Markets
Dogecoin Price Targets Rally to $0.15 Despite Elon Musk Excluding DOGE from Twitter Payments
Dogecoin Price vs. DOGE Miners’ Sale | June 16 – June 23, 2024 | InBlock
The snapshot above shows that miners held a cumulative balance of 4.08 billion DOGE as of June 16. But it appears that when the price fell below the $0.14 range last week, Dogecoin miners broke their month-long selling trend and began accumulating block rewards. Instead.
At the time of writing on June 23, a total of 4.19 billion DOGE is now sitting in miners’ reserve balances, reflecting a total of 110 million DOGE in the last 7 days alone.
Valued at DOGE’s 7-day simple moving average (SMA) price of $0.125, the miners’ newly acquired 110 million DOGE is worth approximately $13.7 million.
On a Proof-of-Stake network like Dogecoin, miners are issued block rewards in the native token, as they dedicate computing resources to validate transactions on the blockchain network.
And when miners reduce the sale of such block rewards, it reduces the speed at which newly mined coins enter the market’s supply, cooling inflationary pressure.
Dogecoin Price Forecast: Bulls Eye Retest at $0.15
Evidently the $13.7 million accumulation trend of Dogecoin miners over the past week has played a key role in DOGE price defending the $0.12 support despite strong downside headwinds stemming from the broader downtrend of the cryptocurrency market and Elon Musk excluding DOGE from X Payment’s initial fills.
Dogecoin price could be on the verge of a sharp rally towards the $0.15 level, if this trend persists into the next week.