Major cryptocurrencies extended their gains on Friday, with Dogecoin rising as much as 7%. Dogecoin saw a significant rise on Friday, increasing from $0.094 to $0.1004. The rise builds on a prior-day rebound from a low of $0.091 and continues the broader recovery from a March 8 low of $0.086.
At the time of writing, DOGE was up 5.33% in the last 24 hours to $0.998 and up 7.22% weekly. The crypto market is extending a stretch of consolidation, with the total value near $2.45 trillion for a third straight session, reflecting a market that has been stuck in a tight band since the sharp sell-off in late January.
The continuing market sentiment has bled into spot ETFs with Dogecoin spot ETFs, which have recorded zero inflows since the start of March.
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In the last 24 hours, zero inflows have been recorded in Dogecoin ETFs, a trend that has been ongoing since March 3. According to Sosovalue data, the trio of Dogecoin ETFs, Grayscale, 21shares and Bitwise saw $0 in daily net inflows within the last 24 hours. Dogecoin ETFs still saw a bit of trading, with total value traded ranging between $212,460 and $1.02 million since this date.
Analysts suggest the current phase on the market is more of a stabilization than breakout. While some on-chain metrics are improving, a sustained bull run would likely require a fresh inflow of capital, among other things.
Until a clear macro catalyst or wave of new capital arrives, the market might continue to consolidate near the upper end of its range rather than seek a breakout.
The cumulative total net inflow for Dogecoin ETFs remains steady at $7.45 million, while total net assets equaled $9.27 million, according to SoSoValue data.
Dogecoin price
Dogecoin continues its recovery from a low of $0.086 on March 8. A strong rebound off the $0.09 support suggests that the bulls are fiercely defending the level. A breakout above the 50-day MA, which is currently at $0.101, opens the way for a rise to $0.12, where Dogecoin might find resistance.
Bears might want to contest the $0.09 mark; if they succeed in pulling the Dogecoin price below this key level, Dogecoin might aim for $0.08 and then $0.06.
Source: https://u.today/dogecoin-spot-etfs-record-zero-net-inflows-over-24-hours-despite-7-spot-market-rally
