DOGE Sees First Inflows Since June as Price Slides Below $0.070
Dogecoin (DOGE) price has been experiencing a decline in recent days, falling to $0.0693 after losing 4.75% during the latest 24-hour trading period. The drop was largely due to the broader market's deleveraging and the U.S.-Iran war crisis. The total crypto market value declined by 0.96% to reach $2.22 trillion as liquidations compounded the macro-sell off.
However, despite this downturn, DOGE has seen its first inflows since June 17, with spot ETFs reporting net inflows of $345,130 on July 21. This is a positive sign for Dogecoin, but it's essential to note that poor sentiment, mixed expectations from the Federal Reserve, and poor technical conditions are still constraining the short-term recovery.
According to SoSoValue data, cumulative net inflows were $12.12 million, with cumulative net assets at $9.88 million, constituting approximately 0.09% of Dogecoin's market capitalization. The GDOG fund from Grayscale led the way with cumulative inflows of $11.30 million and assets of $6.78 million.
As for DOGE price, it must reclaim $0.070 to improve its short-term outlook and challenge resistance at $0.0720. A confirmed move above this level could open targets near $0.0740 and $0.0760, but a loss of $0.0680 would undermine the framework and put DOGE at risk of falling to $0.0660.