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Cardano Founder Reacts to ADA Stagnation Around $0.45 

Lele Jima
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Cardano Founder Reacts to ADA Stagnation Around $0.45 

The ADA price stagnation around $0.45 stirs reactions among community members, with Cardano founder Charles Hoskinson joining the debate. 

For context, Cardano’s price has continued to trade around the $0.45 mark since May 29. Despite falling below $0.45 several times, ADA still finds its way back to the 45 cents level after a few hours of trading, but has failed to confidently surpass it.

ADA Stagnation at $0.45 

As a result, some Cardano community members characterized ADA as a “stablecoin.” Interestingly, other community members took to X to share memes explaining the current situation of ADA’s price. 

Cardano stake pool operator Stake with Pride shared a meme of the Grim Reaper with ADA’s logo knocking on different doors marked “45 cents.” 

The depiction suggests that the Grim Reaper, which represented Cardano, had successfully destroyed $0.45 mark twice. However, the Grim Reaper was still faced with the same challenge of overcoming the $0.45 resistance again. 

Cardano Founder Reacts 

The Cardano founder noticed this wave of humor. Reacting, Hoskinson shared his version of the meme, showing the Grim Reaper in disbelief as it fails to destroy the $0.45 mark despite multiple attempts. 

Although Hokinson’s reaction carries an undertone of humor, it reflects the frustration of Cardano community members regarding ADA’s recent price actions.

Nonetheless, Hoskison’s reaction surprised many, given that the Cardano founder rarely commented on the price of ADA. Instead, he focuses on the development aspect of Cardano, a major move that could bolster the widespread adoption of ADA.

ADA Still Trading at $0.45 

At press time, ADA was still trading around the $0.45 mark, precisely at $0.4534 per token. At this price, Cardano is up 0.37% in the daily charts and down 0.82% over the past seven days. 

It bears mentioning that ADA had previously witnessed prolonged price stagnation in 2019 and 2021. While the price of ADA hovered at $0.04 in 2019, the asset experienced a similar price stagnation in 2021, hovering around the $1 price mark. 

Bitcoin Trader Says XRP to $10 is Inevitable

Abdulkarim Abdulwahab
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Bitcoin Trader Says XRP to $10 is Inevitable

Prominent Bitcoin day trader Emily asserts that a $10 value for XRP is inevitable alongside Bitcoin reaching $100,000.

Emily disclosed this sentiment in a recent post on X in which she shared price targets for some leading altcoins, including Ethereum (ETH), Solana (SOL), and BNB. 

“$10 is Inevitable for XRP”

According to the Bitcoin trader, XRP is bound to soar to $10 in this bull market, particularly should Bitcoin hit $100,000 or Ethereum attain $10,000.

With Bitcoin trading at $68,673, the premier asset would require a 45.62% surge to crack the $100,000 threshold.

Interestingly, from its present market value of $0.5179, a 45% growth places XRP at only $0.754, a figure that Emily finds exceptionally conservative. The analyst anticipates that XRP could similarly set a new all-time high if Bitcoin reaches $100K.

For Emily’s projection of the $10 mark for XRP to materialize, XRP must increase by 1,831% from its current price. However, she provided no concrete reasons or factors to support the inevitability of such a significant price increase.

Four Other Analysts Agree with $10 Forecast

Meanwhile, at least four other analysts have sided with the outlook, asserting that XRP could reach $10 this market cycle. They largely attribute the potential surge to historical patterns on XRP charts. 

In his analysis, XForceGlobal pointed to a symmetrical triangle on XRP’s chart from 2021, suggesting a breakout could lead to a $9-$11 price range.

Likewise, CryptoBull identified an ascending triangle on the monthly chart, predicting a $10-$13 price this year. Capt. Toblerone used an Elliott Wave pattern to forecast a rise to $10-$11.5. 

In December, analyst EGRAG argued that XRP could reach $10 or $50 based on a rare three-green candle pattern on its monthly chart. This pattern has only been seen twice in XRP’s history, each time followed by significant rallies. 

