Do you remember the exciting moment last week when Dogecoin (#DOGE ) surged by 37%? Unfortunately, the good times were short-lived, and it quickly dropped back down over 4%... The short-term excitement faded even faster than the weekend.

The current situation is quite delicate — whales continue to quietly accumulate, holding over 122 billion DOGE; however, small retail investors have been continuously selling off, starting a 'sell, sell, sell' mode since early July, and new investors have yet to step in, leaving the market nearly cold.

The trading data is also quite honest:

Trading volume has plummeted by nearly 47%

Open interest has shrunk to $4.85 billion

The technical indicators have set off alarms across the board —

DOGE's price can't even hold the 50-day, 100-day, or 200-day moving averages, and the MACD is also on a downward slide; even minor rebounds are quickly overwhelmed by larger sell pressure.

Although 'Whale Daddy' is still propping up the market, without new retail blood, is it really possible for Dogecoin to breach the $1 mark? Right now, it seems more difficult than climbing to the sky.

This is no longer just about 'Dogecoin is a meme'; it's a hardcore market structure issue. #DOGE