DOGE Miners Enter $200 Million Buying Spree Amid 9% Drop

DOGE Price Rebounds After 12% Drop

On June 1, Dogecoin rallied back to $0.16 as bulls rallied to avoid a break below the critical support level of $0.15. The Dogecoin community had a noteworthy week with the passing of Kabosu, the iconic dog that had graced the DOGE logo since its inception.

The launch of the Ethereum ETF also saw memescoin traders flock to Ethereum-hosted memes such as PEPE and Floki, dragging down demand for Dogecoin for much of the week.

In fact, DOGE price quickly dropped 6% in the last week of May, wiping $1 billion off its market cap.

However, as the frenzy around ETH ETFs cools, retail demand appears to be returning to the DOGE market, as reflected by the small 3.3% spike recorded on Saturday, June 1.

Dogecoin miners’ reserves hit $730 million

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

into the block’miners’ reserves chart monitors the real-time changes in the reserve balances held by recognized Dogecoin mining companies. This helps provide strategic traders with information about the trading activities of Dogecoin miners.

The above chart clearly depicts the frenzy of buying by Dogecoin miners over the past month. As of May 1, the reserves of these miners were worth $523.8. But by the end of May, this figure had soared to $732.6 million.

Essentially, this means that Dogecoin miners increased their reserves by $208 million in May 2024. When miners accumulate such a huge wealth in a relatively short period of time, strategic investors interpret it as a bullish signal for several key reasons.

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