The cryptocurrency Dogecoin is experiencing a period of stability and intensified selling pressure, attributed to the diminishing interest of Tesla (NASDAQ:TSLA) CEO Elon Musk and regulatory pressures. This shift in the market has caused some level of concern within the Dogecoin community regarding its future integration.
On Sunday, DOGE miners held 4.47 billion reserves. However, within three days, this number had decreased to 4.41 billion, indicating an increase in selling as prices rose. This trend mirrors the halt in Bitcoin's price and a broader selling trend that has been observed since August 15.
In terms of holdings, whales, or large investors who hold between 1 billion to 10 billion DOGE, have reduced their holdings by 0.37% over the past month. In contrast, individual investors, those holding between 10 thousand and 100 thousand DOGE, have increased their holdings by 1.43%.
The current price of Dogecoin hovers around $0.071. For the cryptocurrency to target prices of $0.095 and $0.1, it needs to overcome a resistance level at $0.075 and establish it as support.
In the short term, the potential approval of BlackRock (NYSE:BLK)'s ETF could sustain positive sentiment in the cryptocurrency market. The impact on Dogecoin remains to be seen as the community continues to navigate through these shifting market dynamics.
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