In the past two weeks, there have been interesting changes in the on-chain data of DOGE - while the price is still lying on the floor, Large Investors are quietly accumulating.

From mid-August until now, the addresses holding between 100 million to 1 billion DOGE have seen their total holdings rise to around 32.4 billion. Just in the last half month, this group of large investors has increased their holdings by approximately 4.72 billion.

Looking at the prices, the trend isn't as good. In mid-September, DOGE could still touch around 0.30 USD, but then it started to decline. The plunge in mid-October was particularly severe, directly breaking through 0.16 USD. Although there was a rebound in early November, it quickly softened again, now hovering around 0.175 USD, which has shrunk significantly compared to the highs in September.

Interestingly, the operations of the Large Investors do not synchronize with the price trends at all. In September, their holdings were relatively stable, with occasional small fluctuations. At the end of September and the beginning of October, they slightly increased their positions, but quickly reduced them again.

This phenomenon of price decline while Large Investors accumulate is not uncommon in the crypto market. Is it smart money bottom-fishing, or are the bag holders standing guard? It seems we will have to wait for the subsequent trends to verify. However, it is certain that this batch of addresses holding in the hundreds of millions has indeed been building positions against the trend recently.