Dogecoin Price Rebounds Above $0.16: Will Miner Activity Sustain the Rally?

• Dogecoin (DOGE) miners’ recent activity has stimulated prices for the memecoin, helping it reverse its recent price losses.
• DOGE has faced vicious competition from new and innovative memecoins led by Ethereum-hosted memes like PEPE and Floki Inu (FLOKI).

Dogecoin (DOGE) has impressed in recent days, after posting positive returns. This comes in the wake of renewed miners’ activity. After facing immense bearish pressure at the end of May, DOGE investors have enjoyed relief as the memecoin stages a bearish reversal.

Onchain data shows that Dogecoin miners have added nearly $200 million to their reserves, seeing the kitty reach over $732 million by the end of the month. This move could account for the recent price jump, as demand for the memecoin surges.

The recent accumulation offers two insights for the altcoin. It first shows that miners’ increase of their reserve means only a few of the coins being generated are entering the market, leading to few coins in circulation. This is a bullish stance that drives demand and prices higher.

The accumulation also reveals miners’ sentiments. With miners, key influential players in the industry, traders, and holders could be influenced to take a bullish outlook for the world’s most popular memecoin in the market.

At the time of writing, DOGE is trading at $0.1611 after a 2% surge in the last 24 hours. This rise helps the investors claw back some roots of their losses after a 6% plunge in the last 7 days.

Dogecoin has come under immense pressure over the last couple of weeks with key contenders of the memecoin outperforming the altcoin. Ranked 9th with a $23.2 billion market cap, DOGE has failed to keep up with its rivals, led by Shiba Inu (SHIB), PEPE, and Floki Inu (FLOKI)

Ethereum-hosted memes like PEPE and Floki Inu (FLOKI) in particular have impressed based on their association with Ethereum. After the approval of an Ethereum spot ETF, there is excitement around the tokens in its ecosystem, with the potential for a wide rally in the ecosystem and approval of other crypto ETFs.

Network growth around its rivals, namely Shiba Inu, has also seen SHIB outperform DOGE. The 12th-ranked coin with a $14.6 billion market cap represents DOGE’s most immediate threat. Market experts have forecasted that SHIB will flip DOGE into the prestigious top ten ranked coins.

As CNF recently reported, the Dogecoin community is ready to defend its position. Crypto Analyst, Mags, provoked the interests of Dogecoin enthusiasts after predicting a a 700% price surge that will send Dogecoin above $1. Such a significant surge could constitute an all-time high of $1.17.

A key trigger for this breakout could come in the form of integration as a payment method on the X platform. Elon Musk’s “everything app” is edging closer to launch with speculation that Dogecoin will play a key role in its operations.