Dogecoin Price Eyes $0.15 Rally Despite Elon Musk Excluding DOGE from Twitter Payments
The snapshot above shows that miners held a cumulative balance of 4.08 billion DOGE as of June 16. But it appears that as the 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 of 4.19 billion DOGE now sits in the miners' reserve balances, reflecting an additional 110 million DOGE within the past 7 days alone.
Valued at the DOGE 7-day Simple Moving Average (SMA) price of $0.125, the miners’ newly-acquired 110 million DOGE are worth approximately $13.7 million.
On a Proof-of-Stake network like Dogecoin, miners are issued block rewards in the native token, as they dedicate computing resources to validate transactions on the blockchain network. And 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 bearish pressures from the broader crypto market downtrend and Elon Musk excluding DOGE from X Payment initial filings. Dogecoin price could be on the verge of a major upswing toward the $0.15 level, if this trend persists in the week ahead.
Key Highlights:
- Miners’ Accumulation: 110 million DOGE worth $13.7 million added to reserves.
- Defending Price Levels: Helped maintain price above $0.12 support.
- Potential Rally: Could see Dogecoin reaching $0.15 if the trend continues.
Dogecoin enthusiasts and investors should keep an eye on this trend as it indicates a possible significant price movement in the coming days.
