Speaking of Dogecoin, everyone in the circle knows—it's never been a fundamental value investment; essentially, it's a barometer of market sentiment.

How did the market perform today? It opened at 0.12667 in the morning, surged to 0.12697, then turned downward, currently stuck at 0.12568. Although the decline is only 0.78%, this slow downward trend is the most heartbreaking—classic "boiling frog" scenario.

Looking at the technicals, the Bollinger Bands have tightened to a "toothpick" width, with the upper band at 0.1281 and the lower band at 0.1224. This should indicate a period of consolidation, but in reality? The entire crypto market's atmosphere today is extremely cold. The Fear & Greed Index has dropped to 32, three points lower than yesterday. Even Bitcoin is wobbling around 88,600 with no momentum. For a highly sentiment-sensitive asset like Dogecoin, how could it not follow the downward trend?

The key news today is that a major exchange announced that the leverage for DOGE perpetual contracts has been cut from 50x to 20x. This might seem insignificant, but for short-term traders, it's deadly—the halving of leverage means the price pulses that could be created by increased leverage simply vanish, and the ammunition used to push the price up is halved instantly.

On-chain data is even more interesting. Last night, a whale holding 120 million DOGE sold 30 million around the 0.127 level. The timing was very delicate. All these details together help explain why the market is so subdued today.