Dogecoin Price Slumps as ETF Inflows and Open Interest Plummet
Dogecoin has been trading within a narrow range this month after climbing to $0.1056 in September.
The token has pulled back to $0.09400, but it may rebound in the near term due to a bullish chart pattern.
A recent analysis shows that demand for Dogecoin has been fading in the ETF and futures markets.
Somewhat surprisingly, despite its current decline, Dogecoin's spot exchange-traded funds (ETFs) added only $3.16 million in inflows in September, a relatively small amount compared to other cryptocurrencies like Worldcoin and Near Protocol that have seen significant gains.
The futures market has also seen a decrease in open interest, dropping to $1.45 billion from the September high of $1.65 billion, indicating that investor demand for Dogecoin is waning.