Joining the general improvement in the cryptocurrency market, Dogecoin reached a local peak of $0.107 in December. However, the decline in DOGE value at the beginning of this week was associated with significant sales by Dogecoin miners. These miners are among the largest holders of the cryptocurrency.
It is indicated that Dogecoin miners actively sold their assets during the price increase. While the total DOGE reserves were 4 billion 670 million DOGE as of November 24th, this number dropped to 4 billion 400 million DOGE on December 12th.
The drop after the sale of more than 240 million tokens is worth approximately 25 million dollars, based on the average DOGE price over the past few weeks.
The sales by the miners created significant selling pressure that caused the DOGE price to fall below $0.091. Although the price has started to recover, rising above $0.097, concerns continue that miners’ selling pressure could persist.
A change in perception among Dogecoin miners seems evident; from December 12th to 13th, DOGE reserves showed a slight increase from 4 billion 400 million to 4 billion 410 million. This modest recovery suggests that there could be a shift in the selling trend.