Observing XRP Performance for $10 Potential

Overall, these expectations for XRP seem ambitious, considering its recent price movements. XRP is currently trading at $0.5179, which is 2% below its price from last week. When looking at broader timeframes, such as the past month and year, XRP’s performance shows a similar 2% decline.

Essentially, XRP has languished around $0.5 for the past months with barely any sustained uptrend despite the generally bullish sentiment in the crypto market. 

Nonetheless, pundits like Emily remain optimistic about XRP’s potential, boldly claiming that a near 20-fold increase is inevitable.

3,000,000,000 XRP, 5.4% of Circulating Supply Moved

Sam Wisdom Raphael
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3,000,000,000 XRP, 5.4% of Circulating Supply Moved

Ripple moves a combined volume of 3 billion XRP, representing 5.4% of the circulating supply, across eight transactions in 30 minutes.

The transactions, tracked by crypto monitoring resource Whale Alert, pertained to the American payment company’s routine escrow executions and creations. Notably, in addition to this month’s escrow release, Ripple carried out an additional six significant transfers, which have garnered attention.

Prominent crypto commentator Marty Party called attention to the fund flow, which amounted to over $1.5 billion.

The firm executed a total of eight transactions, including the two escrow releases. Notably, this month’s escrow release was delayed, failing to execute at midnight. Although similar anomalies have occurred throughout the year, this marks the first instance where both 500 million XRP transactions experienced significant delays.

Details of the XRP Transactions

The first of the eight recently-spotlighted transactions occurred at 21:30 UTC on June 1. It involved the movement of 200 million XRP from one Ripple wallet to another. Four minutes later, the sender address moved an additional 300 million XRP to a different wallet, bringing the total volume to 500 million XRP.

Another Ripple address transferred 500 million XRP to a company-affiliated wallet at 21:38 UTC. Three minutes later, the recipient address locked the 500 million XRP in escrow, bringing the total volume moved to 1.5 billion XRP. Shortly after, the address that initially received 300 million XRP in the second transaction proceeded to lock up all 300 million tokens.

With this transaction, the cumulative volume transferred rose to 1.8 billion XRP, with 800 million tokens locked in escrow. Interestingly, at this point, Ripple had locked up 800 million XRP in escrow without releasing any token from escrow for June. After the lockup, the firm then moved 200 million XRP to another wallet, bringing total volume to 2 billion tokens.

Ripple Escrow Unlocks

Unconventionally, Ripple unlocked the first 500 million XRP from escrow at 21:55 UTC. Three minutes later, the company unlocked the second batch of 500 million XRP. These two transactions brought the total volume transferred by Ripple to 3 billion XRP, moved between 21:30 and 21:58 UTC on June 1.

Despite the unusual 3 billion volume moved, this marked the second instance when Ripple unlocked all 1 billion XRP from escrow on the first day of the month. Since February, Ripple has typically unlocked only 500 million tokens on the first. In some months, it releases the additional 500 million tokens later, while in others, it fails to execute this second batch.

For instance, last month, Ripple first saw the release of 500 million XRP on the first day, two hours after midnight. While the firm went on to lock back 800 million tokens, the second batch of 500 million XRP failed to execute until three days later. 

Shiba Inu Exposes New Scam Targeting SHIB Holders

Lele Jima
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0
Shiba Inu Exposes New Scam Targeting SHIB Holders

The Shiba Inu ecosystem team has issued a new warning to the community regarding the widespread launch of illicit tokens on ShibaSwap.

Scammers have been deploying a series of attacks within the Shiba Inu community to mislead unwary investors. 

These malicious actors focus on the SHIB community due to the heightened engagement the community offers. However, the Shiba Inu ecosystem team has continued to expose these scam tactics to keep investors safe. 

Shiba Inu Exposes New Scam Tactics 

In a recent warning posted on Discord by DaVinci, he warned that deceitful individuals are launching illicit tokens claiming affiliations with the official ecosystem team. 

