How much has that DOGE in your wallet appreciated now? From being able to buy a Starbucks coffee to exchanging for limited-edition Tesla accessories, and even rumors of prying open Ferrari door handles—this once-joke of the crypto world has stubbornly made its way into the realm of real-world payments through continuous attention. Despite constant ridicule across the internet, it has gradually validated a magical truth: consensus itself might be the strongest support.

Everyone knows who the driving force behind this is. When a single tweet from Musk can trigger a nationwide trend, and his real-money moves are amplified infinitely, DOGE feels like an activated traffic code. But how far can this hype go? This time, it’s really worth asking.

The sound of mining rigs tells a different story. Every fluctuation in global hash rate and mining profitability reflects a process where some miners exit while others reallocate their share. This node is quite delicate—DOGE stands at a crossroads. On one side is Japan’s newly stamped "legal asset" label, with the narrative of X Payments still floating in the air; on the other side are the 5 billion new coins issued annually. With a market cap of 20 billion, this issuance rate is like a constantly overflowing bucket hanging overhead.

The legend of "a thousandfold overnight" is becoming harder to realize at this scale. The core issues boil down to two key points: whether Musk will have further real actions to support this narrative, and whether market participants can maintain consensus under the pressure of continuous issuance. Every retweet and discussion feels like a bet, and how long this emotional party can last remains a suspenseful question.