Whales demonstrated strong bullish confidence by acquiring 130 million DOGE in a 24-hour period, boosting their total holdings to 50.79 billion during the July rally.

鲸鱼在24小时内获得了1.3亿个门槛，表现出强烈的看涨信心，在7月的集会中将其总持有量提高到507.9亿。

Even as DOGE's price receded to $0.21, whale holdings remained stable, indicating a lack of significant sell-off and suggesting a long-term investment strategy.

即使Doge的价格下降至0.21美元，鲸鱼持有量仍然保持稳定，表明缺乏大量抛售，并暗示了长期投资策略。

Persistent exchange outflows following the peak suggest decreased selling pressure, with whales continuing to hold their positions despite the price retracement.

峰值之后的持续交换流出表明销售压力降低，尽管价格回收，但鲸鱼仍继续保持自己的位置。

Dogecoin's price fluctuations have drawn renewed attention as major holders, commonly known as whales, have begun accumulating more of the cryptocurrency. According to analyst Ali, these whales collectively purchased 130 million DOGE within a single day.

Dogecoin的价格波动引起了人们的重新关注，因为主要持有人（通常称为鲸鱼）已经开始积累更多的加密货币。分析师阿里（Ali）表示，这些鲸鱼在一天之内共同购买了1.3亿个门槛。

This activity follows a price retreat from the mid-July highs, raising questions about how whales behave during market corrections. On-chain data reveals a surge in accumulation by wallets holding between 10 million and 1 billion DOGE, which closely correlates with key price movements since early July.

这项活动是从7月中旬高高的价格撤退之后，引发了有关鲸鱼在市场校正过程中的行为的疑问。链上的数据表明，握着1000万至10亿个门槛的钱包的积累激增，这与自7月初以来的关键价格变动密切相关。

Accumulation Increased as DOGE Price Peaked in Mid-July

累积增加，因为多克价格在7月中旬达到顶峰

From June 30 to July 10, DOGE's price remained relatively stable, fluctuating between $0.156 and $0.18. During this period, whale holdings remained around 49.26 billion DOGE, showing no substantial changes. However, from July 10 onward, both the price and whale holdings experienced sharp increases.

从6月30日至7月10日，Doge的价格保持相对稳定，波动在0.156美元至0.18美元之间。在此期间，鲸鱼持有量约为492.6亿托马，没有实质性变化。但是，从7月10日开始，价格和鲸鱼持有量都急剧上升。

DOGE holders chart, Source: Ali on X

DOGE持有者图表，来源：X上的Ali

By July 20, the price reached a peak near $0.287, while holdings climbed to approximately 50.79 billion DOGE. This surge indicates that large wallets were accumulating during the uptrend, demonstrating strong confidence from major holders during the price rally. Between July 18 and 22, outflows were dominant, with several exceeding $20 million. These large outflows suggest a reduced exchange supply and holding activity, which is often associated with bullish trends.

到7月20日，价格达到了0.287美元的峰值，而持股量则达到了约5007.9亿辆。这种激增表明，在上升趋势期间，大钱包积累了，表明在价格集会期间，主要持有人的信心很大。在7月18日至22日之间，流出占主导地位，有数量超过2000万美元。这些大型流出表明，交换供应和持有活动减少，这通常与看涨趋势有关。

Outflows Continued Even as Prices Retraced

即使价格回落，流出仍在继续

After the July 20 peak, DOGE gradually declined to a low around $0.21–$0.22 by July 28. Despite this retracement, whale holdings remained high, near 50.54 billion DOGE by July 29. This sustained level suggests that whales did not engage in significant selling during the pullback.

在7月20日的7月20日峰值之后，到7月28日，Doge逐渐下降到0.21至0.22美元左右。尽管进行了回答，但到7月29日到7月29日，鲸鱼持有量仍然很高，接近505.4亿的Doge。这种持续的水平表明，鲸鱼在撤回期间没有进行大量销售。

DOGE Spot Inflow/Outflow chart, Source: Coinglass

Doge斑点流入/流出图，来源：coinglass

Netflow data between July 23 and July 29 supports this view. Consistent outflows, particularly on July 24, 25, 27, and 28, with some surpassing $30 million, imply ongoing holding or accumulation. These steady outflows reduce the amount of DOGE available on exchanges, limiting potential sell pressure even during a market dip.

7月23日至7月29日之间的NetFlow数据支持此观点。一致的流出，特别是在7月24日，25日，27日和28日，有些超过3000万美元，这意味着持有或积累。这些稳定的外流减少了交易所可用的门槛数量，即使在市场下降期间，也限制了潜在的卖出压力。

Inflow and Outflow Patterns Indicate Whale Intent

流入和流出模式表明鲸鱼意图

Prior to the mid-July rally, net inflows were modest, rarely exceeding $10 million. However, between July 11 and 17, inflows rose sharply, peaking around $50 million to $60 million. This influx coincided with the buildup to DOGE's rally and may represent speculative positioning by large holders.

在7月中旬集会之前，净流入量很小，很少超过1000万美元。但是，在7月11日至17日之间，流入急剧上升，达到5000万美元至6000万美元的峰值。这次涌入与Doge集会的积累相吻合，可能代表大型持有人的投机定位。

During and after the price peak, the dominance of outflows revealed a different perspective. Funds were moved off exchanges, hinting at reduced short-term selling intent. The divergence between price direction and wallet activity suggests a possible decoupling, where large holders maintain their positions regardless of temporary corrections.

在价格峰值期间和之后，流出的主导地位揭示了不同的观点。资金从交易所转移了，暗示短期销售意图减少了。价格方向和钱包活动之间的差异表明可能是脱钩的，无论临时校正如何，大持有人都保持其位置。