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Dogecoin spot flows rose 116% in the last 24 hours, according to Coinglass data, as the crypto market saw selling at July's close. Dogecoin fell to a low of $0.068, closing July 31 with a loss of 1.42%. The profit-taking was reflected in the positive spot net flow, which rose 116%.
In the last 24 hours, Dogecoin saw spot inflows of $30.83 million while spot outflows amounted to $30.27 million, yielding a positive spot netflow of $558,210, an increase of 116.32%.
An increase in spot inflow might suggest coins being moved to spot exchanges, possibly to sell, while outflows might suggest withdrawals, which is indicative of buying.
Cryptocurrencies including Dogecoin closed out July on the back foot. Hawkish comments from the Federal Reserve committee dulled crypto's recovery hopes, with Dogecoin closing July with a loss of 28.25% to mark its second red month since April.
As the market stays uncertain, the taker long-short futures market volume ratio continues to be bearish, indicating a downside bias.
What's next?
Dogecoin is showing mild signs of recovery on the first day of August, up 0.47% in the last 24 hours to $0.069 according to CoinMarketCap data, and up 0.63% weekly.
Analysts believe that markets may be entering "a new volatility regime" as investors balance expectations on interest rate decisions. This uncertainty might sustain pressure on risk assets until the economic outlook becomes clearer.
The delays in U.S. market structure legislation, including the Clarity Act, might also weigh on sentiment. Regulatory certainty could facilitate the transition of traditional finance to 24/7 trading and settlement, which would be positive for digital assets.
Bitfinex analysts believe investors will stay cautious ahead of next week's US jobs report, the next major macro event after the Fed meeting.
The base case is a choppy August for most cryptocurrencies with prices stuck in a range. August has historically been bearish for Dogecoin, with the meme coin often losing value by the end of the month. Dogecoin has ended every other August in the red, save for August 2021, which gained 34.29%, and August 2025, which was up just 1.77%.