💀 $DOGE Dead Hype = +13.6% in Funeral?

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Bitcoin is finally climbing back up to $87K to start the week! 💚

Last weekend, we saw $903M flow out of Bitcoin ETFs, that was the second biggest sell-off in history! Ethereum took a hit too, losing about $261M.

It’s nice to see some green today and smile a little, but we need a huge pump to make up for the losses, right? Baby steps! 😅

Here’s what we got for you today:

• 👀 6 root causes behind this crypto sell-off

• ⭐ Why your coin isn’t pumping in good news?

• ⭐ DOGE department is suddenly gone…

• 🔥 Burning hot takes for the road

Behind the red candles is a perfect storm of 6 hidden forces, and it’s not just crypto-native, this sell-off wasn’t random.

If you're only watching price charts, you're missing the full picture. Let’s break down what actually caused the bloodbath:

📉 WHY YOUR COIN ISN’T PUMPING IN GOOD NEWS?

You see bullish headlines everywhere:
✓ Bitcoin ETF approved
✓ Stripe integrates stablecoins
✓ Regulators are easing up

But your tokens are still stuck. Maybe even down 60–80%. Bitcoin is back to old price levels. Meanwhile, S&P 500 and Nasdaq is up 15–20% since January.

1/ So… what gives? Honestly, none of that news was a surprise:

• ETFs were expected since 2023

• Stablecoin integrations? Obvious step once digital payments hit $250B+ volume/month

• Softer regulators is already priced in by late 2024

👉 Markets only react when something beats expectations. And this year, crypto didn’t really surprise anyone.

In all of this, only Bitcoin kept a strong narrative alive. Its $1.9T market cap is still less than 10% of gold’s, so the “digital gold” story still has room to run.

But for the rest of crypto, $ETH, $SOL.X ( ▲ 0.16% ) , $XRP.X ( ▲ 0.97% ) , L1s/L2s, the foundations look shakier. Usage and inflows don’t justify valuations.

Meanwhile, gold is hitting all-time highs. Bitcoin still hasn’t. And when you compare to AI?

• OpenAI is rumored to IPO at $1T

• Has 20× more users than the entire crypto space

• Yet crypto (outside BTC) has higher valuations with lower usage

The biggest reason is “capital rotation.” Right now, money flows into AI, not crypto. Nvidia alone drove over 30% of S&P 500’s growth this year.

→ Crypto has no clear catalyst to attract new capital

2/ The truth behind those “juicy” staking rewards

One of the biggest misconceptions in crypto: Seeing 6% APR on Solana or 4% APR on Ethereum, people think the network is sharing profits with stakers.

Not true. At all. Staking rewards ≠ real profits.

They're just newly printed tokens (aka inflation) handed out like security guard salaries, not business earnings. In 2024:

• Ethereum earned ~$2.7B in fees → Ethereum market cap: ~$400B → P/S = 200–400x

• Solana hit ~$1B annualized during hot quarters → Solana: ~$75–80B → P/S = 20–60x

Compare that to Nvidia trading at ~40–45× real profit, with stable global customers and long-term demand. Now look at where blockchain “revenue” comes from:

• Casino-like activities: memecoins, high-leverage perps, liquidations, and MEV spikes

• It booms when the market’s hot, then vanishes when it cools

• That’s not recurring revenue, it’s cyclical noise

And that’s why tokens don’t pump despite higher on-chain activity. Investors have started distinguishing real value from inflation-based noise.

Until more of crypto revenue shifts from speculation → utility, expect prices to reflect that gap.

3/ Crypto built amazing infrastructure but forgot about the users

After a decade and $100B+ poured into infrastructure (L1s, L2s, rollups, DA layers...), very few products actually attracted real users. We’ve built wide highways but where are the cities people want to live in?

