Dogecoin Miners Dump 65 Million Tokens in 48 Hours

According to on-chain analyst Ali Martinez, Dogecoin miners have offloaded 65 million tokens in the last 48 hours. The DOGE token has only been trading at $0.17 so far, even as investors continue to cash out their holdings.

The token dropped from its peak in February and could fall even further if selling pressure persists.

> Miners offloaded over 65 million #Dogecoin $DOGE in just 48 hours!
> — Ali (@ali_charts) March 15, 2025

Selling Pressure on DOGE

When miners sell off large amounts of tokens, it’s usually driven by profitability concerns or market pressure from price instability. The Dogecoin token has seen its miners dump 65 million tokens in just two days.

Some analysts have hinted that the token could fall below the $0.15 mark if selling pressure continues to rise. However, some believe that the token could soon overcome its decline and surge thereafter. Trader Tardigrade thinks a surge is coming, stating, “Dogecoin HUGE Surge is coming.” He noted that historically, after a breakout leading to a correction phase, the token often experiences a price rise soon after. He believes that if selling continues, Dogecoin could reach $1 or more over the long term.

Analyst ByllifyX posited that the token could hit $3 soon, while some speculate that if more buyers enter the market, DOGE could rebound above $0.17 in the short term.

Impact of Bitcoin’s Downturn

Historically, when Bitcoin declines, the entire crypto ecosystem is affected, leading to increased volatility in altcoins like DOGE. Currently, Bitcoin is trading slightly below $85,000, down from a peak of $90,000 earlier this month. Analysts attribute DOGE’s current price action and market state to Bitcoin’s downturn and prevailing inflation fears.

Musk’s Involvement

Elon Musk’s connection to the Department of Government Efficiency has garnered attention for the DOGE token. Following Donald Trump’s announcement of a digital asset stockpile, DOGE surged nearly 20% to $0.24, despite not being included in the stockpile.

On Monday, whales purchased 140 million DOGE in just 24 hours, and over the weekend, 910 million tokens were bought up by investors. Analysts believe the renewed interest in DOGE is linked to Musk’s involvement with the agency that shares its acronym with the token.

Musk remarked on the Joe Rogan Experience last week about the connection, stating that he considered naming the agency the Government Efficiency Commission but opted for something more engaging. However, as more miners offload their holdings, the future of Dogecoin remains uncertain.