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
Japanese Yen weakens as GDP miss tempers BoJ rate hike bets; USD/JPY retakes 153.00The USD/JPY pair attracts some buyers during the Asian session on Monday and climbs back above the 153.00 mark following the disappointing release of Japan's Q4 GDP report.
Author  FXStreet
Yesterday 01: 33
The USD/JPY pair attracts some buyers during the Asian session on Monday and climbs back above the 153.00 mark following the disappointing release of Japan's Q4 GDP report.
placeholder
Gold slides below $5,000 amid USD uptick and positive risk tone; downside seems limitedGold (XAU/USD) attracts fresh sellers at the start of a new week and reverses a part of Friday's strong move up of over $150 from sub-$4,900 levels.
Author  FXStreet
Yesterday 06: 19
Gold (XAU/USD) attracts fresh sellers at the start of a new week and reverses a part of Friday's strong move up of over $150 from sub-$4,900 levels.
placeholder
Silver Price Forecast: XAG/USD slips below 50-day SMA on strong US DollarSilver price retreats during the North American session nearly 1%, after reaching a daily high of $78.20.
Author  FXStreet
9 hours ago
Silver price retreats during the North American session nearly 1%, after reaching a daily high of $78.20.
placeholder
Gold declines as trading volumes remain subdued due to holidays in ChinaGold price (XAU/USD) extends its losses for the second successive session, trading around $4,930 per troy ounce during the Asian hours on Tuesday.
Author  FXStreet
4 hours ago
Gold price (XAU/USD) extends its losses for the second successive session, trading around $4,930 per troy ounce during the Asian hours on Tuesday.
placeholder
Gold weakens as USD uptick and risk-on mood dominate ahead of FOMC MinutesGold (XAU/USD) attracts some follow-through selling for the second straight day and slides to the $4,922 area during the Asian session on Tuesday amid thin liquidity on the back of the Lunar New Year holidays in China.
Author  FXStreet
3 hours ago
Gold (XAU/USD) attracts some follow-through selling for the second straight day and slides to the $4,922 area during the Asian session on Tuesday amid thin liquidity on the back of the Lunar New Year holidays in China.
goTop
quote