After last year's election, DOGE experienced quite a significant market movement. The price soared by 152%, and under policy support, it even briefly touched a high of $0.4846. It sounds pretty tempting, but it's not that simple to break through the $1 barrier.

According to the current market, DOGE needs a market cap of 147 billion dollars to reach 1 dollar. Here comes the question - about 5 billion new tokens pour into the market every year. This inflationary pressure acts like an invisible hand, constantly pushing down. Although the original intention of the token economic model was to ensure liquidity, it has now become a roadblock to the upward trend.

What's even more heartbreaking is the cooling of market enthusiasm. Trading volume has plummeted from a peak of $15 billion daily to the current $6.6 billion, a decline of nearly 56%. The U.S. spot ETF launched at the end of last year also failed to bring in the expected influx of funds—only managing to attract $5.4 million in assets, which is simply not enough to sustain the demand for continuous growth.

So the current situation is: there is an increase, there is heat, but the supporting force is gradually fading. Whether new demand drivers can be found in the future will be the key to determining the direction of DOGE.