About 400 million DOGE hit Binance as Dogecoin [DOGE] dropped back to its $0.17 support level from a month ago. With DOGE still nursing a 31% drop from its May highs, this move could be smart money looking to break even.

随着Dogecoin [Doge]的降至一个月前的0.17 $ 0.17的支持水平，大约有4亿多名载人binance。由于Doge仍在护理5月的高点下降31％，因此这一举动可能是聪明的钱，希望破产。

Now the big question is – Are they ready to exit, or will FOMO keep them holding?

现在，最大的问题是 - 他们准备退出，还是FOMO会保持他们的持有？

That’s likely what’ll decide if DOGE can hold $0.17 or if it ends up slipping below it.

这可能会决定Doge是否可以持有$ 0.17，或者最终是否在其下方滑行。

Same playbook, different cycle – DOGE runs into the sell wall

同一本剧本，不同的循环 - 大门跑到卖墙上

A closer look at on-chain data revealed that 30% of DOGE addresses are now holding at a loss, with acquisition prices sitting above the press time spot of $0.18.

仔细观察链上的数据表明，现在有30％的门槛地址亏损，收购价格超过了新闻时间的0.18美元。

More critically, since DOGE broke below the $0.20 support, HODLers have begun capitulating. In fact, over $800 million in realized losses were recorded in the last three days alone.

更重要的是，由于Doge损失了0.20美元的支持，因此Hodlers已经开始屈服。实际上，仅在过去三天内就记录了超过8亿美元的已实现损失。

This wave of losses coincided with DOGE’s drop to $0.1680, signaling growing sell pressure.

这浪的损失与Doge的下降到0.1680美元相吻合，这标志着卖出压力的增长。

The 400 million inflow into Binance only strengthens the idea that holders are preparing to sell into strength—if any remains.

4亿美元流入托管只会增强持有人准备将其卖给力量的想法，如果有遗体。

Source: Glassnode

来源：玻璃节

However, it’s not the diamond hands flinching. It’s the short to mid-term holders feeling the pressure.

但是，这不是钻石之手退缩。这是在中期持有者感到压力的短时间。

In true DOGE fashion, the “buy low, sell the pump” crowd capped the rally, once again steering DOGE into a familiar speculative cycle. In turn, pushing a chunk of addresses underwater.

以真正的道路方式，“低矮，出售泵”人群封锁了集会，再次将道路转向了一个熟悉的投机循环。反过来，将大部分地址推向水下。

Short-term distribution squeezes profit margins

短期分销挤压利润率

As Dogecoin tested the $0.25 resistance level, the Short-Term Holder NUPL flipped negative, signaling a full capitulation phase in this cohort.

当Dogecoin测试了0.25美元的电阻水平时，短期持有人nupl翻转负面，这在该队列中表明了一个完整的投降阶段。

Such a capitulation has intensifed downside pressure, forcing DOGE below the critical $0.20 support level. It has also compressed profit margins, while triggering a broader erosion of holder conviction.

这样的投降增强了下行压力，迫使多门低于$ 0.20的支持水平。它还压缩了利润率，同时引发了更广泛的持有人定罪的侵蚀。

Source: Glassnode

来源：玻璃节

In fact, the HODL Waves seemed to reinforce this picture too. The 3–6 month cohort’s share of Dogecoin supply surged from 10% in March to 15.53% at the rally’s peak.

实际上，霍德波似乎也加强了这张照片。在拉力赛峰值上，3-6个月的队列份额从3月的10％飙升至15.53％。

Right on cue, this cohort started trimming their bags, locking in profits, or exiting near breakeven. Their share has since dropped to 12.4% – A clear sign of distribution pressure kicking in.

就在提示上，这个队列开始修剪自己的行李，锁定利润，或者在收支平衡附近退出。此后，他们的份额下降到12.4％，这是分配压力启动的明显迹象。

In short, as short-term holders wave the white flag, the wider DOGE crowd is getting forced into realizing those losses.

简而言之，随着短期持有者挥舞白旗，更广阔的总督人群被迫意识到这些损失。

Unless Dogecoin breaks free from this bubble, pushing past $0.25 is going to stay tough. That leaves the $0.17 support dangerously exposed.

除非Dogecoin摆脱了这个泡沫，否则将$ 0.25推到$ 0.25都将保持艰难。这使$ 0.17的支持危险地暴露了。