Sunday September December The price of #Dogecoin (DOGE) continues to remain stable in the range of $0.06 due to the failure of the bulls to take advantage of the rise in the crypto market in late September.

Dogecoin Miners now hold only 4.35 billion coins in cumulative reserves, the lowest level since the pioneer memecoin's inception in 2013.

DOGE spot price performance has remained relatively stable, while speculative investors have recently added $30 million to their derivative positions.

Miners Reserves track the current deposit balances in wallets controlled by well-known large-scale Dogecoin miners and mining pools.

October August 17th-October 5th, when valued at the current market price of $0.06, the sale of 320 million DOGE means that the miners have withdrawn about $19.2 million between August 17th and October 5th Dec.

Sunday December 2019 The Dogecoin (DOGE) price continues to remain stable in the range of $0.06 due to the failure of the bulls to take advantage of the short rise in the crypto market in late September. The on-chain data analysis examines how the recent Deceleration trend among Dogecoin miners could put DOGE prices at risk.

Dogecoin miners were seen making unprecedented withdrawals, condemning the pioneer memecoin to a 30-day consolidation in the $0.06 December range. Can rising speculative traders prevent the DOGE price from falling to historic lows?

Dogecoin Miners' Reserves Have Fallen to an All-Time Low

August December The price of Dogecoin has clearly remained in the range of $0.06 – $0.063 since the middle of August. Sunday Deceleration continued despite the occasional, albeit bullish, waves in the broader crypto markets.

Vital data trends on the chain now reveal that Dogecoin miners draining their reserves may be behind the price stagnation. As shown below, miners had a total of 4.67 billion DOGE as of August 17. However, this figure has been gradually decreasing since then, reaching 4.35 billion DOGE on October 5.

October August 17th to October 5th, Dogecoin miners sold 320 million Decals from their total reserves.

Typically, such a large decrease in miners' reserves means that node validators liquidate a significant portion of their block rewards. When newly minted coins continue to increase the market supply, it puts downward pressure on prices.

And it is obvious that the selling frenzy of Dogecoin miners has significantly contributed to the DOGE price stagnation that has been observed since August 18th.

However, time will tell whether other important stakeholders and market participants will take action to prevent the decline in Dogecoin prices.

Speculative Investors Invested $28 Million in Fresh Capital Inflows

In a move that could neutralize the downward impact of the miners' historic sell-off, speculative traders have made significant capital inflows into the Dogecoin derivatives markets.

As an indicator, it was seen that the Dogecoin Open Position was at a total of $ 205 million as of September 21. But remarkably, by the time the news broke on October 5, it had gradually increased to $ 234 million.

This means that Dogecoin speculative investors have made new capital inflows worth $29 million in the last two weeks.

Dogecoin (DOGE) Open Position Dogecoin (DOGE) Open Position: Source: Coinalyze

The Open Position indicates the total value of the outstanding futures or options contracts paid for DOGE in the derivatives market. An increase in the open interest rate indicates that investments are increasing and market sentiment is improving.

The $29 million inflow over the past two weeks may explain why the DOGE price has maintained the $0.06 support in the face of intense selling pressure from miners.

In summary, since the reserves of Dogecoin miners are currently at an all-time low, it logically follows that their influence on price movements may begin to decrease. Therefore, if speculative traders continue to accumulate fresh capital, the DOGE can avoid a major price collapse.

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