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.

网络分析平台的发布，并由市场评论员阿里·马丁内斯（Ali Martinez）强调，最大的Dogecoin投资者在过去的四个星期中悄悄地扩大了他们的位置，因为随着网络上的活动的加速，最大的数据。

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

这是因为Memecoin的价格倾向于制造或破坏技术上限。

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.

根据马丁内斯（Martinez）在4月13日共享的图表，“中层鲸鱼”（一部分拿着1亿至10亿辆载体的钱包）的总平衡约为246亿。

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，他们的集体余额已攀升至260亿多名，这是鲸鱼积聚图中的灰色区域突出的。

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.

大约有14亿辆的差异（价值超过3亿美元）以现成的现货价格差异 - 证实，即使在代币集会上，大型持有人也在吸收大量供应。

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.

在快照时，同类人群控制了259.7亿辆，尽管该价值已经达到5月10日的大约265亿座。

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.

网络活动似乎正在遵循这笔钱。第二个santiment仪表板显示了每天的活动地址从4月12日至13日中期的低五位数区域到高于680,000以上的峰值，然后在5月15日的印刷中将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.

以美元计算的交易量（以浅蓝色线显示）反映了激增，达到了12.1亿美元，并且在最新阅读中仍保持高涨的5.4996亿美元。

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.

也许最有说服力的市场深度，个人转移的数量超过100万美元 - 在马丁内斯图表上绘制的紫色 - 在同一窗口中激怒了，强调了活动激增在不小的大型交易中驱动着大型零售而不是零售而不是零售。

DOGE Price Faces Key Resistance

Doge价格面对关键的抵抗力

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

虽然流的胶带看起来具有建设性，但价格图认为市场仍然处于关键时刻。

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.

在马丁内斯（Martinez）共享的为期三天的蜡烛图表中，Doge的交易价格为0.2277美元，并压入供应墙，该乐队在大约0.24美元至0.26美元之间。

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.

整个2024年12月，水平区域（灰色为灰色）一直坚固，并在一月中旬崩溃后成为抵抗。此后，它产生了几种干净的拒绝，每一个都以马丁内斯的向下箭头标记。本周早些时候，另一次违规尝试刺穿了乐队的盘中，但未能在其上方闭合，使水平完好无损。

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.

如果买家每天都设法维持果酱的果断，则图表显示了高达0.3000美元的真空，Martinez表示“可能会引发新的公牛奔跑”。相反，未能清除天花板的风险会朝着4月基底结构开始的0.1700 $ 0.1700区域的挥杆风险。

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.

需要明确的是，大规模交易的建立并不是什么新鲜事。但是，尽管价格停滞，但他们仍在继续升级的事实表明，基本的需求不容易被较小的交易所满足。

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

作为他分析的最后一部分，马丁内斯还概述了Dogecoin的主动地址和交易量。这两种措施