Leading memecoin Dogecoin (CRYPTO: DOGE) has seen a massive outflow of funds in the spot market so far this month.

Here's what the latest data from Coinglass shows and what it could mean for Dogecoin.

What Happened: According to the latest data from Coinglass, there has been a total of $120 in spot market outflows for April. In contrast, spot market inflows stand at less than $5 million so far this month.

The massive outflows confirm the increased selling pressure among leading market investors. Dogecoin (CRYPTO: DOGE) holders appear to be taking out their holdings from the spot market. As data from Coinglass shows, the sell-off has been recorded since the last quarter of the previous year and has only worsened in recent times.

Massive outflows often indicate a decline in the demand for assets, which is typically reflected in the increased rate at which assets are sold and the slower rate at which assets are bought. The ongoing trend signals a weakening of confidence among Dogecoin proponents —an alarming pattern for both small and large holders.

On the other hand, long-term investors appear unfazed by market volatility. According to recent data from crypto analytics firm Santiment, Dogecoin whales have bought more than 800 million DOGE over the last 48 hours.

"Whales have been bullish on Dogecoin in recent days. The meme coin had a 6.57% monthly loss, the biggest among the top 8 cryptocurrencies by market capitalization," Santiment noted in a recent post.

The new development comes as the memecoin is currently down 4% over the last 24 hours and now trades at $0.15. The near-term outlook remains positive as increased demand could offset the current bearish momentum. A break above the $ 0.17 resistance level could validate an uptrend to $0.20. On the other hand, increased bearish pressure could push the asset to a previous year-to-date low of $0.12.