Dogecoin Spot Flows Soar by 116%, Sparking Rally Hopes

Dogecoin spot flows rose by an impressive 116% in the last 24 hours, sparking curiosity among traders.

This significant increase, according to Coinglass data, occurred after Dogecoin fell to a low of $0.068 and closed July with a loss of 1.42%. The profit-taking was reflected in the positive spot net flow, which rose 116.32%.

The last 24 hours saw spot inflows of $30.83 million while spot outflows amounted to $30.27 million, yielding a positive spot netflow of $558,210. This might indicate coins being moved to spot exchanges for selling purposes or withdrawals indicative of buying.

Dogecoin closed July with a loss of 3.38%, marking its second red month since April. Analysts believe that markets may be entering 'a new volatility regime' as investors balance expectations on interest rate decisions, which might sustain pressure on risk assets until the economic outlook becomes clearer.