Dogecoin has experienced a significant sell-off, with miners offloading 65 million tokens in just two days.
The cryptocurrency, which has long been associated with Elon Musk, currently trades at around $0.17. Analysts suggest that the ongoing selling pressure could push the price even lower. Some investors remain optimistic, expecting a rebound despite the recent decline.
Dogecoin miners sell 65 million tokens amid price drop
Miners who work with Dogecoin have recently sold 65 million tokens within 48 hours of their possession. The enormous sale of coins has sparked doubts about business performance alongside market reliability challenges. Since reaching its peak in February, Dogecoin has failed to gain back its previous performance strength. Market analysts predict DOGE will drop below $0.15 if the current selling trend continues.
Although the market is downhill right now, some analysts predict future value recovery for Dogecoin. Traveling analyst Trader Tardigrade draws his prediction from historical market patterns that might lead to price growth. According to him, the Dogecoin record shows that major price increases occurred after each correction. The market expert ByllifyX published a prediction that DOGE would attain $3 shortly.
Bitcoin’s decline and market volatility impact on Dogecoin
The Dogecoin price trend has been affected by broader crypto market conditions, especially Bitcoin’s recent price decrease. Bitcoin underwent a price decline starting from its previous high point at $90,000 until it fell under the $85,000 mark. Throughout history, Dogecoin and alternative coins have shared similar price behavior because they typically move according to Bitcoin price changes while displaying heightened market volatility. Bitcoin’s price slide and rising inflation concerns have led analysts to attribute DOGE’s current price difficulties to Bitcoin.
Despite the selling pressure, some investors have continued to accumulate DOGE. Over the past weekend, buyers purchased approximately 910 million tokens. On Monday alone, whales bought another 140 million DOGE, showing continued interest in the asset.
Musk’s role in the Department of Government Efficiency draws attention to DOGE
Elon Musk’s involvement in the Department of Government Efficiency (DOGE) has fueled speculation about the token’s future. Some analysts believe that the agency’s acronym, which matches the cryptocurrency’s ticker, has contributed to renewed investor interest.
Musk recently addressed this connection during an interview on the Joe Rogan Experience. He revealed that the agency was initially called the Government Efficiency Commission. However, after seeing suggestions online, he opted for the current name. Following this announcement, Dogecoin briefly surged to $0.24, despite not being included in Donald Trump’s proposed digital asset stockpile.
While Dogecoin remains highly volatile, its future depends on market trends and investor sentiment. The ongoing sell-off by miners has created uncertainty, but some analysts remain hopeful about a potential price recovery.