DOGE's recent market performance warrants a calm analysis. The current circulating market cap of this coin has reached $23.4 billion, but the issue is that its circulation rate has been fully released. The Fully Diluted Valuation (FDV) to current market cap ratio has reached 1.0, indicating that all tokens available for circulation are already in circulation.

This is an important risk signal. Unlike other public chain projects with ecosystem lock-ups or expectations of technological upgrades, DOGE lacks real-world application support. The early tipping payment concept has become difficult to serve as a value support point, and its market cap is mainly driven by sentiment.

From a technical perspective, the 24-hour trading volume is about $1.15 billion, which is less than 5% of the $23.4 billion market cap. More notably, the price has already fallen by 7.4% over the past week, and the 50-day moving average shows a clear downward trend. These all reflect that market enthusiasm is waning.

For investors looking to participate in this market, without incremental application support and with market sentiment turning, this is more of a gamble on sentiment and luck rather than a fundamentally driven investment decision.