Based on market capitalization, the largest meme token, Doge Coin ( Dogecoin ), is being adversely affected by broader market fluctuations, and its ETF ecosystem is also under pressure as a result.

Although the momentum remains weak, the latest data from SosoValue shows that Dogecoin ETF has experienced the largest outflow of funds this week since August.

Dogecoin ETF saw $538,000 in outflows this week

Data shows that as the broader crypto market continues to decline, Dogecoin ETF recorded a net outflow of approximately $538,000 this week.

Dogecoin ETF continues to face the issue of declining investor participation in the market, with almost no net inflows observed on a weekly basis from month to month.

However, the capital outflow this week is the largest on a weekly basis since mid-August. At that time, the weekly outflow exceeded $564,000.

This is a setback for the ETF ecosystem of Dogecoin, as it remains difficult to maintain a positive trend in an uncertain market environment and may pose a risk of further price declines.

In the face of such sluggish performance as shown by ETF, institutional investors seem to be taking a cautious approach in order to hedge against potential losses during this volatile period.

Dogecoin Price Outlook

Against the backdrop of diminishing momentum, the poor performance of ETF has led to a bearish outlook for the price of Dogecoin, as it indicates a slowdown in investor demand.

At the end of a week with poor performance, there was a significant decline in the prices of ETF and DOGE. According to data from October 24th, the price of DOGE hovered around $0.07553, with a 5.62% drop over the past 24 hours.

However, it is important to note that a single-week outflow of funds does not necessarily mean that institutional demand will continue to decline. Market participants still hope that market sentiment can change as soon as possible.