Dogecoin Miners Sell $25 Million Worth Of Tokens
Dogecoin miners, who hold a significant amount of DOGE, have been selling off their tokens, impacting the price of the altcoin. According to data from IntoTheBlock, DOGE miners have been selling into every pump in recent weeks. By December 12, their total reserves had decreased by over 240 million tokens, equivalent to around $25 million. This sell pressure contributed to a brief decline in the price of Dogecoin. However, there has been a change in sentiment among miners as their holdings started to increase again on December 13. Additionally, miner net flows have turned positive after two days of negative flows.
Dogecoin Price Recovers
The price of Dogecoin has started to recover, reaching above $0.097. This is good news for investors, but there are concerns about potential sell pressure from DOGE miners. However, there are signs of improvement as miners’ holdings have begun to rise once more and miner net flows have turned positive.
Hot Take: Dogecoin Miners Impact Price with Sell-Off
Dogecoin miners have played a significant role in the recent price movements of the altcoin. Their selling activities during market rallies have put downward pressure on the price of DOGE. Over the past few weeks, miners have sold over 240 million tokens, totaling around $25 million. This selling activity contributed to a brief decline in the price below $0.091. However, there are signs of optimism as miner holdings have started to increase and net flows have turned positive. The impact of miner activity on Dogecoin’s price highlights the influence that large holders can have in the crypto market.
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