Dogecoin Price Eyes $0.15 Rally Despite Elon Musk Excluding DOGE from Twitter Payments

The snapshot above shows that miners held a cumulative balance of 4.08 billion DOGE as of June 16. But it appears that as price fell below the $0.14 range last week, the Dogecoin miners halted their month-long selling trend, and began accumulating their block rewards instead.

At the time of writing on June 23, a total for 4.19 billion DOGE now sits in the miners reserve balances, reflecting an 110 million DOGE within past 7-days alone.

Valued at the DOGE 7-day Simple Moving Average (SMA) price of $0.125, the miners’ newly-acquired 110 million DOGE are worth approximately $13.7 million.

On a Proof-of-Stake network like Dogecoin, miners are issued block rewards in the native token, as they dedicate computing resource to validate transactions on the blockchain network.

And when miners cut-back on selling those block rewards, it reduces the rate at which newly-mined coins trickle into the market supply, cooling the inflationary pressure.

Dogecoin Price Forecast: Bulls Eyeing $0.15 Retest

Evidently Dogecoin miners’ $13.7 million accumulation trend over the past week, has played a key role in DOGE price defending the $0.12 support despite raging bearish headwinds from the broader crypto market downtrend and Elon Musk excluding DOGE from X Payment initial fillings.

Dogecoin price could be on the verge of a major upswing towards the $0.15 level, if this trend persists in the week ahead.