In this round of the market, how did the mainstream coins perform? Bitcoin rose from over 20,000 in 2023 to a high of 120,000, and is currently still above 80,000; Ethereum, although with limited gains, remains quite stable. Only DOGE, to be honest, has truly become a "reverse indicator" in the market—when others rise, it doesn't follow; when others fall, it drops even more sharply.

Let's look at the situation of DOGE holders. In this bull market, many people's mental state is on the verge of collapse. Even the buzz around Elon Musk's comments hasn't helped much. My own DOGE position has lost nearly 30%, and I feel it deeply.

Of course, some will mention DOGE's unlimited issuance model. But frankly, I’m not too worried about that. From an monetary perspective, economic growth naturally requires an increase in the money supply. DOGE currently has a total supply of 168 billion coins, with an annual issuance of about 5 billion coins, which translates to an inflation rate of roughly 2.9%—this level isn't actually that unreasonable.

Where is the real problem? It’s severe liquidity shortage.

If you observe carefully, you'll find that many tokens in this market can't rise, and the root cause points to the same issue—too large a liquidity gap. The good news is that this situation should improve by next year.

There's also an interesting phenomenon. Recently, a community coin has sparked discussion again because a well-known figure made a statement in Telegram. That’s not the main point; the key is that this person previously bought this coin at a high price and later sold all of it. Ironically, there are still a group of loyal believers in that community who are holding on. If liquidity truly improves next year, the market cap of this community coin could break through its current $2 million scale—perhaps even perform some miracles.