🧐 $DOGE, the king of the last cycle, is facing significant events today, yet it seems to have made no splash at all. With Musk's endorsements and $DOGE sweeping the MEME market last cycle, why is it suddenly "calm" this time?

Does DOGE still hold any significance? What should holders do?

Many people are asking this question!

On one hand, the NYSE has approved the listing of Grayscale's DOGE and XRP spot ETFs this Monday, but the market's response has been extremely weak;

On the other hand, the U.S. Department of Efficiency (DOGE), which was supposed to operate until July 2026, has officially dissolved!

In the last cycle, everyone was shouting about breaking through 1U, the former MEME king $DOGE is now in disarray;

I believe that Musk's endorsements and $DOGE's sweeping of the MEME market last cycle being "calm" this time is not due to a disappearance of narrative, but rather an aging capital structure.

1️⃣ The "Musk + New User Bonus" from the last cycle is completely absent this time.

The explosion of DOGE in the last cycle was fundamentally due to:

Musk's endorsements ✖️ Robinhood retail investor frenzy ✖️ Epic liquidity easing triple whammy.

This year, even with the ETF bringing it into the "regular army," there are no new retail investors, liquidity continues to decrease, and there are no Musk-triggering events, so the narrative naturally cannot be lifted.

The era of endorsements is over, and Musk's influence in the crypto world is diminishing.

2️⃣ DOGE itself: Unlimited supply, aging structure, concentrated holdings, no new stories:

DOGE has an unlimited issuance (50 billion new coins each year), which means:

No "deflationary imagination";

No "market cap ceiling compression effect";

Large funds are unlikely to hold long-term;

Moreover, DOGE's whales made huge profits in the last cycle, and they are even less willing to provide liquidity this cycle or continue to support it.

This cycle's MEME market is exceptionally hot, whether it's the new $PePe regulations or the later explosive $Trump gameplay and popularity, both far exceed Dogecoin.

No new narrative, no supply story, no capital drive.

This is the biggest problem for Dogecoin in this market round.

3️⃣ Does Dogecoin still have a future?

Even as mentioned above, I believe that in this bull market, DOGE's advantages are almost nonexistent, but that doesn't mean it has no future at all. I still hold some DOGE, especially during this low-level fluctuation period;

Because: The biggest variable for DOGE will always be Musk:

Although the "endorsement era" is over, if Musk really integrates DOGE into: X payments, Tesla ecosystem, Starlink micro-payments, xAI tipping system, or future Martian currency;

If any one of these is realized, DOGE will soar again.

While it is unlikely to see another hundredfold explosion like in 2021, it is also hard to see it go to zero. DOGE will not die, but it is no longer a "growth asset." Here are a few suggestions for everyone:

1) Light position for sentimental value: 5% or less is completely okay;

2) You can trade on rebounds after deep declines;

3) Be bold to sell during Musk events, don’t wait for the "next tweet";

4) Don’t fantasize about doubling at high points;

5) Don’t go all in, don’t heavily invest;

DOGE is best suited for:

Event speculation + rhythm trading + light position participation.

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