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Dogecoin Miners In Accumulation Mode, But Is This Really Bullish?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Miners In Accumulation Mode, But Is This Really Bullish?

Keshav Verma
Keshav Verma
8 months ago
3 mins read
Dogecoin Mining

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On-chain data shows the Dogecoin miners have been accumulating recently. Here’s what this could mean for the memecoin, based on past pattern.

Dogecoin Miner Supply Has Been Going Up For A While Now

In a new insight post, the on-chain analytics firm Santiment has talked about the role of the miners in the different cryptocurrency markets like Bitcoin and Dogecoin. The indicator of interest here is the “Supply held by Miners,” which, as its name suggests, keeps track of the total amount of tokens that the miners of a network as a whole are carrying in their balance.

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When the value of this indicator goes up, it means the miners are receiving net deposits into their wallets right now. Such a trend implies this cohort may be in a phase of accumulation. On the other hand, the metric registering a decline suggests these chain validators are withdrawing a net number of tokens from their balance, potentially for selling purposes.

First, here is a chart that shows the trend in the Supply held by Miners for Bitcoin over the past year:

Bitcoin Supply held by Miners
Looks like the value of the metric has been on the way down over the last few months | Source: Santiment

As is visible in the above graph, the Supply held by Miners and the Bitcoin price has shown some correlation during the past year. As Santiment has explained in the post:

When miners choose to hold onto their coins rather than selling, it’s often a sign that they expect prices to rise, which can create positive momentum in the market. However, when they start offloading large amounts, it can put downward pressure on prices.

Most recently, the BTC Supply held by Miners has been on the rise again after plunging to relatively low levels earlier. Thus, it would appear that these chain validators may be accumulating once more, which can be bullish for the asset.

The relationship that miners show to the BTC price is similar to many other cryptocurrency networks. However, that is not the case with meme coins like Dogecoin.

According to the analytics firm:

If it’s a very speculative-driven asset, you can often pick up an inverse indication between what miners are doing and where the altcoin is going price-wise compared to Bitcoin.

The inverse relationship is visible in the below chart for the Dogecoin Supply held by Miners.

Dogecoin Miner Supply
The value of the indicator seems to have been on the rise in recent days | Source: Santiment

From the graph, it’s apparent that the Dogecoin Supply held by Miners had plunged back in January, but what followed this selloff from the miners was a sharp surge in the DOGE/BTC ratio.

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Altcoin Watch: Mega Whales Are Taking These Alts Off Exchanges

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Over the last couple of months, the chain validators of the asset have seen their supply register a rapid increase. Given the inverse relationship the metric and the price tend to follow, however, this accumulation could be a bearish sign for the asset.

DOGE Price

Dogecoin had made recovery beyond the $0.107 mark earlier, but the memecoin has since gone downhill as it’s back at $0.100.

Dogecoin Price Chart
The trend in the DOGE price over the last five days | Source: DOGEUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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