Dogecoin steadies near $0.07 amid ETF outflows and whale buying

Dogecoin (DOGE) traded around $0.07 on August 1, up about 1.2% despite the first monthly net outflows from spot Dogecoin exchange‑traded funds since their launch. Data from SoSoValue show ETFs lost $525,980 in July, leaving total net assets at $9.96 million, with Grayscale’s Dogecoin ETF holding the largest share at $6.83 million.

At the same time, spot market activity surged, with net inflows rising 116% to $558,210 and spot entries of $30.8 million versus $30.3 million exits. Whale activity added another bullish signal: on‑chain data recorded a transfer of 1.1 billion DOGE, valued at roughly $77 million.

Technical analysis remains bearish. The weekly chart formed a death cross (50‑week SMA below 200‑week SMA) and the MACD stays negative. The RSI sits at 39, well below the neutral 50, and price is below the 50‑, 100‑ and 200‑day moving averages. Futures markets show a long‑position share of 73.96% on USDT‑margined contracts, but the overall long/short ratio is 0.82 and open interest is $1.08 billion. Long‑side liquidations total $3.6 million, indicating continued selling pressure.

Overall, Dogecoin is caught between weakening institutional demand for ETF exposure and growing spot inflows and whale accumulation, keeping the token near a key support level while broader market sentiment stays cautious.