Developments in the cryptocurrency space indicate that Dogecoin (DOGE) has been battling price fluctuations.

However, within the past seven days, DOGE appears to have begun a recovery from its low of $0.1465.

Dogecoin (CRYPTO: DOGE) miners have sold off 65 million DOGE in the past 48 hours, potentially putting price action in the short term.

Here's a look at what happened and what it could mean for the memecoin's price.

What Happened: As noted by on-chain analyst Ali Martinez, Dogecoin miners have sold off 65 million DOGE in the past 48 hours. Miners receive batches of DOGE for validating transactions and securing the network.

"This massive selloff might exert selling pressure on the market, especially if demand fails to keep pace with the increased supply hitting exchanges," Martinez said.

With the large selloff by miners, there could be an increase in the circulating supply of Dogecoin on exchanges. If there is no uptick in demand to match this flooding of exchanges with Dogecoin, it could lead to a decrease in price.

The actions of the miners could also lead to some market participants becoming pessimistic on the memecoin. Some may view the actions of the miners as a sign that lower prices are to come, which could put bearish pressure on the recovering coin.

"Depending on market conditions, this huge selloff by Dogecoin miners could influence short-term price fluctuations, especially if market demand is unable to absorb the massive selloff. Conversely, if the market manages to mop up all the coins, it could signal a bullish development," Martinez said.

Related Link: How Dogecoin Miners Could Impact Price Action In The Midst Of Memecoin Mania

What's Next: Dogecoin is also showing interest from investors, with the memecoin showing a 3% uptick in Open Interest in the past 24 hours, according to CoinGlass.

With the increase, Dogecoin futures traders have committed 8.43 billion in the asset, or $1.49 billion in value. The interest is being driven by top exchanges.

"The majority of traders are on Gate.io, Binance, Bybit & OKX, where we can expect to see some serious price action unfolding as traders anticipate a potential breakout," CoinGlass said.

Gate.io traders committed 2.52 billion Dogecoin, valued at $443.67 million, or 29.86% of the total Open Interest in the last 24 hours. Binance followed with 25.57% of the Open Interest, 2.16 billion Dogecoin, worth $380 million.

Bybit and OKX recorded 16.89% and 10.68%, respectively. This amounts to 1.43 billion Dogecoin valued at $251.08 million and 900.41 million Dogecoin valued at $158.78 million, respectively.

With traders showing interest in Dogecoin, investors may be optimistic on the memecoin despite the price fluctuations and actions by miners.

Dogecoin is trading at $0.1772 at the time of writing, showing a 2.67% increase over the last 24 hours. The trading volume has dropped significantly by 27.64% to $801.55 million in the same period.

As the memecoin continues to rebound from lows of $0.1465 in the past seven days, any increase in trading volume by investors could help put upward pressure on the coin.

Mid-term price target ranges vary widely among analysts, with some bullish on price action hitting $5.

Martinez is bullish on Dogecoin reaching $1.5 in the next 30 days and $3 in the long term.