Recently, the cryptocurrency DOGE, which originated from internet memes culture, has experienced a wave of severe market fluctuations. Its price sharply fell from a high of $0.28 to the range of $0.23-$0.24, with a decline of over 22%. This volatility has raised concerns among investors and made one wonder: what exactly happened behind the market?

On-chain data analysis reveals an interesting phenomenon: the number of small wallets holding between 100 and 10,000 DOGE has significantly decreased, indicating that many retail investors have chosen to cash out. Meanwhile, the number of large wallets holding over 100 million DOGE has significantly increased, suggesting that large investors are seizing the opportunity to buy in bulk. This "scissor difference" phenomenon, where small retail investors exit and large funds enter, is often regarded as an important signal that the market is about to turn.

From a technical analysis perspective, DOGE has successfully broken through a long-term downtrend channel, providing technical support for a potential rise in the future. The Relative Strength Index (RSI) has experienced a pullback after being overbought, which can be seen as a healthy market adjustment.

Currently, $0.23 is considered a key support level. If the price can solidly stay above this level, the next target may be in the range of $0.29 to $0.32. However, investors should also be aware that if the price falls below the $0.23 support, it may trigger further declines.

This market behavior highlights the high volatility and uncertainty of the cryptocurrency market. The active entry of large funds may indicate their confidence in the future trend of DOGE, but it also reflects the polarization of the market. For ordinary investors, it is crucial to remain rational and cautious in such a turbulent market environment.

Whether to choose to continue holding or exit the market, investors should make decisions based on their own risk tolerance and investment objectives. Closely monitoring market trends, understanding the operational logic of large funds, and maintaining sensitivity to the market are all key to surviving in this challenging market.