Dogecoin ETF Bags $0 Inflow Despite 5% DOGE Price Slip

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Dogecoin (DOGE) investors appear to be very optimistic about the future outlook of the meme coin. In the last 24 hours, despite DOGE shedding over 5% of its gains on the crypto market, DOGE exchange-traded funds (ETFs) investors did not invest in the asset. SoSoValue data shows that Dogecoin ETF investors ignored the price dip as daily total net flow stood at zero. This marks the eighth consecutive day of zero flows in spite of price fluctuations with the king of meme coins. The development suggests that these investors are positive about a breakout with DOGE and likely consider the price fluctuations as temporary. Their reluctance to buy more indicates that Dogecoin ETF investors are largely skeptical of the product's long-term viability. Earlier in the week, U.S. investors on the Kraken exchange had increased their portfolio by accumulating 4.5 million DOGE within a 12-hour time frame. These investors took advantage of the price dip at the time to increase their holdings and were not panicked into selling. Notably, there appears to be a consistent pattern of accumulation among investors in Dogecoin that signals something might be on the horizon. DOGE traders are treating the asset’s volatility as a period of price consolidation. Meanwhile, Dogecoin has been sending mixed signals. Notably, a death cross appeared on its technical chart, a clear bearish indicator. Despite the death cross, Dogecoin recorded a 6% price jump in the market as it rallied ...