Welcome to Extreme Investor Network, where we provide unique insights and analysis on all things related to the stock market, trading, and Wall Street. Today, we’re diving into the world of Dogecoin and the impact of miners’ balances on its price movement.
As of June 16, Dogecoin miners were holding a cumulative balance of 4.08 billion DOGE. However, a shift occurred last week as the price of Dogecoin dropped below $0.14, causing miners to pause their selling trend and start accumulating their block rewards instead. As of June 23, the total balance in miners’ reserves has increased to 4.19 billion DOGE, with an additional 110 million DOGE acquired in the past 7 days alone. This new balance is valued at approximately $13.7 million based on the DOGE 7-day Simple Moving Average price of $0.125.
On a Proof-of-Stake network like Dogecoin, miners receive block rewards in the form of the native token for validating transactions on the blockchain. By decreasing the amount of newly-mined coins entering the market supply, miners can help alleviate inflationary pressure.
The recent trend of Dogecoin miners accumulating their rewards has contributed to the resilience of DOGE price, despite challenges like the broader crypto market downtrend and Elon Musk’s exclusion of DOGE from X Payment initial fillings. This accumulation trend could potentially lead to a bullish upswing towards the $0.15 level in the week ahead.
Stay tuned to Extreme Investor Network for more in-depth analysis and market insights to help you navigate the complexities of the stock market and make informed investment decisions. Join our community of extreme investors today and take your trading game to the next level.