Bitcoin and Ethereum are surging, but Dogecoin is lying on the floor? Why can't it keep up with this wave of market?

Recently, the crypto market is heating up: Bitcoin has broken 60,000 dollars to reach a new high, Ethereum has touched 4,000 dollars, and even Solana and XRP, these 'old friends', are breaking records one after another. But Dogecoin (DOGE) is particularly heartbreaking - this meme coin, once boosted by Musk, shouting 'Dogecoin to the moon', is now priced around 0.21 dollars, nearly 70% away from its peak of 0.73 dollars in 2021.

Why is it that others are celebrating while Dogecoin seems to be left behind?

In 2021, it became a sensation across the internet relying on 'memes', but now the market only recognizes 'real value'.

How crazy Dogecoin was in 2021, old fans remember: Elon Musk's tweet 'Dogecoin is the people's currency' could make the price spike instantly; he brought the DOGE sign to (Saturday Night Live), directly pushing the coin price to a peak of $0.73. At that time, buying Dogecoin felt more like joining a 'internet frenzy'—what everyone believed in was not its utility, but 'Elon Musk's meme' and 'the community's passion'.

But now the crypto market no longer pays attention to 'memes'.

Bitcoin has become the choice for institutions to hedge against inflation by positioning itself as 'digital gold'; Ethereum, with its real functions like DeFi, NFT, and stablecoins, has become the 'infrastructure of blockchain', with JPMorgan and Meta working on it. The price increase of these coins is backed by 'real demand'—some use it to store assets, some for development, and some make money by holding coins.

But what about Dogecoin? Insiders bluntly say: 'It cannot generate interest, cannot be used as collateral in DeFi, and even the payment scenarios are not well established.' Mark Cuban said it is 'suitable for consumption', but the reality is, merchants accept Bitcoin and USDT for purchases, but rarely recognize Dogecoin. Until now, its value still relies on 'Elon Musk's jokes' and 'community sentiment'.

Institutions are not touching it, and retail investors have also calmed down.

The main force behind this wave of market is institutions. Bitcoin ETF attracts tens of billions in a day, and Ethereum is heavily invested—but when institutions look at Dogecoin, it's like looking at 'internet jokes': interesting, but cannot be considered serious assets.

Grayscale's Zach Pandl put it clearly: 'Institutions want assets that are 'useful and can make money', like Bitcoin which can retain value, and Ethereum which can run applications. Dogecoin relies purely on emotions; they don't dare to allocate it.'

Retail investors have also lost the momentum of previous years. Last year, when Trump won the election and Musk was supporting it, Dogecoin soared to $0.48, but soon fell—everyone realized that apart from 'Musk's tweets', there was nothing that could stabilize it. Some old fans complained: 'Those who chased high in 2021 are still stuck; now who dares to buy casually?'

Is there still a chance for the future? ETFs and new projects are unlikely to change the essence.

Recently, there have been reports that Grayscale and Bitwise are applying for a Dogecoin ETF. If the SEC approves it, there might be a surge. However, insiders are not optimistic about the long-term: 'The ETF might attract some new money, but it doesn't solve the issue of 'lack of real use'.'

The founder of Ambient Finance said: 'If the Dogecoin ETF is approved, it only shows that the market has accepted even 'jokes'. It may rise in the short term, but for the long term? It's uncertain.'

There is also a DogeOS project aiming to create applications and games on the Dogecoin network, adding some 'practicality'. But those in the know understand that Dogecoin's underlying technology does not support complex applications, and changing its nature is too difficult.

Ultimately, Dogecoin is like the 'internet celebrity' of the crypto circle—famous for memes but lacks real capability. Bitcoin and Ethereum are 'powerhouses', thriving on utility; whether Dogecoin can become popular again depends entirely on whether the 'meme' can continue.

Last question: Do you still have Dogecoin in hand? Do you think it can reach the moon again? Let's chat in the comments～

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