From the perspective of chip flow, what are the differences in on-chain signals between DOGE and BONK?

On-chain data often exposes market trends in advance. Recently, the performance of these four popular meme coins, DOGE, PEPE, BONK, and FLOKI, has released different signals through on-chain indicators.

The relationship between market trends and chip flow has shown divergence: when the prices of PEPE and BONK rise, the platform balance shows a downward trend. On July 8, BONK even experienced a significant reduction in balance, indicating that holders were not in a hurry to sell during the increase.

(Figure 1)

As DOGE and FLOKI rise in price, the platform balance also increases, with DOGE's balance nearing the high point of January, indicating relatively strong short-term cashing demand.

(Figure 2)

A deep breakdown of the capital distribution of DOGE and BONK allows us to see the intentions of funds more clearly. The $0.20-$0.21 range for DOGE is a key area of concentrated chips, where a large number of long-term chips held for 2-3 years remain stable; however, low-cost chips with a cost of $0.081-$0.097 are continuously decreasing during price increases (currently 29.1 billion remaining), and these chips have likely flowed into platforms for selling.

(Figure 3)

The chip structure of BONK shows a different state: after just breaking through the previous concentrated chip area, the upward space has no obvious resistance until it faces the pressure of locked chips around $0.0000451 (approximately 1.518077 billion chips). Currently, there is no significant loosening of low-position profit chips, indicating that holders still have expectations for future market trends.

(Figure 4)

From historical data, the final movement endpoint of tokens often points towards platforms. Looking back at November 2024 when BONK was at a high, the platform balance suddenly surged, followed by a significant sell-off, indicating that we need to pay attention to the signals of chips concentrating on platforms.

If friends are interested in on-chain data analysis of meme tokens, feel free to communicate at any time. Although this data cannot directly predict prices, it can help us see the true flow of funds and chips through the surface of the market.