Dogecoin Hit By Huge Sell-Off—65 Million DOGE Sold By Miners

Source Bitcoinist

Analysts suggested that Dogecoin, Elon Musk’s favorite meme coin, might face a price decline and possibly plummet to below $0.15 after miners dumped a huge volume of tokens.

Crypto analyst Ali Martinez revealed that Dogecoin miners offloaded a massive 65 million tokens in only two days, noting that it might pull the token’s price downward after the meme coin peak in February.

Miners Dump DOGE

Martinez posted on his X account on March 15 a graph that shows DOGE miners offloading a significant volume of Dogecoin in the past few days.

“Miners offloaded over 65 million #Dogecoin $DOGE in just 48 hours,” Martinez said in the post.

Some analysts believed that DOGE’s price would decline further if the selling pressure continued.

As of writing, Dogecoin is being traded at $0.170 per token, up by 1.2% within the last 24 hours, with a market cap of more than $25 billion. However, its current price of $0.17 is nowhere near the $0.431 recorded on January 18.

“If demand does not absorb this and if this is true, price will drop. If [the] market will buy everything this means something is cooking,” @mehmetg53432836 commented on Martinez’s post.

Market observers said that profitability concerns or market pressure from price instability could be the primary driver of why miners dumped a huge volume of the meme coin in the last two days.

DOGE Could Hit Below $0.15

DOGE is still being traded at $0.17 per coin but some analysts suggested that if the selling pressure would continue to build up, the token might dip below $0.15. 

Meanwhile, other analysts are optimistic that the popular meme coin can overcome the decline and surge back from the slump. Market observer Trader Tardigrade argued Dogecoin could surge if the trend keeps up, saying, “Dogecoin HUGE Surge is coming.” 

According to Trader Tardigrade, historically, if there is a breakout that leads to a correction phase, the meme coin’s price would increase soon after, insisting that when investors continue to offload their DOGE tokens, the meme coin could surge to $1 or even higher in the long term.

Bitcoin’s Effect On Dogecoin

Several analysts suggested that this could be the impact of a decreasing Bitcoin which has dropped to below $85,000 after hitting $108,000 in January. 

They explained that previously, once Bitcoin decreased in value, it had a ripple effect on the entire cryptocurrency ecosystem. For altcoins like DOGE, a declining Bitcoin means an increase in volatility. 

Market observers also believe DOGE’s current price action and market state can be attributed to Bitcoin’s downturn and inflation fears.

However, the future of Dogecoin remains blurred as more miners are offloading their holdings.

Featured image from OpenSea, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Pattern Breaks: Price Near ATH, But HODLers Still Not SellingOn-chain data shows HODLing behavior remains dominant among the Bitcoin investors despite the fact that the price is near the all-time high (ATH).
Author  Bitcoinist
Jul 04, Fri
On-chain data shows HODLing behavior remains dominant among the Bitcoin investors despite the fact that the price is near the all-time high (ATH).
placeholder
Unlocking Future Growth? Alibaba Raises $1.53 Billion via Zero-Coupon Bond to Boost Cloud and Global ExpansionOn July 4, Alibaba Group announced the successful completion of its zero-coupon exchangeable bond issuance , raising HKD 12.023 billion (approximately USD 1.53 billion).
Author  TradingKey
Jul 04, Fri
On July 4, Alibaba Group announced the successful completion of its zero-coupon exchangeable bond issuance , raising HKD 12.023 billion (approximately USD 1.53 billion).
placeholder
Silver Price Forecast: XAG/USD consolidates right below $37.00 in risk-off marketsSilver consolidates the previous two days' gains and remains pinned near $37.00.
Author  FXStreet
Jul 04, Fri
Silver consolidates the previous two days' gains and remains pinned near $37.00.
placeholder
USD/JPY slumps to near 144.30 as Yen’s safe-haven demand increasesThe USD/JPY pair falls over 0.4% to near 144.30 during European trading hours on Friday.
Author  FXStreet
Jul 04, Fri
The USD/JPY pair falls over 0.4% to near 144.30 during European trading hours on Friday.
placeholder
Non-Farm Payrolls Deflate Rate Cut Hopes with 147,000 New JobsOn Thursday in the US, a stronger-than-expected June non-farm payroll report dashed hopes for a rate cut in July.
Author  TradingKey
Jul 04, Fri
On Thursday in the US, a stronger-than-expected June non-farm payroll report dashed hopes for a rate cut in July.
goTop
quote