Elon Musk’s Favorite Dogecoin Sees Massive Sell-Off—Miners Dump 65M DOGE in 48 Hours

Source Cryptopolitan

According to on-chain analyst Ali Martinez, Dogecoin miners have offloaded 65 million tokens in the last 48 hours. The DOGE token has only been trading at $0.17 so far, even as investors continue to cash out their holdings. 

The token dropped from its peak in February and could fall even further if selling pressure persists.

DOGE miners dump 65 million tokens in two days

When miners sell off large amounts of tokens, it’s usually driven by profitability concerns or market pressure from price instability. The Dogecoin token has seen its miners dump 65 million tokens in just two days.

Some analysts have even hinted that the token could fall below the $0.15 mark if the selling pressure continues to rise. However, some believe that the token could soon overcome its decline and surge thereafter. For instance, Trader Tardigrade thinks the token could surge if the trend keeps up. He commented, “Dogecoin HUGE Surge is coming.” 

He added that in previous years, whenever a breakout led to a correction phase, the token would experience a price rise soon after. He insisted that if investors continue to sell their tokens, Dogecoin could hit $1 or even more over the long term.

Additionally, analyst ByllifyX believes the token could hit $3 soon. Some even stated that if more buyers come in, the token could spring back above $0.17 in the short term. 

Historically, when Bitcoin declines, the entire crypto ecosystem is affected, and altcoins like DOGE typically see increased volatility. Bitcoin is trading slightly below $85000, falling from its high of $90000 earlier this month. Some analysts have thus attributed DOGE’s current price action and market state to Bitcoin’s downturn and inflation fears.

Musk’s involvement with the Department of Government Efficiency called for investor attention to the DOGE token

When Donald Trump announced plans to create a digital asset stockpile, DOGE jumped nearly 20% to $0.24 despite not being listed among the altcoins featured in the stockpile.

On Monday, whales purchased 140 million DOGE in just 24 hours. Martinez had even posted that investors had bought up 910 million tokens over the weekend.

Some analysts tied the renewed interest in the token to Elon Musk’s involvement with the Department of Government Efficiency (DOGE). They argued that the government agency’s use of the same acronyms as the token contributed to the surge in the token.

On the Joe Rogan Experience last week, Musk acknowledged the connection between the token and the agency. He claimed that he was going to name the agency the Government Efficiency Commission, which was “very boring.” However, he stated that he followed people’s advice online on the Department of Government Efficiency, which fit perfectly.

However, with more miners offloading their holdings, the future of the Dogecoin remains unclear.

Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ethereum (ETH) Price Closes Above $3,900 — Is a New All-Time High Possible Before 2024 Ends?Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Author  Beincrypto
Dec 17, 2024
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
placeholder
Ethereum slides below $3,000 as sellers defend $3,020 and $2,880 becomes the key lineEthereum fell below $3,000 after failing at $3,200, with resistance at $3,020 and key support at $2,880; a break lower could target $2,800 and $2,750, while a rebound needs $3,120–$3,150.
Author  Mitrade
Jan 21, Wed
Ethereum fell below $3,000 after failing at $3,200, with resistance at $3,020 and key support at $2,880; a break lower could target $2,800 and $2,750, while a rebound needs $3,120–$3,150.
placeholder
Bitcoin’s Whale Map Shifts as BTC Drops Below $90,000Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.
Author  Mitrade
19 hours ago
Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.
placeholder
Gold moves away from record high as safe-haven demand fades on easing trade war concernsGold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.
Author  FXStreet
18 hours ago
Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.
placeholder
BTC Eyes $90K as Trump Hints at Imminent Crypto Bill SigningPresident Trump's pledge to sign pro-crypto legislation boosts Bitcoin prices as he emphasizes keeping the US as a crypto leader.
Author  Mitrade
16 hours ago
President Trump's pledge to sign pro-crypto legislation boosts Bitcoin prices as he emphasizes keeping the US as a crypto leader.
goTop
quote