Dogecoin (DOGE) Miners Dump 65 Million Tokens as the Token Struggles to Stay Afloat

According to on-chain analyst Ali Martinez, Dogecoin miners have offloaded 65 million tokens in the last 48 hours.

According to on-chain analyst Ali Martinez, Dogecoin miners have collectively 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.

Miners offloaded over 65 million #Dogecoin $DOGE in just 48 hours!

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.

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

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