Recently, an interesting phenomenon has caught attention—the unconventional fluctuations in the Dogecoin mining market.

The total network hash rate dropped sharply from 3.71 PH/s to 2.74 PH/s, a decline of nearly 26%. At first glance, it’s quite alarming, but the story behind it is not so simple. Meanwhile, the daily mining output of AntL9 miners actually surged from 60 to 85 coins, with profits increasing by a full 40%. What’s going on here?

Most likely, some small and medium miners have exited the market as the coin price hit their "shutdown price." As a result, those who remain and continue mining are receiving a larger share of rewards. It’s like the cake has shrunk, but fewer people are eating it—so each remaining miner gets a bigger slice.

Historically, a pullback in DOGE’s hash rate often signals an upcoming strong rally. The typical cycle: a correction → some miners exit → remaining miners’ rewards improve → network activity stabilizes. This logical chain has occurred several times in the past, each time accompanied by a price breakout.

Looking at the ecosystem, DOGE’s application landscape has expanded rapidly over the past two years. Starbucks, Gucci, LV, and Rolex have all started accepting it. Real estate transactions in Japan now support DOGE payments. Tesla’s official accessories also accept Dogecoin. These are no longer just meme-based "joke" economies but real-world applications.

On the market sentiment front, Japan’s authorities have officially recognized DOGE as a financial product, overseas analysis firms are projecting short-term targets of $2 and long-term targets of $7.2, and some major holders remain steadfast in "holding without selling"—the consensus is fermenting. Referring to the trajectories of PEPE and SHIB, meme coins often experience unexpected surges driven by sentiment.

So, here’s the question—do you think this drop in hash rate is an opportunity or a trap? What conditions are needed for DOGE to rise to the next key level? Share your thoughts in the comments.