Recently, a contradictory set of data has emerged in the DOGE market, warranting in-depth analysis.

The total network hash rate has dropped by over a quarter, with many small and medium miners shutting down due to cost pressures. Meanwhile, the daily revenue of high-end mining machines like the L9 has increased significantly, approaching a 40% rise. What does this phenomenon indicate? The total cake hasn't changed, but the number of people sharing it has decreased, and the remaining participants are benefiting more.

From a market cycle perspective, this is a typical "miner capitulation" phase. Historical experience tells us that when the hash rate curve experiences a cliff-like decline, what does it usually signal? The most severe selling pressure is about to subside, and the market is typically left with long-term believers and low-cost builders.

Even more noteworthy is the progress of DOGE in the basic application layer. The payment ecosystem continues to expand—from automotive manufacturing to daily consumption scenarios, including coffee shops, luxury shopping, and even overseas real estate transactions supporting DOGE settlements. This indicates that DOGE is shifting from a purely asset attribute to a practical payment tool.

There are also new developments at the policy level. Official certification in Japan provides regulatory endorsement, opening the door to new markets. Coupled with strong support from community opinion leaders, these factors together form a multi-dimensional support system.

When the technical aspect (hash rate cleansing), application expansion (payment adoption), and public opinion (community consensus) all experience positive changes simultaneously, is it just a coincidence? Or is it a preparatory phase before a major market move? Market participants need to judge for themselves.