Let’s talk about the current state of Dogecoin (DOGE).

In this so-called bull market, only a handful of top coins have actually shown impressive numbers. The rest? Most have become a joke. They don’t rise when they’re supposed to—instead, they act like it’s a bear market during a bull run, with quite a few coins even hitting new lows. After a whole cycle, a lot of people haven’t even gotten a taste of the action.

Take a look at old faces like XRP and ZEC—the pumps happen in an instant, like setting off a firecracker: a quick pop and it’s over. Retail investors barely have time to react before the price starts a slow decline. I remember when ZEC shot up to around 760; I said it was about time to get out, but some people were still fantasizing about seeing 1000. In this kind of market, if you don’t know who’s winning and who’s losing, you’re only fooling yourself.

DOGE, as an established meme coin, still hasn’t broken its previous all-time high, which says a lot. It’s not that the coin itself is lacking—it’s that liquidity this cycle is seriously underwhelming. Compared to 2021? Back then, any random project could see tens or hundreds of millions of dollars pour in, and even junk coins could rally with the market. The money flowing in now isn’t even in the same league.

If you feel like this bull market "doesn’t really feel like a bull market," you’re not wrong. This is a textbook structural market—funds are concentrated in just a few hot sectors, and the rest of the coins don’t even get a chance to share the pie.

As for DOGE, this cycle might already be over. But in the long term, there’s still a chance to break new highs in the next cycle. Dogecoin’s washout cycles have always been measured in years, which sets it apart from other altcoins. The advantage is you don’t have to worry about it being delisted from exchanges or going to zero; when the next bull market comes, there’s a good chance you’ll at least break even or even turn a profit. The catch is—you have to be able to hold on.