Dogecoin (DOGE) entered September without its largest players making a move — a phenomenon spotted by analystAli Martinez.

Dogecoin（Doge）进入了9月，没有最大的球员采取行动，这是Analystali Martinez发现的现象。

According to his on-chain data review, wallets holding between 10 million and 100 million DOGE — basically the most influential Dogecoin investor group there — have been reducing exposure since mid-July, now sitting near 24.19 billion coins. The balance line, usually more reminiscent of a cardiogram, has flattened into something close to indifference.

根据他的链接数据审查，持有1000万至1亿多名的钱包（基本上是最具影响力的Dogecoin投资者集团）自7月中旬以来一直在减少曝光率，现在坐在241.9亿枚硬币。平衡线通常更让人联想到心脏图，已将其扁平化成接近冷漠的事物。

That lack of activity really stands out on the price chart. DOGE hit above $0.27 in July before dropping off, and since then it's been hanging around the $0.21 mark, not too much movement.

缺乏活动确实在价格表上脱颖而出。 Doge在7月下跌之前达到了0.27美元，此后一直挂在0.21美元左右，而没有太多的动作。

Dogecoin $DOGE whales are staying on the sidelines. No major buying or selling pressure detected! pic.twitter.com/tfVHKYUhxr

Dogecoin $ Doge鲸鱼一直在场外。未检测到重大买卖压力！ pic.twitter.com/tfvhkyuhxr

— Ali (@ali_charts) September 3, 2025

- 阿里（@ali_charts）2025年9月3日

What used to be a cycle of whales accumulating and distributing andDOGE's price following is now broken, so the market is just drifting without the same weight behind it.

过去的鲸鱼累积和分配和迪格格的价格现在已经损坏了，因此市场正在漂流，而没有相同的重量。

When will Dogecoin go "to Moon"?

狗狗什么时候“登月”？

The monthly chart makes it clear how the situation is still up in the air. For most of the year, DOGE hasn't broken out of its $0.14-$0.25 range, even after last spring's rally toward $0.45. September's opening candle is barely green, and so far it doesn't look like the range is about to change.

每月图表清楚地表明了情况仍在空中。在一年中的大部分时间里，即使在去年春季的集会上升至0.45美元之后，Doge并没有违反其0.14- $ 0.25的范围。 9月的开场蜡烛几乎没有绿色，到目前为止，看起来范围即将改变。

This situation might be good for everyday holders, though, because there is no whale pressure, but there's also no liquidity support. Dogecoin's price action right now is an example of a holding pattern within small trading activity dictated majorly by broader market moods.

但是，这种情况可能对日常持有人有好处，因为没有鲸鱼压力，但也没有流动性支持。 Dogecoin现在的价格行动是小型交易活动中持有模式的一个例子，主要由更广泛的市场情绪决定。

In practical terms, it means that unless those sidelined DOGE whales return, Dogecoin's next decisive swing may take longer to arrive than retail alone is able to deliver.

实际上，这意味着，除非那些旁边的鲸鱼返回，否则Dogecoin的下一个决定性摇摆可能需要比零售零售所能交付的时间更长。

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