Fresh data published by on-chain analytics platform Santiment and highlighted by market commentator Ali Martinez show that the largest Dogecoin investors have spent the last four weeks quietly expanding their positions as activity on the network accelerates.

網絡分析平台的發布，並由市場評論員阿里·馬丁內斯（Ali Martinez）強調，最大的Dogecoin投資者在過去的四個星期中悄悄地擴大了他們的位置，因為隨著網絡上的活動的加速，最大的數據。

This comes as the memecoin’s price grinds toward a make-or-break technical ceiling.

這是因為Memecoin的價格傾向於製造或破壞技術上限。

According to the chart shared by Martinez on April 13, the ‘mid-tier whales’ – a segment of wallets holding between 100 million and 1 billion DOGE – had a combined balance of roughly 24.6 billion DOGE.

根據馬丁內斯（Martinez）在4月13日共享的圖表，“中層鯨魚”（一部分拿著1億至10億輛載體的錢包）的總平衡約為246億。

But by May 13, their collective balance had climbed to just under 26.0 billion DOGE, which is highlighted by the grey area in the whale accumulation chart.

但是到5月13日，他們的集體餘額已攀升至260億多名，這是鯨魚積聚圖中的灰色區域突出的。

The difference of about 1.4 billion DOGE – worth a little over $300 million at prevailing spot prices – confirms that large holders have been absorbing significant supply even as the token rallies.

大約有14億輛的差異（價值超過3億美元）以現成的現貨價格差異 - 證實，即使在代幣集會上，大型持有人也在吸收大量供應。

At the time of the snapshot the cohort controlled 25.97 billion DOGE, although the value already peaked at roughly 26.5 billion DOGE on May 10.

在快照時，同類人群控制了259.7億輛，儘管該價值已經達到5月10日的大約265億座。

Network activity appears to be following the money. A second Santiment dashboard shows daily active addresses vaulting from the low five-figure area in mid-April to peaks above 680,000 on May 12-13, before easing to 69,200 on the May 15 print.

網絡活動似乎正在遵循這筆錢。第二個santiment儀表板顯示了每天的活動地址從4月12日至13日中期的低五位數區域到高於680,000以上的峰值，然後在5月15日的印刷中將69,200降至69,200。

Transaction volume in US dollar terms – shown in the light blue line – has mirrored the surge, spiking to $1.21 billion and still holding an elevated $549.96 million on the latest reading.

以美元計算的交易量（以淺藍色線顯示）反映了激增，達到了12.1億美元，並且在最新閱讀中仍保持高漲的5.4996億美元。

Perhaps most telling for market depth, the count of individual transfers greater than $1 million – plotted in purple on Martinez’s chart – ballooned during the same window, underscored that the activity surge is being driven in no small part by large-ticket trades rather than retail churn.

也許最有說服力的市場深度，個人轉移的數量超過100萬美元 - 在馬丁內斯圖表上繪製的紫色 - 在同一窗口中激怒了，強調了活動激增在不小的大型交易中驅動著大型零售而不是零售而不是零售。

DOGE Price Faces Key Resistance

Doge價格面對關鍵的抵抗力

While the tape of flows looks constructive, the price chart argues that the market remains at a critical juncture.

雖然流的膠帶看起來具有建設性，但價格圖認為市場仍然處於關鍵時刻。

On the three-day candle chart shared by Martinez, DOGE is trading at $0.2277 and pressing into a supply wall that caps the band between roughly $0.24 and $0.26.

在馬丁內斯（Martinez）共享的為期三天的蠟燭圖表中，Doge的交易價格為0.2277美元，並壓入供應牆，該樂隊在大約0.24美元至0.26美元之間。

The horizontal zone – shaded in grey – was sturdy support throughout December 2024 and became resistance after the mid-February breakdown. It has since produced several clean rejections, each marked by Martinez’s downward arrows. Another breach attempt earlier this week pierced the band intraday but failed to day close above it, leaving the level intact.

整個2024年12月，水平區域（灰色為灰色）一直堅固，並在一月中旬崩潰後成為抵抗。此後，它產生了幾種干淨的拒絕，每一個都以馬丁內斯的向下箭頭標記。本週早些時候，另一次違規嘗試刺穿了樂隊的盤中，但未能在其上方閉合，使水平完好無損。

Should buyers manage to sustain a decisive close above $0.2600 on a day basis, the chart shows a vacuum up to the psychological $0.3000 handle, a move Martinez argues “could spark a new bull run.” Conversely, failure to clear the ceiling risks a swing back toward the mid-$0.1700 area where the April basing structure began.

如果買家每天都設法維持果醬的果斷，則圖表顯示了高達0.3000美元的真空，Martinez表示“可能會引發新的公牛奔跑”。相反，未能清除天花板的風險會朝著4月基底結構開始的0.1700 $ 0.1700區域的揮桿風險。

To be clear, the build-up of large-scale transactions is nothing new. But the fact that they’re continuing to escalate despite the stalled price action suggests an underlying demand that isn’t easily satisfied by smaller trades.

需要明確的是，大規模交易的建立並不是什麼新鮮事。但是，儘管價格停滯，但他們仍在繼續升級的事實表明，基本的需求不容易被較小的交易所滿足。

As the final component of his analysis, Martinez also included an overview of Dogecoin’s active addresses and transaction volume. Both measures

作為他分析的最後一部分，馬丁內斯還概述了Dogecoin的主動地址和交易量。這兩種措施