Dogecoin (DOGE) holders are now sitting on 16% losses compared to the $0.096 local peak recorded on April 4. Despite the recent uptrend in the altcoin market, Dogecoin miners and institutional investors remain unconvinced of an imminent bullish breakout. How could this impact DOGE price in the coming days?
Dogecoin (DOGE) is a decentralized blockchain network that deploys the proof of work consensus system to validate transactions. Since Apr. 18, the meme coin has been in a steep downtrend. Remarkably, on-chain data indicates that whale investors and Dogecoin miners are selling. How long will the bears remain in firm control?
Dogecoin Miners Are Selling
Miners on the Dogecoin network appear to be selling their block rewards, indicating their bearish sentiments. Miner Reserves data monitors the amount of a particular cryptocurrency held in the wallet addresses of the top miners.
The chart below shows how the miners sold 210…
