Dogecoin [DOGE] miners have been busy, and they've been offloading a portion of their coins.

Dogecoin [Doge]礦工一直很忙，他們一直在卸下部分硬幣。

As seen in the supply held by miners chart from Santiment, this sell-off marks one of the most notable reductions in miner reserves in recent times.

從Santiment的礦工圖表所持有的供應中，這種拋售標誌著礦工儲備中最著名的減少之一。

With DOGE struggling below key moving averages, could this miner exodus spell further downside, or will the market absorb the selling pressure?Massive miner sell-off: A bearish signal?

隨著多名掙扎在關鍵移動平均值以下，該礦工出埃及記可以進一步拼寫，還是市場會吸收銷售壓力？大量的礦工出售：看跌信號？

Santiment’s chart revealed that Dogecoin miners had reduced their holdings from approximately 1.55 billion DOGE to 1.48 billion DOGE in just a short span.

Santiment的圖表顯示，Dogecoin礦工在短短的一小段時間內將其持股量從約15.5億門降到了14.8億輛。

This sharp decline suggested that miners are liquidating their assets, possibly to cover operational costs or in response to market conditions. Historically, large miner sell-offs have led to downward price pressure as increased supply meets static or weakening demand.

這種急劇下降表明，礦工正在清算其資產，可能是為了支付運營成本或對市場狀況的響應。從歷史上看，隨著供應增加滿足靜態或削弱需求，大型礦工的拋售導致了下降價格壓力。

DOGE price reaction: Resilient or vulnerable?

DOGE價格反應：彈性還是脆弱？

DOGE trades at $0.174 as of this writing, indicating a minor decline following the miner dump. The 50-day moving average [$0.202] and 200-day moving average [$0.302] continue to act as strong resistance levels, which could restrict upward momentum.

截至撰寫本文時，Doge的交易價格為0.174美元，表明礦工垃圾場之後的下降小幅下降。 50天移動平均線[$ 0.202]和200天移動平均線[$ 0.302]繼續充當強大的阻力水平，這可能會限制向上的動力。

Miner sell-off picked up more steam when the DOGE price saw an upward adjustment after a series of declines.

當Doge Price在一系列下降之後，礦工拋售會增加更多的蒸汽。

Despite the miner sell-off, accumulation among investors has remained stable, as seen in the accumulation/distribution chart, which sat at 20.32 billion at press time. This suggests that while miner activity adds to the selling pressure, broader market participants are still engaged in Dogecoin accumulation.

儘管礦工拋售了礦工，但投資者之間的積累仍然保持穩定，如累積/分銷圖中所示，發稿時的累積/分銷圖表達到203.2億。這表明，雖然礦工活動增加了銷售壓力，但更廣泛的市場參與者仍在從事狗狗蛋白的積累。

Will Dogecoin hold the support levels?

Dogecoin會保持支持水平嗎？

For Dogecoin to stabilize, it must hold above the $0.165 support level, a key zone where buying activity has historically stepped in. However, if selling pressure from miners persists, DOGE could revisit the $0.15 zone. On the flip side, any increase in demand could see DOGE reclaim $0.18 before attempting a push towards the $0.20 mark.

為了使Dogecoin穩定，它必須保持高於$ 0.165的支撐水平，這是一個關鍵區域，在該區域中，購買活動歷來介入了。但是，如果礦工的銷售壓力仍然存在，Doge可以重新審視0.15美元的區域。另一方面，任何需求的增加都可以看到Doge在嘗試推向0.20 $ 0.20的情況下收回0.18美元。

Final thoughts

最後的想法

The miner sell-off injects volatility into DOGE’s price action, making near-term movements uncertain. While the price has not collapsed under the pressure, traders should closely monitor further miner activity and key resistance levels. A break below $0.165 could trigger a sharper decline for Dogecoin, while a successful recovery above $0.18 would indicate resilience in the face of miner exits. Investors should remain vigilant and watch for shifts in on-chain data that could signal a change in trend.

礦工的拋售將波動率注入了Doge的價格行動，這使得近期變動不確定。儘管價格尚未在壓力下倒塌，但交易者應密切監視進一步的礦工活動和關鍵阻力水平。低於$ 0.165的休息可能會導致Dogecoin的急劇下降，而成功的恢復超過0.18美元將表明面對礦工出口時的韌性。投資者應保持警惕，並註意可能指示趨勢變化的鏈上數據的轉變。