Dogecoin Miners Increase Holdings Despite Price Dip: Bullish Sentiment Prevails

• Despite a 15% drop in Dogecoin’s price since August 8, miners have quietly increased their holdings.
• The recent influx of 90 million DOGE to miners’ wallets represents a $56 million accumulation in the last 30 days.

A recent report by Late ETH News on Dogecoin Miners sheds light on an interesting trend. Despite a 15% decline in Dogecoin’s price since August 8, miners have been quietly accumulating more coins. This accumulation suggests a bullish sentiment among miners who are choosing to hold onto their assets rather than liquidate them.

The Miners Reserves tool provides real-time insights into shifts in Dogecoin miners’ wallet balances. The recent addition of 90 million DOGE to these wallets, worth $56 million in the last 30 days, indicates that miners are anticipating an upward price movement and are opting to HODL their assets.

Elon Musk’s consistent endorsement of Dogecoin and Twitter’s acquisition of a “Money Transmitter License” could be contributing factors to miners’ bullish stance.

Long-term Dogecoin investors are also showing confidence in the cryptocurrency’s growth. Data from IntoTheBlock reveals a significant increase in coins held by these steadfast believers. Their accumulation of 1.26 billion DOGE, from 45.37 billion DOGE to 46.63 billion DOGE in long-held wallets, now constitutes 32.50% of Dogecoin’s total circulating supply.

Market Sentiments and Price Predictions

While the overall market sentiment for Dogecoin may not be overwhelmingly positive, specific indicators suggest the potential for a price rally. The In/Out of Money Around Price (IOMAP) data indicates that Dogecoin’s most significant resistance buy-wall is at the $0.07 mark. If miners continue accumulating and long-term investors maintain their holdings, Dogecoin could aim for the $0.080 prediction.

On the other hand, a prevailing negative sentiment might push the price down to $0.05. In this scenario, the 43,000 holders who’ve invested in 928.4 million DOGE at an average of $0.061 could create a significant resistance.