Dogecoin (DOGE) had a sharp drop in spot flows this past week as the broader crypto market pulled back.
Dogecoin registered a 7-day spot net flow percentage of -599.50%, with spot outflows exceeding inflows, data from CoinGlass showed. The last seven days' spot inflows were $480.96 million and spot outflows were $538.16 million.
A drop in spot flow, especially for exchanges, could indicate a dearth of coins being deposited on trading venues. On the other hand, an increase in spot outflows might suggest investors are withdrawing their coins into cold storage, a bullish signal.
Owing to a weeklong drop in crypto prices, this might be the case as whales or large holders seek to buy at a discount.
Dogecoin fell for four days at a stretch amid a forced unwind following a leverage buildup in the broader market. Altcoins had a strong run into late September with significant leverage building up along the way.
Dogecoin sharply fell to a low of $0.081 on October 8 as investors weighed macroeconomic concerns before rebounding.
Expectations for Q4 recovery remain
On the one-year anniversary of the 10/10 flash crash, which resulted in the largest liquidation event in crypto history, Dogecoin is currently trading in the green at $0.086.
After registering a death cross on the three-hour chart, Dogecoin price returned to the green on the daily chart and brought its short-term price action back into focus.
Dogecoin was relatively flat during Q3 2026 with a small rally in August, and traders are now looking toward Q4 2026 for a possible turnaround.
Headwinds for DOGE included Bitwise's decision in September to sunset its Dogecoin ETF (BWOW) less than a year after launch, citing sub-scale institutional demand. Trading for the fund concludes in October 2026.
Dogecoin's poor performance in Q3 was further compounded by Hyperliquid overtaking DOGE in late Q2 and the wider crypto industry's tokenomics moving toward revenue-driven models.
DOGE is the world's 11th largest cryptocurrency with a market cap of $14.8 billion, just ahead of Zcash.