DOGE Mining has recently shown an interesting contrast phenomenon.

The total network hash rate dropped from 3.71 PH/s to 2.74 PH/s, a significant decline. But guess what—mining machines like the Antminer L9 saw their daily earnings soar from 60 DOGE to 85 DOGE, an increase of 40%. What logic lies behind this stark contrast?

In simple terms, it means that some miners can't hold on anymore. The coin price has been sluggish, and when mining revenues fall below the shutdown cost, some people have no choice but to hit the stop button. With fewer competitors, the miners left in the market have more DOGE in their hands, and the earnings during this period have indeed been good.

This phenomenon, historically, often occurs at the most pessimistic moments in the market. Looking back at the trend of DOGE, after experiencing a significant adjustment in mining power, the price often welcomes a rebound. Moreover, the application of DOGE is continuously being promoted— Starbucks can use it, Gucci accepts it, Tesla-related products support it, and even real estate transactions in Japan support it. These are not just empty claims; they are concrete application scenarios.

From a risk perspective, the decline in hash rate indeed reflects very poor market sentiment. However, looking at it from the other side, this is also the market self-cleaning. When miners have all shut down and retail investors are scared, it might actually be the time to position. The fundamentals of DOGE have not collapsed, they are just undergoing a stress test. When the next turning point will come, no one can say for sure, but opportunities often brew in such silence.