DaVinci’s warning was shared by top Shiba Inu community member Digarch on X yesterday. 

The Shiba Inu Discord admin pointed out that these malicious actors are no longer using the routine Ryoshi Research mediums to give false credibility to these illicit projects. Instead, they have devised new strategies involving exploiting the Shiba State and the Canine code. 

Furthermore, DaVinci said these scammers also add shib.io, the link to the official Shiba Inu ecosystem website, to their videos to make their hoax projects appear more legitimate. 

Notably, the Discord admin urged community members to always conduct due diligence before investing in any token. DaVinci noted that the team has not launched the TREAT token yet, adding that any project claiming to be affiliated with it is part of a plot to defraud unsuspecting investors. 

Why Shiba Inu Hasn’t Banned Fake Tokens on ShibaSwap 

According to DaVinci, the team would have banned illicit tokens deployed on Shiba Inu’s official decentralized exchange (DEX), ShibaSwap. 

However, he admitted that ShibaSwap’s decentralized nature makes it impossible for a central authority, like the official Shiba Inu ecosystem team, to ban illicit tokens on the platform. 

Notwithstanding, DaVinci said the team will continue to voice its disapproval against the unethical practices deployed by scammers. 

DaVinci’s warning comes days after Shiba Inu’s marketing lead Lucie cautioned SHIB holders against engaging with celebrity-led meme coin projects. For context, several top celebrities, including media personality Caitlyn Jenner and Nigerian artist Davido have been embroiled in rugpull meme coins that have led to investor losses.

Cardano Revenue Falls to 3-Year Low amid Ethereum Surge: Is ADA Price at Risk?

Mark Brennan
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Cardano Revenue Falls to 3-Year Low amid Ethereum Surge: Is ADA Price at Risk?

Cardano price closed May 2024 at $0.44 down 12% in the last 10 days, on-chain analysis examines the key bearish catalysts behind the ongoing ADA downtrend. 

Cardano Price Slides Below Critical $0.45 Support Level

Since the Ethereum ETF approval, rival Layer-1 networks, including Solana (SOL), Bitcoin (BTC), and Cardano, have struggled for traction. In recent market events, retail investors have switched focus to Ethereum markets in efforts to supercharge their profits as the broader crypto markets slide into a consolidation phase.

This rare market dynamics has been evident in ADA’s recent price action.

Cardano (ADA) Price Action | TradingView
Cardano (ADA) Price Action | TradingView

Cardano price closed May 2024  at the $0.44 level, marking a 14% decline from the monthly peak of $0.51 recorded on May 21. The negative ADA price action over the last 10-days coincided with the bullish momentum surrounding ETH markets.

Cardano Network Revenue Falls to 3-Year Low

However, this shift in investor preferences has not been restricted to the speculative markets alone. On-chain data trends show that Cardano has attracted significantly lower traction across its native DeFi protocols this week, which has resulted in reduced network revenue.

The IntoTheBlock chart below tracks the daily fees charged on transactions conducted on the Cardano blockchain network. This provides insights into network activity as well as the revenue accruing to network validators who stake their assets.

Cardano price vs. ADA Transaction Fees 
Cardano price vs. ADA Transaction Fees

As depicted above, Cardano network pulled 11,970 ADA in total transaction fees on May 26, 63% lower that its 2024 peak of 32,480 ADA recorded in March. Notably, historical data shows that this is the lowest daily transaction fees recorded since 2021.

When a blockchain network records such a dramatic drop-off in transaction fees, it signals that the network is losing market share to competitors, leading to lower demand for its native products and services.

Moreover, as a Proof-of-Stake network, this decline in Cardano fees means less revenue accruing to network validators who stake their assets to validate transactors and secure the network.

Falling revenues could see Cardano stakers begin to withdraw their assets and shift focus to more profitable PoS protocols in the coming days. If this scenario plays out, it could further exacerbate the ADA price downtrend.

