2025-12-09 18:56:26

Let’s talk about Dogecoin.

This bull run has been pretty surreal. Other than the top coins holding up decently, the rest? Most coins haven’t performed the way you’d expect at all. What’s even more absurd is, some coins have actually played out a deep bear market script right in the middle of a bull market—not only did they not go up, they actually hit new lows. So there are people who stuck around the entire time and still didn’t make a dime.

Coins like XRP and ZEC, these old-timers, their playbook is just a single vertical pump, like setting off fireworks for New Year’s—enjoy it while it lasts, and that’s it. You don’t even get time to react; after the pump, they immediately start a slow bleed. When ZEC pumped, I said it was probably time to get out around 760, but some people were still calling for 1000? In this kind of market, it’s obvious who’s making money and who’s losing.

DOGE, as a veteran, hasn’t even broken a new high this cycle, which says a lot in itself.

It’s not that DOGE isn’t capable; it’s that there just isn’t enough money in this cycle to rotate through all the old coins. Remember 2021? There were tens of millions, even hundreds of millions, of dollars sloshing around everywhere—even trash coins could catch a big wave. Now? Liquidity is pitifully weak, you just can’t compare.

So if you feel like this bull run “doesn’t feel like a bull market,” it’s not your fault, and it’s not the market’s fault either. This is a classic structural bull market—money only floods into a few select sectors, and the rest? They don’t even get a taste.

Dogecoin has probably topped out for this cycle. But next bull run? I still think it can break new highs. After all, DOGE’s washout cycles have always been years long, so you need that kind of patience. And compared to other altcoins, at least you don’t have to worry about it being delisted or going to zero—that’s its fundamental strength.

Next time around, as long as you can hold on, the odds of breaking even or even making money are pretty good. The key is—can you really hold on?

DOGE3.06%

XRP2.01%

ZEC-4.16%

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GameFiCritic

· 23h ago

Liquidity exhaustion, structural divergence, this is the current reality. The problem now is not with the coins themselves, but with the capital volume that simply cannot support a full rotation. DOGE struggling to hit new highs indicates what? It shows that all the money has flowed into those few public chains and narrative coins, leaving the rest to eat leftovers. Compared to the trillion-level incremental liquidity of 2021, the current market cap is too fragile. Under this background, don’t expect coins like DOGE, which rely on consensus, to break out of an independent trend — their playability indicators have actually remained unchanged, but the incentive models and market environment are mismatched. Will the next bull market break new highs? I agree with this judgment, but the premise is that liquidity truly returns. After all, DOGE’s fundamentals are still there; it won’t go to zero. It’s just that this round of shakeout cycle might be longer than expected.

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GateUser-40edb63b

· 12-11 16:49

With this liquidity, it's really impossible to play; the crazy 2021 is gone. --- If DOGE can't break new highs, it means everything; old coins should accept their fate. --- Wait for the next bull market; anyway, Dogecoin won't go to zero, it's just a test of patience. --- A structural bull market is like this; not all coins have a chance, face reality. --- If you can't hold it, don't expect to be rescued; it's easy to say, but it really tests your mindset. --- That wave of ZEC also made me dumbfounded; I left right after the fireworks show, couldn't react in time. --- The market has indeed changed; small retail investors don't have much to gain anymore, that's just how it is.

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SchrodingersPaper

· 12-09 19:26

Putting on a show again, huh? I still remember the FOMO from 2021. And this time, not even Dogecoin can save me.

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MEV_Whisperer

· 12-09 19:25

This wave of liquidity is indeed disappointing, the era of money raining from the sky like in 2021 is not coming back. The fact that Dogecoin hasn’t hit a new high says it all—narratives alone can’t hold things up. Being able to hold on is the real skill; most people simply can't survive this kind of dormant period. DOGE will have another chance in the next bull market, but only if you make it that far. That’s just how structural markets are: either go all-in on the leaders, or prepare to get wiped out.

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GasBandit

· 12-09 19:19

The market is just like this. The structural bull market play is still the same old way: the top coins get the main gains, while small coins only get the leftovers. DOGE really hasn't moved this round. Breaking a new all-time high is just too hard. Let's wait for the next cycle. Anyway, if you can't hold on, talking about it is pointless. --- Money is really tight this round. Back in 2021, even any random shitcoin could take off, but now even the old players don't get their turn. --- With such poor liquidity, you still want to rely on rotation among old coins? Wishful thinking. --- I really didn't get the ZEC pump. Should have sold at 760, but got greedy for 1000. That's just asking for trouble. --- DOGE can't even break its previous all-time high and there are still people cheering it on. I just don't get it. --- Yeah, the key is being able to hold. Most people just don't have that kind of patience. --- That's how a structural bull market is. As long as you don't chase pumps, you won't lose too badly. --- At least DOGE won't go to zero. That's much better than those other altcoins. That's its advantage.

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DefiVeteran

· 12-09 19:18

DOGE really underperformed this time, can't even break a new high—that says it all. Liquidity is this poor and you still expect rotation? Keep dreaming. --- You can't even compare 2021 to now. Back then, any random coin could moon; now it's just a few top coins sucking up all the liquidity. --- Holding on is the real key. If you can't hold through the next cycle, then there's really no hope, haha. --- That ZEC wave really trapped a lot of people. Those who didn't sell at 760 hoping for 1000 all became bag holders. --- Structural bull market is the right term, but this structure is really tough on retail investors. --- At least DOGE still has consensus, much better than those altcoins that could dump at any moment. --- By this logic, how long do we have to wait to break new highs? The coins I'm holding are about to rot. --- Liquidity is so weak yet people still talk about a bull market. Seriously? I just don't get it anymore. --- Old coin rotation is a joke now. It's the era of new concepts sucking up all the funds.

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AirdropHuntress

· 12-09 18:57

The structural bull market statement is correct, but whether DOGE's fundamentals will hold depends on whether more capital is willing to come in. --- I saw the liquidity issue long ago; this wave is nothing like the one in 2021. --- Can you really hold on? Easier said than done, bro. --- After research and analysis, DOGE's inflation mechanism has always been a hidden risk. Don't just focus on the narrative. --- The fact that it hasn't broken new highs is telling; the chances of a comeback in the next bull run are limited. --- The era when tens of millions in funds moved around freely is gone. This cycle is all about cutting retail investors. --- Monitor the holdings of these wallet addresses to truly understand institutions' attitudes toward DOGE. --- What old coins need for rotation isn't patience—it's a gambler's mindset. --- Worth positioning? I suggest paying attention to the risks first.

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