Dogecoin Spot Flows Soar 116%, But Market Uncertainty Remains High

Dogecoin spot flows saw a significant surge in August, rising by 116% within the last 24 hours according to Coinglass data.

This increase was reflected in the positive spot net flow, which rose by $558,210, an increase of 116.32%. Dogecoin fell to a low of $0.068, closing July with a loss of 1.42%.

The profit-taking was evident as the crypto market saw selling at July's close, and Hawkish comments from the Federal Reserve committee further dulled recovery hopes, causing Dogecoin to close July with a loss of 28.25%, marking its second red month since April.