Leading memecoin Dogecoin (DOGE) has seen a massive outflow of funds in the spot market so far this month. This April, spot outflows have soared to a staggering $120 million. On the other hand, spot market inflows are underwhelming, with less than $5 million flowing into the market.

The new development confirms the increased selling pressure among leading market investors. Dogecoin (DOGE) holders appear to be taking out their holdings from the spot market. As data from Coinglass shows, the sell-off has been recorded since the last quarter of the previous year and has only worsened in recent times.

Massive outflows often indicate a decline in the demand for assets, which is typically reflected in the increased rate at which assets are sold and the slower rate at which assets are bought. The ongoing trend signals a weakening of confidence among Dogecoin proponents —an alarming pattern for both small and large holders.

Meanwhile, another new development suggests that long-term investors are unfazed by market volatility. Recent data revealed that Dogecoin whales have bought more than 800 million DOGE over the last 48 hours. 

Doge, the largest memecoin by market cap, has emerged as the biggest loser among the top 8 categories, with one monthly loss reaching 6.57%. Doge is down 4% over the last 24 hours and is now trading at $0.15.

Interestingly, the near-term outlook remains positive, as increased demand could offset the current bearish momentum. A break above the $ 0.17 resistance level could validate an uptrend to $0.20. On the other hand, increased bearish pressure could push the asset to a previous year-to-date low of $0.12.

Leading memecoin Dogecoin (DOGE) has seen a massive outflow of funds in the spot market so far this month. This April, spot outflows have soared to a staggering $120 million. On the other hand, spot market inflows are underwhelming, with less than $5 million flowing into the market.

The new development confirms the increased selling pressure among leading market investors. Dogecoin (DOGE) holders appear to be taking out their holdings from the spot market. As data from Coinglass shows, the sell-off has been recorded since the last quarter of the previous year and has only worsened in recent times.

Massive outflows often indicate a decline in the demand for assets, which is typically reflected in the increased rate at which assets are sold and the slower rate at which assets are bought. The ongoing trend signals a weakening of confidence among Dogecoin proponents —an alarming pattern for both small and large holders.

Meanwhile, another new development suggests that long-term investors are unfazed by market volatility. Recent data revealed that Dogecoin whales have bought more than 800 million DOGE over the last 48 hours. 

Doge, the largest memecoin by market cap, has emerged as the biggest loser among the top 8 categories, with one monthly loss reaching 6.57%. Doge is down 4% over the last 24 hours and is now trading at $0.15.

Interestingly, the near-term outlook remains positive, as increased demand could offset the current bearish momentum. A break above the $ 0.17 resistance level could validate an uptrend to $0.20. On the other hand, increased bearish pressure could push the asset to a previous year-to-date low of $0.12.