#GateMeme The Dogecoin ecosystem continues to expand, but DOGE’s price remains sluggish—here’s why
The project, which received $21 million in funding, is promoting a comic about DOGE.
Dogecoin (DOGE) was initially the biggest joke in the crypto space. Now, that no longer appears to be the case.
Will the memecoin really fly to the moon?
MyDoge and one of its co-founders were involved in BitGo’s $1.2 billion exit deal, but he ultimately abandoned the deal. Meanwhile, early investors in Tesla and SpaceX also participated in the deal. There is also Anoncoin, whose team spent eight years working in fintech and raised more than $21 million during that period.
The project is backed by Polychain, Dragonfly, Consensys, and Nasdaq-listed company Metalpha. Nikita Bier, X’s former head of product, also participated in the project. Anoncoin’s Launchpad has gone live on Robinhood Chain.
DogeOS’s zkEVM testnet has integrated with Chainlink, and the project has just become the title sponsor of Korea Blockchain Week. But don’t get ahead of yourself. The DogeOS token has not yet officially launched, and the mainnet launch date has not been determined. These developments show that parts of the ecosystem surrounding Dogecoin are moving beyond its memecoin origins, although some of these products are still in their early stages.
Dogecoin surged sharply in late August alongside the broader market. At the time, the Relative Strength Index (RSI) exceeded 80. Since then, the indicator has pulled back to the neutral range of 50-58. As of press time, the token was trading at around $0.084, down nearly 3% on the day.
The Chaikin Money Flow indicator, which surged during the stock market rally in late August, has also leveled off, hovering near zero. This means buying pressure is very weak. The derivatives data examined further confirms these observations. At the beginning of September, open interest (OI) stood at $680 million. As of press time, that figure had fallen to $580 million. Notably, funding rates have fluctuated between rising and falling over the past week. Traders are uncertain which direction this rally will take.
Final summary
Dogecoin has powerful development teams behind it, including MyDoge, DogeOS, and Anoncoin. Price has yet to become the primary trend; traders appear divided on the direction. $DOGE ‌

#GateMeme The collective pullback of popular Memes on Robinhood Chain, such as PONS and MEME, is essentially the combined result of short-term profit-taking, cooling market sentiment, and capital rotation. This pullback reflects both some degree of shakeout and a genuine cooling of market enthusiasm.
I. Analysis of the Pullback: Shakeout and Cooling Sentiment Coexist
1. Profit-Taking and Cooling Sentiment (Primarily Cooling)
Profit-taking: Popular Memes posted massive gains earlier, and some capital chose to take profits after prices reached highs, increasing selling pressure and directly triggering the pullback.
Sentiment ebbing: Meme coins are highly dependent on market sentiment and capital inflows. As the earlier FOMO (fear of missing out) sentiment faded, market sentiment began to cool, and some momentum-chasing traders exited, causing prices to fall.
Capital rotation: Market hotspots rotate, with capital flowing to other chains, such as BSC and Solana, or to new projects, leading to a decline in localized enthusiasm for Robinhood Chain.
2. Changes in Market Structure and Shakeout (Some Shakeout Element)
Market clearing: The Meme market follows the “80/20 rule,” and many “shitcoins” lacking real value support rapidly go to zero after enthusiasm fades. This pullback is a process of eliminating weak coins and shaking out speculative positions, while some higher-quality or strongly narrative-driven assets may recover after the shakeout.
Mechanism test: The pullback of some platform tokens, such as $PONS , also tests the actual support provided by mechanisms like “buybacks funded by transaction fees” after enthusiasm fades. The pullback itself is also a process of market repricing.
II. Outlook: Short-Term Volatility, Long-Term Divergence
1. Short-Term Risks Remain High; Bottom-Fishing Requires Caution
Sentiment-driven risks: Meme coins lack fundamental support, and their prices are highly vulnerable to short-term sentiment and whale activity. Further downside remains possible after the pullback. “Shitcoins” lacking a strong narrative may go directly to zero, so blindly bottom-fishing sentiment-driven coins should be avoided.
Broad-market correlation risk: The overall trend of the crypto market, such as Bitcoin’s price movement, will directly affect the performance of on-chain Memes. If the broader market continues to weaken, the magnitude of the Meme pullback may increase further.
2. Long-Term Value Divergence; Select Targets Carefully
Focus on assets with real support: Some assets with practical product logic and the ability to capture genuine on-chain trading volume, such as certain platform tokens, may have some recovery potential after the shakeout. However, investors should wait for market sentiment to recover and capital to flow back in.
Focus on ecosystem value: The pullback in Robinhood Chain is primarily a pullback in the Meme sector. Progress in its on-chain RWA (real-world assets) and DeFi ecosystems will determine the chain’s long-term value.
III. Recommendations: Primarily Wait and See, Strictly Control Position Sizes
Wait and see: For ordinary investors, it is advisable to primarily wait and see, and make decisions only after market sentiment has fully stabilized and the broader market trend has become clear, avoiding blindly bottom-fishing and becoming trapped in a downtrend.
Strictly control position sizes: Use only idle funds you can afford to lose, test the waters with small positions, and set strict stop-loss levels. Never take large positions to gamble on a rebound.$PONS ‌