Recently, a very interesting phenomenon has occurred with Dogecoin—the total network hash rate dropped directly from 3.71 PH/s to 2.74 PH/s, which looks like miners are fleeing en masse. But here’s the twist: although the hash rate plummeted, individual miners’ earnings actually increased by about 40% against the trend.

What does this really mean? It’s actually the market clearing itself. When the price falls to levels that trigger many miners’ shutdown points, some with higher costs or weaker risk resistance are forced to exit. It sounds bearish, but in fact, it alleviates subsequent selling pressure. The remaining miners are mostly those with lower costs and stronger confidence, which can be seen from their increased earnings.

Historically, after such a deep correction in hash rate, Dogecoin usually experiences a rebound. The network completes its clearing, and selling pressure diminishes accordingly.

Looking at the fundamentals, energy continues to accumulate: application scenarios have expanded to Japanese real estate purchases, Tesla payments, Starbucks, and various luxury consumption, covering far more than most people expected. Community consensus is also unprecedentedly strong, with official recognition from Japan further fueling confidence. The market’s short-term target for this coin has been raised to $2, and in the long term, even aiming for $7.2.

Don’t forget the “diamond hands” always standing behind—the support has never truly stopped at critical moments.

Many people see the hash rate decline and start telling horror stories, but true market participants are looking at another dimension: applications expanding, consensus strengthening, cycles running, data anomalies—when these four factors act together, the story is often just beginning. This is how the classic script plays out: major players lurking in the low valleys when no one is paying attention, and the wave of celebration quietly building amid everyone’s doubts.