Dogecoin reversed a five-day rise, but on-chain data suggests that there might still be demand in the market. According to CoinGlass, 24-hour spot inflows were $167.49 million and outflows $175.15 million, producing a negative net inflow of $7.66 million and a 423% drop in net change. Spot flows measure the capital flow of the cryptocurrency spot market; a decline in spot outflows could indicate holders moving coins from centralized exchanges to private wallets or external addresses. This tightening of supply might be bullish if buyers step in to purchase the dip.
At the time of writing, Dogecoin was down 2.11% in the last 24 hours to $0.0986. Over the past week, a burst of buying lifted prices, with Dogecoin rising for five consecutive days from March 12 to March 16, and the rally pushed it above the daily MA50 near $0.098. If the price breaks decisively above $0.12, momentum could push toward $0.16; otherwise, a sideways range between $0.09 and $0.12 remains a possibility.
T. Rowe Price has filed to hold a broad set of digital assets in its new exchange-traded fund, including Dogecoin. The asset manager, with about $1.8 trillion in assets under management, filed an amended S-1 with the SEC detailing the planned Price Active Crypto ETF.
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