Is Dogecoin’s Price About to Rise as Miners Hold On?
On-chain data is showing bullish signs for Dogecoin, with miners accumulating reserves and large transactions increasing. According to blockchain forensics platform IntoTheBlock, Dogecoin miners increased their reserves by nearly 360 million coins in March 2023, bringing their total reserves to 4.76 billion coins. This accumulation could lead to more gains in the coming weeks, as miners hold a significant share of DOGE and can influence price action. In addition, the number of large transactions involving Dogecoin has increased by 71% since March 4, with Dogecoin whales performing over 1,000 transactions involving more than $100,000. This persistent growth in whale activity is often positively correlated with price increases. If DOGE can break through a sell wall of 57.16 million DOGE at the $0.077 zone, it could rise further until $0.095, where another 130 million DOGE are up for sale. However, if DOGE loses support at $0.066, it could slip further to $0.056. Currently, buy orders for DOGE exceed sell orders on top exchanges, which suggests that excess bullish sentiment could trigger a price increase in the near future.