The whale in question is an exchange, and so are most of the top holders in the Dogecoin network. As a matter of fact, the infamous largest whale is likely to be Robin Hood - which means it represents assets of tens of thousands of retails investors.

• Use Patrick’s thread for expanding on this: https://www.reddit.com/r/dogecoin/comments/lngacy/many_fud_lets_fix_that_wow/.
• There is no need to specify which exchanges hold which wallets, but do explain the combination of hot/cold wallets and why exchanges use them.