $0.06 range, failing to capitalize on the brief cryptocurrency market rally in late September. On-chain analysis examines how the Dogecoin miners, who have been withdrawing their holdings at an unprecedented rate, could potentially force a DOGE\u2019s price breakdown.\u00a0 Dogecoin Miners Deplete Reserves Amid Prolonged Price Stagnation. The price of Dogecoin has been rather stagnant, hovering between $0.06 and $0.063 since mid-August. This consolidation has persisted despite recent bullish sentiment in the broader crypto markets. However, a closer look at on-chain data trends suggests that the actions of Dogecoin miners may be responsible for this prolonged price stagnation. According to recent data, Dogecoin miners have significantly reduced their reserves from 4.67 billion DOGE on August 17 to 4.35 billion DOGE as of October 5. \u00a0 Dogecoin (DOGE) Miners\u2019 Reserves | Source: IntoTheBlockThis reduction in miner-held Dogecoin reserves implies that they have sold 320 million DOGE between August 17 and October 5.\u00a0 At the current market price of $0.06 per DOGE, this translates to roughly $53 million worth of Dogecoin withdrawn from miners\u2019 wallets. Typically, such a substantial decrease in miners\u2019 reserves indicates that these node validators are liquidating a significant portion of their block rewards.\u00a0 With newly-minted hitting the markets, this could put downward pressure on Dogecoin price in the coming weeks.\u00a0 Dogecoin Price Prediction: Possible Downswing Below $0.06 From the daily technical analysis data points towards a possible reversal below $0.060. However, the chart below illustrates that the $0.059 level could pose a major support for DOGE price. If the bears force a downswing as predicted, it could catalyze a larger drop toward 0.050 Dogecoin (DOGE) Price PredictionConversely, other influential stakeholders and market participants could counteract the bearish miners\u2019 actions. In that case, $0.067 will be the resistance territory to beat. But if the resistance sell-wall caves, DOGE could eventually reclaim $0.07. [ad_2] Source link<\/p>\n","protected":false},"author":1,"featured_media":28370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-28369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/28369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/comments?post=28369"}],"version-history":[{"count":0,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/28369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media\/28370"}],"wp:attachment":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media?parent=28369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/categories?post=28369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/tags?post=28369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}