DOGE Price Drops Amid Whale Purchases and ETF Inflows
The price of Dogecoin (DOGE) has dropped today, falling alongside the broader crypto market. The drop comes despite recent purchases by 'whale' addresses and a return to inflows for DOGE ETFs. As of now, DOGE is trading at $0.079, down 4% from yesterday's price.
Analyst Ali Martinez noted that large Dogecoin holders purchased 240 million more DOGE tokens between September 9 and September 14. This suggests they used the drop to buy more coins at a cheaper price. However, these purchases did not offset selling pressure, with data showing $39 million more spot outflows than inflows into DOGE during this period.
The return of inflows to DOGE ETFs is also a mixed signal for the market. On September 16, inflows reached $248,510 from the Grayscale Dogecoin Trust ETF (GDOG), but other Bitwise and 21Shares ETFs did not receive any inflows.