Dogecoin Price: $57.2 Million Pulled Off Exchanges

The Dogecoin price stands at $0.0868 on Sunday evening, barely one percent above the previous day. The more important number of the day is not in the chart but in the exchange flows: over the past seven days a net $57.2 million in DOGE has been pulled off trading venues. Inflows came to $480.96 million, outflows to $538.16 million. The figures come from CoinGlass and were collected on October 11.

Outflows from exchanges are generally read as a friendly sign, because coins on a private address cannot be sold at short notice. That effect failed to appear this week. The price lost 7.84 percent over the same period. If you hold DOGE, it is worth knowing what the metric measures and what it expressly does not.

Dogecoin price at $0.0868: the net outflow of $57.2 million in seven days

As of October 11, Dogecoin trades at $0.0868. The daily range ran from $0.0849 to $0.0875, market capitalisation stands at $13.57 billion and turnover over the past 24 hours at $395 million. All market figures in this article come from CoinGecko, as of October 11.

The net outflow of $57.2 million sounds like a lot, yet it amounts to 0.42 percent of market capitalisation. It describes the difference between two large, almost equally heavy flows: $480.96 million moved onto exchange accounts during the week, $538.16 million moved off. What remains is a thin layer left after two movements of roughly half a billion dollars each largely cancelled out. Read the number as evidence of a buying wave and you are stretching it.