DOGE Slides 4.91% Despite ETF Approval Hopes and $38M Exchange Outflows Signal Caution

Dogecoin (DOGE) is trading at $0.15402 on Binance, reflecting a 4.91% decline over the past 24 hours from a 24h open of $0.16197. The recent price drop is primarily attributed to continued bearish sentiment in the broader cryptocurrency market, despite positive developments such as Bloomberg analysts estimating a 90% probability for a spot Dogecoin ETF approval and ongoing reviews by the U.S. SEC for altcoin ETFs. Additionally, while net outflows of over $38 million from exchanges typically signal accumulation by long-term holders, this has not yet translated into upward price momentum due to a lack of strong buying pressure. Market participants remain cautious, with DOGE’s market cap at approximately $24.02 billion and 24-hour trading volume near $1.98 billion, as the asset holds near key support but has yet to show signs of a decisive reversal.