Dogecoin price forecast: Miners sell $240M worth as DOGE nears risk zone.

The recent fluctuation in Dogecoin's price has drawn significant attention, particularly following reports that miners have sold approximately $240 million worth of DOGE. This substantial sell-off raises concerns about market stability and investor sentiment as the cryptocurrency approaches a critical risk zone . The influx of selling pressure from miners may indicate an impending downturn or a strategic move to capitalize on current market conditions. As such, this development warrants close examination by both investors and analysts alike.

Trump announced Musk, the world's richest person according to Forbes, will lead the new Department of Government Efficiency or DOGE, alongside Vivek Ramaswamy, a billionaire who ran against Trump in the Republican primary but dropped out to endorse him. Both were adamant supporters of the former president during his reelection campaign.

"This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!" Musk said in a statement Tuesday.

The DOGEUSD daily chart DOGE price recorded a blistering 195% gains in a frenetic nine-day winning streak. As depicted above, Dogecoin had opened trading at $0.16 on November 5, before making its way to a three-year peak of $0.43 on Wednesday. 

Musk, billionaire founder of Tesla and SpaceX, has been a constant presence at Mar-a-Lago since Trump won the presidential election. Ramaswamy, another entrepreneur, threw his support behind Trump since suspending his own campaign for the presidency in January.

Dogecoin gained relevance in 2021 following Musk’s endorsement and continuous hype on social media, which has since become a big catalyst for the coin. In May that year, Musk’s posts fueled dogecoin’s rally to its all-time high of 67 cents, per Coin Metrics. Though his appearance at the time on “Saturday Night Live,” in which he called dogecoin “a hustle,” sent its price crashing down.

The rest of the crypto market was on pause from its postelection rally. Bitcoin was trading flat at about $87,000, after briefly touching $90,000 in late-afternoon trading. Crypto stocks Coinbase and MicroStrategy were lower by 1% and 2%, respectively, in extended trading.

Furthermore, the potential implications of this sell-off extend beyond immediate price action. Analysts speculate that if Dogecoin can break through its established resistance levels, it may pave the way for new all-time highs. However, the interplay between miner activity and market dynamics suggests that sustained upward momentum could be compromised if selling persists. Thus, stakeholders must remain vigilant regarding these developments to navigate the volatile landscape of cryptocurrency investment effectively.

 Read more

Sarah H

Also on site :

• Who won Irish Grand National 2025? Full results, fallers and finishing order for 5.00 Fairyhouse race
• New York Jets make $50million NFL Draft decision as focus shifts following doomed Aaron Rodgers experiment
• America (and I) went on a pre-tariff splurge in March