ADA Price Forecast: $0.40 Reverse in Motion?

Cardano price has twice fallen below the $0.45 support cluster in the last 48-hours. With transaction fees trending at 3-year lows, bears looks set to force a Cardano price downswing toward the $0.40 level in the days ahead.

However, IntoTheBlock’s GIOM data suggests the bears could hit a roadblock at the the $0.43 area in the near-term.

Cardano Price Forecast (ADA/USD) | IntoTheBlock
Cardano Price Forecast (ADA/USD) | IntoTheBlock

Looking at the chart above, 407,260 addresses had acquired 3.83 billion ADA at the maximum price of $0.43. If they hold their positions, ADA’s price could stage an instant rebound above $0.45.

However, with demand weakening as indicated by the falling transaction fees, bears appear to be in control, putting Cardano’s price at risk of an inevitable reversal towards $0.40.

Alternatively, if the markets swing bullish, the $0.46 level could be the next significant resistance level to watch.

Leading Analyst Shares How to Invest $1,000 in Altcoins to Maximize Returns

Abdulkarim Abdulwahab
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0
Leading Analyst Shares How to Invest $1,000 in Altcoins to Maximize Returns

A notable pundit in the crypto industry outlines his approach for investing $1,000 in crypto assets, suggesting strategies to allocate 10% across multiple sectors.

The crypto market is amid a fresh bull cycle where modest sums potentially transform into multi-million-dollar fortunes. Bitcoin has already set the stage by breaking its 2021 peak and is currently on a path to price discovery.

With Bitcoin on the verge of recording more gains, the broader crypto market could follow. However, many retail investors struggle to identify which crypto assets offer the most promising returns in the bullish season.

To address this dilemma, the host at the renowned Altcoin Daily show has outlined his strategy for investing $1,000 in crypto assets this year. The pundit notably emphasized that investing at this juncture is not akin to arriving late to the party, as numerous crypto assets still linger below their previous all-time highs.

Altcoin Daily’s Strategy to Investing $1,000 in Crypto Today 

The Altcoin Daily host disclosed that if he allocates $1,000 into the crypto market today, his first $500 or 50% of the funds would go towards Bitcoin. His decision to invest in Bitcoin is rooted in the new involvement of institutions in the BTC market, particularly via spot exchange-traded funds.

Significantly, the United States authorized the inaugural ETFs directly investing in Bitcoin in January, contributing partly to BTC’s surge to its new all-time high of $73,750 in March. Additionally, jurisdictions such as Hong Kong have followed suit, approving spot ETFs for Bitcoin and Ethereum.

With Bitcoin’s fixed supply cap set at 21 million units and ETF issuers collectively holding approximately 1 million BTC, the Altcoin Daily host is confident that investing in Bitcoin is a prudent choice.

Next 20% Goes to L1 and Infrastructure Crypto Assets

Furthermore, the host noted that 20% of his subsequent capital allocation would be allocated to layer-one (L1) blockchain and infrastructure projects. Here, he specifically mentioned Ethereum (ETH) and Solana (SOL).

This decision draws from Brian Kelly’s recommendation. Kelly, the founder of digital currency investment firm BKCM, asserts that ETH and SOL are compelling investments due to their pivotal roles in shaping the future of finance. 

In particular, Kelly noted that Ethereum and Solana are poised to underpin the development of new financial systems, particularly DeFi.

Furthermore, the Altcoin Daily host expressed a strong inclination towards L1 blockchains in general, emphasizing their fundamental significance irrespective of which aspect of crypto ultimately prevails.

He pointed out that, unlike the internet boom of 1999, when investors could not invest in the base protocols, L1s offer a unique opportunity to invest in the underlying infrastructure. He believes that regardless of which NFTs, gaming coins, or DEXs succeed, the value will ultimately accumulate on L1 blockchains.

