DOGE whales accumulate while ETF inflows vanish

DOGE whales have added over 200 million DOGE to their holdings in the past week, according to on-chain analyst Ali Martinez, bringing their total holdings to 18.84 billion DOGE. However, this on-chain accumulation stands in stark contrast to the dismal performance of institutional investment vehicles for the cryptocurrency. The three spot Dogecoin ETFs, which launched in November 2025, have attracted a meager $12.44 million in cumulative inflows to date. Notably, since May 19, these funds have recorded zero net inflows on all but a single day.