Since the beginning of last month, DOGE miners have been following a hoarding strategy.
They have cut back on cryptocurrency sales despite Dogecoin’s 15% drop.
According to IntoTheBlock, since August 8, mining pools have accumulated more than 90 million DOGE worth about $56 million, so their reserves have increased from 4.29 billion to 4.38 billion DOGE.
Analysts believe that September and October could prove to be productive months for Dogecoin.
Hodlers hold 45.37 billion DOGE in their wallets and are not going to sell the cryptocurrency yet either.
Over the month, the reserves of long-term investors increased by 1.26 billion DOGE. Now hodlers control 32.5% of the total supply of altcoin.
The cryptocurrency rose to $0.063 today. Its capitalization exceeded $8.877 billion.
According to analysts, if Dogecoin holds above $0.0488, it could rebound to $0.075, where the first resistance zone is located.
If the Securities and Exchange Commission (SEC) approves the launch of spot bitcoin-ETFs in October, the cryptocurrency market could receive additional capital.
In this case, Dogecoin, as one of the top ten altcoins, has a real chance of a breakthrough, experts believe.