Recent data from Glassnode revealed that over $54 million worth of Dogecoin has been withdrawn from exchanges. This event is part of a larger decline in interest towards digital tokens that has led to a loss of approximately $658 million from trading venues since early May.
Exchange Outflows and Whale Moves
Blockchain analysts tracked more than one billion DOGE, equivalent to about $170 million, flowing into accumulation wallets over the past 30 days. On June 18, two major transfers moved 260 million DOGE out of Robinhood to a single cold address, indicating possible long-term investment intentions.
Price Situation and ETF Expectations
Currently, Dogecoin trades at $0.169 after bulls defended the $0.165 level. A break below this level could see prices drop to $0.148, while reclaiming $0.187 might push prices to $0.21. The community continues to hope for the approval of the VanEck and Galaxy ETF, expected before July 28, though recent news about Elon Musk's financial product launching without Dogecoin integration has negatively impacted prices.
Trader Strategies Amid Uncertainty
Net outflows suggest that insiders prefer self-custody while plotting the next DOGE movement. Amidst uncertainty, traders are also considering other cryptocurrency projects like Remittix, which already facilitates multi-currency payouts and has seen a 28% weekly rise in wallet installations.
The situation surrounding Dogecoin continues to evolve, with numerous factors influencing price and market demand. How events unfold will depend on new developments and the actions of key players.
