Recently, the market performance of DOGE has been puzzling. Last week, there was a significant increase of 37%, but it quickly fell back more than 4%. Currently, its price hovers around $0.23, still a considerable distance from the target of $1.

Interestingly, despite the trading volume surging by 72% to $5.4 billion, this was not due to a large influx of buying from retail investors. Instead, the data shows that large investors, commonly known as "whales," are quietly accumulating, while small investors are selling off, creating a unique market dynamic. Reports indicate that large investors are holding approximately 122 billion DOGE for the long term, while small investors are continuously reducing their holdings, resulting in a "seesaw" effect in the market.

From a technical analysis perspective, the trend of DOGE is also not very optimistic. Its price has fallen below the 50-day, 100-day, and 200-day moving averages, and the MACD indicator remains in the bearish zone, indicating that any rebound in the short term may face strong selling pressure.

Dogecoin has garnered significant attention due to its unique online culture, strong community support, and promotion by Elon Musk. However, the current market seems to be more focused on practical applications and long-term growth potential, rather than just speculation and "faith". This shift poses new challenges for the future development of Dogecoin.

In the face of this market environment, investors need to be more cautious and closely monitor market trends and project developments. At the same time, this may also be a signal for the DOGE community to reassess its development strategy and strengthen the construction of practical application scenarios. In the future, how to balance community culture with actual value will be key to whether DOGE can continue to attract the attention of investors.