Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dogecoin ETF products have upturned their no-inflow stalemate in an unusual twist on the market. Current data from SoSoValue shows that these products have raked in more than $779,000 as of March 2. This coincided with a time when the DOGE price was experiencing neutral consolidation
Dogecoin ETF outlook
The SoSoValue chart shows that the last time Dogecoin ETF recorded an inflow was Feb. 2. At the time, the products saw a total of $252,530 in inflows.
Dogecoin ETFs are not particularly the favorites of institutional investors, as intermittent inflows come only after a long period of no flow. Since launch, Dogecoin ETF products have recorded a total inflow of $7.45 million.
This inflow record pales in comparison to figures recorded by rival altcoin XRP. XRP ETF products have seen more than $1.2 billion in inflows, suggesting investors' preference for the bridge asset over a meme coin.
Judging by the inflow trend, the $779,000 recorded this month marks the highest level since the more than $1.6 million raked in in early January.
It remains unknown whether the current ETF inflow will prove sustainable for Dogecoin, as the majority of altcoins are seeing drawdowns from their respective all-time highs.
Dogecoin price analysis
In reality, the actual Dogecoin ETF inflow is not enough to stir a positive shift in the price of the underlying currency.
For the Dogecoin price to experience a positive tick, the ETF inflow will have to be sustainable over a longer time frame. The liquidity drain stirred by ETF products remains a crucial catalyst for a price surge, and investors are watching this, alongside the DOGE open interest trend.
As of writing, the price of Dogecoin was pegged at $0.09, down by 0.25% in the past 24 hours, per CoinMarketCap data. Although DOGE is still deep in a death cross setup, its improving RSI from the oversold level hints that a possible bullish flip is possible.
Dan Burgin
Vladislav Sopov
