In the past day, Dogecoin has made another move.

The price appears calm on the surface - falling back to $0.1491, down 0.75%, with a trading volume of $1.24 billion and a market capitalization still holding the $24 billion mark. But if you stare at the on-chain data, you'll see that something is wrong.

** Whales do big things in muffled voices. **

Within 48 hours, those million-level wallet addresses swept away 480 million DOGE, and at the price at the time, $71.8 million was thrown in. This is not a contract gamble, but a real spot hoarding - accounting for 5.69% of the day's trading volume. Outcome? The price rebounded directly by 2.5%, once touching $0.1534 to test the hurdle of the 23-day moving average.

Even more ruthless in the futures market. DOGE futures volume on a trading platform skyrocketed by 10,187% — yes, you read that right, a five-digit increase — to $120 million. The proportion of short positions being blown up is unbalanced to 528408%, which is basically a unilateral massacre.

Technically, DOGE is now stuck in a symmetrical triangle. $0.145 below is support, and $0.165 above is the pressure level. Once broken, the space between $0.18 and $0.20 opened. Interestingly, large transfers fell to a two-month low of only 11, but retail investors were enthusiastic and pushed up the price by 11%.

There is also a lot of discussion on the side of the community. Grayscale's DOGE ETF was tepid on the first day, but Bitwise's fund is about to be launched, and whether the ETF can catch fire depends on the next few days.

**The next 24 hours will be a watershed moment. ** Whales continue to add positions, DOGE may regain its footing; If you can't bear it, you have to hold the $0.13 line of defense. In the market, data speaks, but fluctuations can still be deadly. Whether it's optimistic or short, don't use all your net worth to bet on the unilateral market.