Throughout the history of cryptocurrency, Dogecoin has always been a dramatic presence. Looking back at the market fluctuations in November 2024, when the news of the U.S. rate cut coincided with Trump's election, the cryptocurrency market welcomed a long-awaited explosion period. At that time, the frequent interactions between Musk and Trump sparked market discussions, and the price of Dogecoin soared from $0.10 to $0.48, an increase of nearly 5 times within a month. As a researcher who has long focused on the value of cryptocurrencies, I warned of risks in articles on November 14 and 25 — such explosive growth based on celebrity effects often comes with significant bubbles, and the subsequent price drop to $0.41 validated this judgment.
The stock god Buffett once profoundly pointed out: “Buying stocks is buying companies.” This principle also applies to the cryptocurrency field. Investors need to penetrate the code and the superficial price, examining whether there is a sustainable value creation ability behind it. Just as Xiaomi reconstructed the smartphone market through “extreme cost-performance ratio,” allowing hundreds of millions of users to enjoy technological inclusiveness, true value investment should focus on solving social pain points and promoting technological progress through innovative entities.
The birth of Dogecoin was originally a joke — two engineers launched this product of “reward culture” with a Shiba Inu meme as a satire of the cryptocurrency speculation craze. Its founders have long admitted that they never endowed Dogecoin with a grand development vision. Even when its market value soared to $87 billion in 2021 due to Musk's endorsement, it essentially remained an “air coin” lacking technological breakthroughs and practical applications. Currently, the unlimited issuance mechanism of adding 5 billion coins annually means that its price always faces selling pressure, and the market's excessive reliance on celebrity effects makes it a high-risk speculative target.
The market frenzy in November 2024 was essentially the last collective agitation during the transformation period of cryptocurrency from “speculative experiments” to “technological landing.” The era of rapidly creating wealth through white paper narratives and celebrity endorsements has already ended. Currently, the blockchain industry is entering the “value deepening” stage: Beijing's “Chang'an Chain” has achieved full-stack technology autonomy, supporting government service and supply chain finance innovations; the Yangtze River Delta's “Spark Chain Network” super nodes have gone live, promoting the integration of industrial internet and digital economy. These cases confirm the enormous potential of blockchain technology in improving social collaboration efficiency and building trust mechanisms.
For the cryptocurrency market in 2025, investors need to be wary of falling into the trap of “Fear of Missing Out” (FOMO). If one blindly chases high prices due to missing Dogecoin's historic surge, they may very likely miss real value opportunities again. Currently, some high-quality projects are experiencing a “value lowland” phase — they have continuously invested in technological research and development over the past few years, achieving breakthroughs in areas such as distributed storage, privacy computing, and cross-chain interoperability, yet are undervalued due to market perception lagging. These projects will be the first to break through in the industry paradigm shift, becoming the core driving force of the next bull market.
The ultimate value of cryptocurrency lies in its ability to promote changes in social production relations. The story of Dogecoin is nearing its end, while the true legend of blockchain technology is just beginning. As Buffett said, “The time I most prefer to hold a stock is forever,” true value investment should transcend short-term fluctuations and anchor those innovative entities that can solve social problems and create long-term value. In the market wave of 2025, let us penetrate the fog with the light of reason and capture the true essence of wealth in the deep sea of technological breakthroughs.
