At 3 a.m., an on-chain monitoring alert sounded. Upon checking the data, the DOGE whale addresses are once again making big moves. Over the past two weeks, those holding between 100 million and 1 billion DOGE have collectively scooped up 4.72 billion coins, while retail investors have panic-sold 2.3 billion. This stark contrast clearly shows who is going long and who is losing money and exiting.

Even more ironic, the average cost basis for whales is stuck in the $0.11-$0.12 range—just at the key support level for 2025. They are precisely accumulating at low prices, while retail investors with losses exceeding 60% can only leave with tears. From the very beginning, this game was already decided.

**The brutal reality revealed by on-chain data**

In the past month, Dogecoin has experienced a classic capital shift. On one side, institutions keep increasing their positions; on the other, retail investors are collectively fleeing. Specifically, addresses holding between 10 million and 100 million DOGE have sold nearly 7 billion tokens in the last 30 days. The result? The price has fallen from a high of $0.26 to around $0.143.

This wave of selling pushed Dogecoin’s market cap below $21 billion, with market panic approaching collapse.

But while retail investors are cutting losses, whales are quietly reversing their positions. During those three days in early December, whale addresses actually increased their holdings by over 480 million DOGE. It looks like they are betting on a rebound, or perhaps—they have already made up their minds about the upcoming trend.