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After the Bitcoin price reached above $27,200, it is preparing to repeat its previous movements. The price dropped to $27,000. Due to Bitcoin’s price fluctuating within a narrow range for the past 6-7 weeks, altcoins are also unable to show the desired performance. So, what are DOGE miners doing? What are the expectations for Dogecoin in October?
Dogecoin Miners
The price of the meme coin king managed to stay largely stable in September. This success was achieved with the strong support of $0.06. Although bears are trying to push the price below $0.06 with closures below $0.055, the support is holding for now. On the other hand, BTC is still not out of the woods as it did not experience the expected rise today.
After weeks of price stagnation, Dogecoin miners started selling a portion of their block rewards. After a short accumulation period in mid-September, Dogecoin miners opened the selling mode again due to the stagnant prices. This situation highlights that the price will not show the expected performance in the medium term and emphasizes their need to accumulate cash for their costs.
On July 11, Dogecoin miners had a cumulative balance of 4.7 billion DOGE. As of September 28, this has decreased to only 4.35 billion.
Dogecoin (DOGE) Price Analysis
In the past 3 months, miners sold 350 million DOGE, which has a current value of $22 million. Considering that miners control approximately 3.08% of the total circulating DOGE, if they intensify their selling tendencies in October, the price decline may gain momentum.
On the other hand, on-chain data shows a significant increase in indifference among whales. The calmness among major investors can have negative consequences for the price. As shown in the chart below, there were 819 whale transactions on August 25. This number has now dropped to 79.
A decrease in unique whale transactions usually indicates a price drop for an asset. When combined with miner activity, this does not paint a positive picture for October. The critical zone is the $0.06 support and the bottom at $0.055. If these areas are lost, there is a previously mentioned oversold bottom at $0.03 below $0.05.
Current on-chain data suggests that if there is no significant improvement in BTC and overall market performance, the price of DOGE may fall in the coming month.
