Interest in Dogecoin (DOGE) has been on a steady decline in the last year and miners have not been exempt from this. Recent data shows that these miners may already be losing faith in the meme coin which they have been offloading in the millions in the last two months.
Dogecoin Miners Sell $53 Million Worth Of Coins
The Dogecoin miner reserves saw a significant drop between August and October which suggests that this holder cohort is beginning to sell. And given the fact that DOGE miners are some of the largest holders, their selling can signal doom for the cryptocurrency.
As data from IntoTheBlock shows, Dogecoin miner numbers dropped from 4.67 billion DOGE to 4.35 billion DOGE. This means that between August and October, these miners reduced their balances by around 320 million. To put this in perspective, in dollar figures, DOGE miners have sold around $53 million worth of tokens in less than two months.
Interestingly, miners are known to wait for better prices before selling their
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