• In 2024, total fees across crypto: $6.9B

• Ethereum alone: $2.48B

• In H1 2025, total fees rose to $9.7B, but:

  • 63% came from speculative activity (DEX, perps, MEV)

  • Only 22% from actual chain-level revenue

Crypto is still mostly internal money circulating within the ecosystem. With infra now abundant and revenue tied to market noise, capital is shifting to ask harder questions:

• What product solves a real problem?

• Who’s paying real money?

• What survives when speculation dies down?

Just like Google, Apple, Amazon won when hardware got cheap, crypto’s future lies in who builds great apps on top.

4/ Now’s the time to rethink everything you assumed about crypto investing

Crypto isn’t dead. The potential is still massive. But the way the market prices assets is changing fast.

If we don’t update how we think, we’ll keep betting wrong, and getting disappointed.

Yes, stablecoins process hundreds of billions per month.
Yes, L2s handle millions of transactions daily.

But that doesn’t mean every infrastructure token deserves a $100B+ valuation.

Good tech is the starting point. Sustainable cash flow is what justifies value.

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🚨 DOGE DEPARTMENT IS GONE

Trump’s Department of Government Efficiency (DOGE), backed by Elon Musk and Vivek Ramaswamy, just got shut down quietly, 8 months earlier than planned.

All responsibilities are now under the Office of Personnel Management (OPM). Meanwhile, the $DOGE.X ( ▲ 1.64% ) token jumped right after the shutdown.

This department launched with a big promise: cut $6.5 trillion in federal spending, trim the bureaucracy, and bring crypto into government.

It was bold. When it launched, Dogecoin spiked, hopes ran high. But here’s what went down:

• Musk left Washington in May, and by June, internal tensions hit. Staff were already packing

• Vivek Ramaswamy dropped out of the Ohio Senate race to focus on DOGE but that didn’t help

• The OPM later confirmed the shutdown, saying DOGE was never a real centralized entity anyway

• Trump has already started referring to DOGE in the past tense during public events

And while DOGE’s leadership claimed they’d saved billions, there’s no concrete, verifiable data.

A lot of budget cuts happened, but with almost no stakeholder input, many called it reckless.

Now, some former DOGE employees are even worried about legal risks, fearing consequences from those aggressive cuts.

DOGE’s social accounts were still posting about cost-saving milestones right up until the end. But in truth, it ended quietly, just with no press conference.

Meanwhile:

Critics say the entire DOGE experiment never had real legislative teeth. Only Congress can officially shut down agencies, executive orders can only go so far.

And yet, the DOGE token still trades at $0.146, even rising in the past 24h. Meme power? Maybe.

Honestly, it was a flashy political signal: “We’re cutting waste!” but done through a rushed, unstructured experiment. Once the headlines faded, so did the support.

This shows how easy it is to use narrative to move markets, even when the project collapses. If a department dies but its token pumps, we’re trading vibes.

Be cautious, and always look at who’s still holding the mic when the music stops.

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🔥 BURNING HOT TAKES FOR THE ROAD

Chinese VC kings are loading up hard. LD Capital’s founder aped into $ETH.X ( ▲ 0.24% ) at $2.7k, and DWF just bought $BTC. Read more

Top 3 crypto whales - Strategy, Bitmine, and Forward Industries - are deep in the red, after buying the top since August. Read more

Saylor laughs at 41% MSTR crash: ‘Volatility = Satoshi’s gift’, $6.1B unrealized gains, 70-year runway, just bought another $830M BTC. Read more

CryptoQuant CEO Ki Young Ju: $BTC.X ( ▲ 0.19% ) unlikely to recover strongly in next 3-6 months; real bull run probably starts 2026. Read more

A dev just split Cardano’s blockchain in half… by following AI instructions. Now Hoskinson called the FBI. Read more

🤡 SPICY MEME

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⚠ This newsletter is for informational purposes only and should not be considered investment advice. Traders should conduct thorough research, understand the risks, and carefully evaluate their decisions before investing in cryptocurrency.