Dogecoin
Dogecoin Logs $57 Million in Weekly Exchange Outflows as Price Lags Market
Dogecoin recorded $57.2 million in net exchange withdrawals over seven days, but the reduction in tradable supply failed to halt a weekly price decline.
Dogecoin traded at $0.0868 on October 11, posting a 7.84% decline over a seven-day period despite experiencing net exchange outflows of $57.2 million, according to data from CoinGlass.
During the week, centralized exchanges registered $480.96 million in deposits and $538.16 million in withdrawals. While net outflows are commonly interpreted as a sign of decreasing immediate selling pressure, the $57.2 million net figure represented roughly 0.42% of Dogecoin's total market capitalization of $13.57 billion.
The analysis notes that large gross transfer volumes largely offset each other, leaving a relatively modest net reduction in exchange supply. Furthermore, a decline in exchange-held tokens does not automatically support valuations without corresponding buyer demand at prevailing price levels.
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