Dogecoin Spot Inflows Surge Amid August Price Pressure

Dogecoin's spot inflows have surged recently, but the cryptocurrency may face pressure in August. According to historical data, August has been a weak month for Dogecoin in most years.

In the last 24 hours, Dogecoin's spot net outflow rose by 116.32% to $558,210. In July, the cryptocurrency closed with a monthly loss of 28.25%, reaching an all-time low of $0.068 on July 31st.

The uncertainty following the Federal Reserve's announcement and next week's US employment data has strengthened cautious behavior in the market.