There is a joke that has gone viral in the crypto world: the CEO of a leading exchange once said that what surprised him the most was that DOGE hadn't died. He thought this "joke coin" should have disappeared long ago, but it was forcefully "revived" by a certain tech billionaire, becoming the most resilient life form in the crypto world.

At first glance, this statement sounds a bit funny, but upon closer examination, one can discern its flavor. When a leading figure in an industry publicly expresses confusion about a certain coin, it essentially reflects a deep phenomenon in the crypto market—sometimes, the most vital assets are not driven by technology or applications, but are entirely supported by consensus, topics, and group psychology.

But there is a hidden problem here: when everyone's money is chasing emotions and narratives, who is taking on the role of market infrastructure? Just like a city, it needs both the neon lights of entertainment districts and the unobtrusive yet essential things like sewers and power grids.

The crypto market is indeed very diverse. You can see serious projects driven purely by technology, as well as "narrative coins" completely supported by community and celebrity effects. The existence of DOGE is a living example of market choice and group psychology. Its resilience itself illustrates a fact: in this market, people's consensus and emotions can sometimes be more valuable than any white paper.

The problem is that a long-lasting crypto economy cannot rely solely on narratives. The market needs stability, transparency, and real value support. In other words, while those "counter-intuitive" assets are telling stories, we also need some genuinely credible assets that can support transactions and safeguard purchasing power behind them. This is what a healthy market should look like.