Recently, an interesting phenomenon in the crypto market is worth following - the overall Mining data of DOGE has shown a contrasting situation.

From a data perspective, the total network hash rate dropped from 3.71 PH/s to 2.74 PH/s, a decrease of about 26%. However, during the same period, the 24-hour Mining output of the Antminer L9 surged from 60 coins to 85 coins, with a revenue increase of about 40%. The logic behind this is actually not complicated—when the coin price reaches a "shutdown price" for some miners, they choose to exit, leaving the remaining miners to share more block rewards, creating a reverse cycle.

Historically, after each significant hash rate adjustment, the price of DOGE tends to show a corresponding strong performance. Whether this pattern will continue this time is worth pondering for market participants.

On the application level, the ecosystem of DOGE continues to expand. From consumer brands like Starbucks, Gucci, and LV, to high-end brands like Ferrari and Porsche, and even to real estate transactions in Japan, as well as the recent formal support for DOGE payments by Tesla, the real-world implementation of DOGE is accelerating. In addition, the official recognition of it as a financial product in Japan has also enhanced the institutional recognition in the market.

In terms of market sentiment, consensus and emotions are often the driving forces throughout the Meme coin wave. The performances of projects like PEPE and SHIB have proven this point. In contrast to pure Meme coins, DOGE has more real-world application support due to its unique community attributes and ecological accumulation. Overseas analysis generally looks favorably on the short to medium-term trend potential.

Based on the comprehensive computing power data, ecological progress, and market consensus, the recent fluctuations in mining machines may indeed be worth paying attention to. However, whether it is an opportunity or a risk ultimately depends on one's own risk tolerance for judgment.