Dogecoin Drops 3.164% Amid Selling Pressure, Investor Outflows

Dogecoin's latest price was $0.1624, down 3.164% in the last 24 hours. This decline reflects a broader trend of selling pressure that has been building for the meme coin. Dogecoin holders have been withdrawing their funds from spot markets in April, with the leading meme coin facing mounting selling pressure. The lack of new capital flowing into DOGE reflects a decline in investor confidence and adds downward pressure on the altcoin. Since the beginning of April, DOGE has seen a consistent stream of net outflows from its spot market, totaling over $120 million. Net inflows during the same period have been negligible, amounting to less than $5 million. When an asset records spot outflows, more of its coins or tokens are being sold or withdrawn from the spot market than are being bought or deposited. This indicates that DOGE investors are losing confidence and opting to liquidate their holdings due to increasingly bearish market conditions. The persistent outflows from the meme coin over the past two weeks reflect the lack of new demand for the altcoin. If this trend continues, DOGE’s price could remain range-bound or face another decline cycle.

On the technical front, DOGE’s Relative Strength Index (RSI) has continued to trend downward on the daily chart, further confirming the bearish outlook. When an asset’s RSI falls below the center line, bearish momentum strengthens. This suggests that DOGE selling pressure is beginning to outweigh buying interest, signaling a potential dip in the asset’s price. With the crypto market’s volatility heightened by ongoing trade wars and DOGE’s current struggles to attract fresh investment, the meme coin may test new lows in the near term. If selling pressure strengthens, DOGE could revisit its year-to-date low. Conversely, a resurgence in new demand for the meme coin will invalidate this bearish outlook. In that scenario, DOGE’s price could break above and climb to higher levels.

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