Dogecoin (DOGE) has seen a considerable rebound since its five-month low in early March. An analysis of the on-chain activity shows that the miners’ reserves have significantly increased in recent weeks. Furthermore, the number of large transactions involving Dogecoin has also seen a substantial increase. This suggests that rising miner and whale activity could be a major contributor to DOGE's price rally. According to data from IntoTheBlock, order books from major exchanges show buy orders with more supporting the mid-term appreciation of Dogecoin's price. However, the coin could face sell walls at certain levels and if the $0.066 resistance fails to hold up, the price could fall back down. All in all, if both miners and whales become increasingly active, Dogecoin could be in for a prolonged price rally.
Rosalie White
- 2023-03-30
Is Dogecoin (DOGE) Price Rally Driven By Miners & Whales?
Dogecoin (DOGE) has seen a considerable rebound since its five-month low in early March. An analysis of the on-chain activity shows that the miners’ reserves have significantly increased in recent weeks. Furthermore, the number of large transactions involving Dogecoin has also seen a substantial increase.
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