As a result, out of his 20% allocation for layer-one and infrastructure crypto projects, 5% each would be allocated to Ethereum and Solana. Additionally, 5% would go into infrastructure crypto projects like Chainlink (LINK).

For the remaining half of the 20% allocation, the host identifies worthy choices in Cardano (ADA), Toncoin, Near Protocol, and Cosmos (ATOM).

Next 30% Goes to AI, Gaming, Memes and RWA

With 30% of the $1,000 allocation remaining, the market commentator divulged that 10% would be directed towards AI-based crypto projects, reflecting the growing prominence of artificial intelligence. 

Noteworthy investments in this sector include Bittensor (TAO) and Render (RNDR). In the gaming sector, 10% would be allocated. His favored choice includes Immutable (IMX) due to its infrastructure offerings tailored to the sector.

The final 10% allocation is designated for meme coins and tokens associated with real-world asset tokenization, with each receiving a 5% allocation.

Here is Shiba Inu Price if SHIB Captures 10% of Bitcoin Valuation

Sam Wisdom Raphael
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0
Here is Shiba Inu Price if SHIB Captures 10% of Bitcoin Valuation

Shiba Inu price will hit unprecedented levels if SHIB captures just 10% of the current market cap of Bitcoin, the leading crypto.

With the broader crypto market witnessing a period of volatility and stifled growth, Shiba Inu price has failed to recover its yearly high above $0.000045. SHIB currently changes hands at $0.00002434, down 1.77% over the last 24 hours and 4.31% in the past month. At its current price, Shiba Inu has collapsed nearly 46% from the yearly peak.

Shiba Inu Price Targets

Despite the current turbulence, market watchers remain optimistic of an imminent price rally, suggesting that the second round of upswings in the ongoing bull market could take SHIB to unprecedented levels. However, some targets, including the $0.05 goal, have been dismissed as unfeasible.

One of the major obstacles to some of these ambitious targets is Shiba Inu’s extensive circulating supply. With 589 trillion tokens in circulation, Shiba Inu either needs to welcome a massive amount of demand or burn a large portion of its supply to clinch some of these targets.

Notably, if either or both of these actions do not occur, these audacious targets would translate to unrealistic market caps for SHIB. For instance, a $0.05 price would lead to a market valuation of $29.4 trillion for Shiba Inu, making it the world’s largest asset and surpassing the combined market cap of Gold, Microsoft, Apple, Nvidia, and Alphabet (Google).

SHIB Price if It Captures 10% of Bitcoin Market Cap

There is not enough money to sustain this sort of market cap for SHIB. Amid the speculation and uncertainty among market participants, The Crypto Basic assessed what Shiba Inu’s price would be at a more feasible market cap, specifically 10% of what Bitcoin currently boasts.

Market data confirms that Bitcoin, the largest crypto by market capitalization, currently has a valuation of $1.353 trillion, making it the ninth-largest asset in the world. Notably, 10% of this valuation translates to $135.4 billion, still significantly lower than Ethereum’s market cap, which currently stands at $461.1 billion.

However, if Shiba Inu should claim such a market cap, its price per coin would record a substantial increase. Notably, if SHIB’s circulating supply remains fairly stable at 589 trillion tokens, a valuation of $135.4 billion will lead to a price of $0.0002298 for Shiba Inu. This represents an 844% increase from its current price.

It bears mentioning that such a target for Shiba Inu is completely feasible even in the current bull run, given its ability to stage massive runs. The Crypto Basic evaluated that SHIB could realistically hit $0.0002 if it follows a similar trajectory to the previous bull run. However, despite the feasibility, it remains uncertain if Shiba Inu can hit this price.

Bitcoin Price Hits Roadblock at $67,500: What’s the Next Move?

Mark Brennan
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Bitcoin Price Hits Roadblock at $67,500: What’s the Next Move?

Bitcoin price held firm at the $67,500 support on Saturday June 1 2024, as the crypto market entered consolidation phase amid delays surrounding Ethereum ETFs official  launch.

