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

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



from Bitcoinist.com https://ift.tt/58kYOSr
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