Elon Musk’s Favorite Dogecoin Sees Massive Sell-Off—Miners Dump 65M DOGE in 48 Hours

Source Cryptopolitan

According to on-chain analyst Ali Martinez, Dogecoin miners have offloaded 65 million tokens in the last 48 hours. The DOGE token has only been trading at $0.17 so far, even as investors continue to cash out their holdings. 

The token dropped from its peak in February and could fall even further if selling pressure persists.

DOGE miners dump 65 million tokens in two days

When miners sell off large amounts of tokens, it’s usually driven by profitability concerns or market pressure from price instability. The Dogecoin token has seen its miners dump 65 million tokens in just two days.

Some analysts have even hinted that the token could fall below the $0.15 mark if the selling pressure continues to rise. However, some believe that the token could soon overcome its decline and surge thereafter. For instance, Trader Tardigrade thinks the token could surge if the trend keeps up. He commented, “Dogecoin HUGE Surge is coming.” 

He added that in previous years, whenever a breakout led to a correction phase, the token would experience a price rise soon after. He insisted that if investors continue to sell their tokens, Dogecoin could hit $1 or even more over the long term.

Additionally, analyst ByllifyX believes the token could hit $3 soon. Some even stated that if more buyers come in, the token could spring back above $0.17 in the short term. 

Historically, when Bitcoin declines, the entire crypto ecosystem is affected, and altcoins like DOGE typically see increased volatility. Bitcoin is trading slightly below $85000, falling from its high of $90000 earlier this month. Some analysts have thus attributed DOGE’s current price action and market state to Bitcoin’s downturn and inflation fears.

Musk’s involvement with the Department of Government Efficiency called for investor attention to the DOGE token

When Donald Trump announced plans to create a digital asset stockpile, DOGE jumped nearly 20% to $0.24 despite not being listed among the altcoins featured in the stockpile.

On Monday, whales purchased 140 million DOGE in just 24 hours. Martinez had even posted that investors had bought up 910 million tokens over the weekend.

Some analysts tied the renewed interest in the token to Elon Musk’s involvement with the Department of Government Efficiency (DOGE). They argued that the government agency’s use of the same acronyms as the token contributed to the surge in the token.

On the Joe Rogan Experience last week, Musk acknowledged the connection between the token and the agency. He claimed that he was going to name the agency the Government Efficiency Commission, which was “very boring.” However, he stated that he followed people’s advice online on the Department of Government Efficiency, which fit perfectly.

However, with more miners offloading their holdings, the future of the Dogecoin remains unclear.

Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Elon Musk’s D.O.G.E fails to stop US federal spending from hitting all-time highsUS federal spending just hit a record $603 billion in February, in spite of Elon Musk’s Department of Government Efficiency (D.O.G.E) tearing through government agencies with mass firings and budget cuts. Treasury data released Wednesday confirms that spending still jumped by $40 billion compared to last year, a 7% increase, exposing how difficult it is […]
Author  Cryptopolitan
Mar 13, Thu
US federal spending just hit a record $603 billion in February, in spite of Elon Musk’s Department of Government Efficiency (D.O.G.E) tearing through government agencies with mass firings and budget cuts. Treasury data released Wednesday confirms that spending still jumped by $40 billion compared to last year, a 7% increase, exposing how difficult it is […]
placeholder
XRP Price Builds Base—Short-Term Rally May Be BrewingXRP price started a fresh recovery wave above the $2.120 zone. The price is now consolidating and might clear the $2.350 resistance zone. XRP price started a fresh recovery wave above the $2.120
Author  NewsBTC
Mar 14, Fri
XRP price started a fresh recovery wave above the $2.120 zone. The price is now consolidating and might clear the $2.350 resistance zone. XRP price started a fresh recovery wave above the $2.120
placeholder
Tesla Stock Plunges 36%! Trade War Threats Escalate, Manufacturing Costs May Rise!TradingKey - Tesla's stock has plummeted over 36% this year, with the company warning in a letter to the USTR that Trump's trade war could make it a target for retaliatory tariffs.  Recently, U.S. aut
Author  TradingKey
Mar 14, Fri
TradingKey - Tesla's stock has plummeted over 36% this year, with the company warning in a letter to the USTR that Trump's trade war could make it a target for retaliatory tariffs.  Recently, U.S. aut
placeholder
Gold rallies to a new all-time high in its sprint toward $3,000Gold’s price (XAU/USD) hits a fresh all-time high above the $2,990 level at the time of writing on Friday, registering a weekly gain of over 2.5% for now.
Author  FXStreet
Mar 14, Fri
Gold’s price (XAU/USD) hits a fresh all-time high above the $2,990 level at the time of writing on Friday, registering a weekly gain of over 2.5% for now.
goTop
quote