Bitcoin price down 7% since Ethereum ETF approval

The Ethereum ETF approval triggered bullish sentiment and positive media coverage, as it marked a significant milestone for global cryptocurrency industry. However, a week down the line, the ETH spot ETFs are yet to launch, with fund issuers still making final adjustments to their fillings.

With the ETH ETFs in hiatus, the crypto markets have witnessed significant swings in investment patterns and strategy. Notably, ETH and specific Etheruem-hosted projects like memecoins and DeFi protocols have been in high demand, to the detriment of the other rival blockchain networks.

Bitcoin (BTC) Price Action Since Ethereum ETF Approval
Bitcoin (BTC) Price Action Since Ethereum ETF Approval

Since reaching its monthly peak of $71,954 on May 21, Bitcoin has now declined 7%, falling as low as $66,657 within the daily timeframe on May 31. A closer look at the daily chart shows how Bitcoin bulls have instantly responded with covering purchases to reclaim the $67,500 support territory.

Whale Investors are Buying the Bitcoin Dip

However, while retail investors appear to be seeking more profitable opportunities within the Ethereum ecosystem, on-chain data shows that whale investors have continued to doubled on BTC.

IntoTheBlock’s daily Large Transactions chart below tracks the total number of unique BTC transactions that exceed $100,000 in value on any given day. This provides real-time insights into the level of whale demand accruing to Bitcoin during that given period.

Bitcoin price vs. BTC Large Transactions | IntoTheBlock 
Bitcoin price vs. BTC Large Transactions | IntoTheBlock

Bitcoin attracted on 11,530 whale transactions on May 26, as depicted in the chart above. But as the price correction phase intensified, rather than exit, Bitcoin whales appear to have increased their demand.

The latest data as on May 31 shows that Bitcoin reached 19,020 whale transactions, reflecting 65% surge in whale demand, during a period of 7% price decline.

This shows that while BTC price dropped over the past week amid weak retail sentiment, whale investors have capitalized on the low prices to buy the dip.

Bitcoin price forecast: $70k Rebound Ahead

Bitcoin is exchanging hand for $67,600 at the time of writing on June 1, down 7% over the last 10-days. But given the steady increase in whale demand, Bitcoin price looks set to enter a major rebound above $70,000 mark once the market sentiment flips bullish in the days ahead.

In terms of key resistance levels to watch, IntoTheBlock’s GIOM data shows BTC price could hit an initial roadblock at the $68,500 level.

Bitcoin Price Forecast (BTC/USD)
Bitcoin Price Forecast (BTC/USD)

As seen above, 1.24 million existing BTC holder address had acquired 826,790 BTC at the maximum price of $68,658. If those holder opt to exit early, Bitcoin price could experience downward pressure once it nears their breakeven point.

But if the bullish momentum is strong enough to propel Bitcoin price above the $68,700 level, an instant rebound above $70,000 could be on the cards.

On the downside, if the $67,500 support fails to hold, Bitcoin bears could target a reversal toward the $65,600 area. But with the growing whale demand, this scenario currently looks unlikely.

53.7% of Investors Want To Opt For Memecoins Over Bitcoin – AMBCrypto’s Exclusive Survey Finds

Albert Brown
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53.7% of Investors Want To Opt For Memecoins Over Bitcoin – AMBCrypto’s Exclusive Survey Finds

As the crypto landscape continues to evolve, an unexpected trend has emerged of late – investors are increasingly gravitating towards memecoins. According to a recent global survey by AMBCrypto, over half of the respondents expressed a preference for memecoins over the traditional heavyweight, Bitcoin.

This shift is particularly notable with Solana-based memecoins outperforming their Ethereum counterparts, despite Ethereum-based PEPE reaching a new all-time high.

This surge in memecoin popularity aligns with broader market trends and investor sentiment. For instance, gaming tokens have seen varied fortunes, with stalwarts like The Sandbox and Axie Infinity displaying resilience amid a general market downturn. This blend of enthusiasm for both new and established crypto assets suggests a dynamic, shifting landscape.

