CandleFocus Dogecoin Miners In Accumulation Mode, But Is This Really Bullish?
2024-09-18
Author: Content Editor
On-chain data reveals that Dogecoin miners have been accumulating coins recently. This could potentially be a bearish sign for the memecoin, as past patterns have shown an inverse relationship between the accumulation of coins by miners and the price of Dogecoin compared to Bitcoin. While the accumulation of coins by miners is typically seen as bullish for an asset, in the case of speculative-driven assets like Dogecoin, it can indicate a decline in price. Dogecoin's price has currently declined to around $0.100 after briefly recovering beyond $0.107.
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