The hot topic of discussion in the crypto market this year is simply who can withstand the pressure better, DOGE or ETH. It seems to be a contest between narrative power and technical strength, but digging deeper reveals that the root of this competition is actually about where the money flows.

Recently, institutional signals such as Grayscale Trust and ETFs have frequently appeared in DOGE news, while investment giants like BlackRock and Vanguard have quietly increased their stakes in ETH-related assets. From a funding perspective, the dynamics of the crypto market are subtly changing. Retail investors chase the hype, while institutions are positioning themselves for long-term value—these two forces create a striking contrast in DOGE and ETH. For investors, instead of getting entangled in labels like "meme coin" or "future coin," it is better to understand how funds are actually flowing. Investment decisions for 2025, in plain terms, are a judgment on the direction of funds and the risk-reward ratio.

The situation with DOGE is quite interesting. As the top meme coin, it has an enormous community base, with retail funds supporting the entire market's liquidity. According to on-chain data, in February of this year, the number of addresses holding 100,000 to 1,000,000 DOGE increased by 37%, indicating that many retail investors were buying heavily in the $0.18 to $0.20 range. The collective sentiment of retail investors is often the biggest driver of short-term fluctuations for DOGE.

Interestingly, the chip distribution issue of DOGE has never been solved. Data shows that the top 115 addresses control 65.4% of the circulating supply, with Robinhood alone holding 21.06%. This highly concentrated pattern hides risks that cannot be underestimated. Retail enthusiasm can push prices up, but once the big fish start to sell off, the consequences can be imagined.