AMBCrypto’s detailed market report offers more than just data; it provides context on how memecoins, despite their perceived risk, are becoming a staple in diverse investment portfolios. The analysis includes insights into trading volumes, market sentiment, and the broader economic factors influencing these digital assets.

Moreover, the report explores the implications of this shift for traditional cryptocurrencies and what it suggests about the evolving landscape of digital finance.

This report also provides a comprehensive view of the current state and potential future of cryptocurrencies, including insights into investor behaviors and market movements that are shaping the crypto world.

Dogecoin Price Forecast: DOGE Miners Enter $200M Buying Spree amid 9% Dip

Mark Brennan
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Dogecoin Price Forecast: DOGE Miners Enter $200M Buying Spree amid 9% Dip

Dogecoin price rebounded above $0.16 on June 1, reversing losses from the 12% decline last week, how will DOGE miners recent activity impact the rebound phase? 

DOGE price rebounds after 12% Decline

Dogecoin price reclaimed $0.16 on June 1 as bulls rallied to avert a downswing below the critical support level at $0.15. The Dogecoin community has had a noteworthy week, with the death of Kabosu, the iconic dog that has graced the DOGE logo since inception.

The Ethereum ETF launch also saw memecoin traders flock towards Ethereum-hosted memes like PEPE and Floki Inu (FLOKI), putting a drag on demand for Dogecoin for most of the week.

Dogecoin (DOGE) price action | Source: TradingView
Dogecoin (DOGE) price action | Source: TradingView

In effect, DOGE price rapidly entered a 6% decline in the last week of May, shedding over $1 billion off its market capitalization in the process.

However, as the euphoria surrounding ETH ETFs cools off, retail demand appears to be returning to the DOGE markets, as reflected by the modest 3.3% surge recorded on Saturday, June 1.

Dogecoin Miners Reserves Hits $730 million

At retail demand gradually returns to the DOGE markets, on-chain data shows that Dogecoin miners have also entered bullish accumulation mode.

IntoTheBlock’ miners reserves chart below monitors real-time changes in reserve balances held by recognized Dogecoin mining firms. This helps to provide alter strategic traders on Dogecoin miners’ trading activity.

Dogecoin (DOGE) price action | Source: TradingView
Dogecoin (DOGE) price action | Source: TradingView

The chart above clearly depicts that Dogecoin miners have been in a buying frenzy over the past month. As of May 1, the miners held $523.8 worth of DOGE in their reserves. But by the end of the month that figure has surged to $732.6 million.

Essentially, this implies that the Dogecoin miners grew their reserves by $208 million in May 2024. When miners make such a large accumulation within a relatively short period, strategic investors interpret it as a bullish signal for a few key reasons.

Firstly, it means that fewer number of newly-mined coins are being dumped onto the market, cooling the potential selling pressure. Also, the miners’ influence within the blockchain network means that other investors could opt to mirror their trades during periods of neutral market sentiment.

These key factors could propel DOGE price into a prolonged rebound phase in the days ahead.

DOGE Price Forecast: Bulls Could Target $0.20 Rebound

Dogecoin price reached a daily timeframe peak of  $0.16 in June 1. But drawing insights from the miners’ $208 million haul in May 2024, DOGE price could be on the verge of 30% rebound above the $0.20 milestone in the days ahead.

Further affirming this bullish stance, IntoTheBlock’s GIOM data shows that Dogecoin’s next major resistance cluster lies at the $0.18 level.

Dogecoin Price Forecast | DOGE/USD
Dogecoin Price Forecast | DOGE/USD

As seen in the chart above, 761,310 holders had acquired 13.5 billion DOGE at the average price of $0.179. If majority of those holders opt to take early profits, Dogecoin price could struggle to breakout for that resistance cluster.

But if DOGE bulls can smash that sell-wall, another leg-up above the $0.20 area could be on the cards.

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