Many people are debating whether DOGE at $0.084 is at the bottom or just halfway down, but if you only focus on DOGE itself, it's easy to fall into a blind spot. It’s better to place it within the entire memes ecosystem and compare it with mainstream players like SHIB and PEPE. By measuring aspects like market capitalization, valuation, and community enthusiasm, you can make more informed decisions when laying out your strategy.

**The awkward reality from the perspective of market capitalization**

As the leader of memes, DOGE's market capitalization is indeed far ahead, leaving SHIB and PEPE far behind. However, the problem arises—its market cap share has been declining month by month, while some newly emerged memes are rapidly gaining market share. What does this indicate? The money in the market is flowing towards new coins with more innovative mechanisms and more topicality, and DOGE's appeal is diminishing; this is a signal.

**Has the valuation been overstretched?**

From the perspective of valuation levels, DOGE's price-to-earnings ratio (calculated using community heat and application ecology) is significantly higher than that of other memes. In other words, the current price has already priced in some of the future growth potential. This increases the risk factor for those looking to chase higher prices.

**Community enthusiasm is the real indicator**

Memes ultimately rely on community enthusiasm, which is the core of competition. The data is clear: DOGE has the most followers, but its activity is on the decline. In the past 30 days, the number of posts and interactions has decreased by 23% compared to last month. In contrast, SHIB's community activity has actually increased by 15%. A decrease in community engagement directly affects the coin's popularity and topicality, and this is no small matter.

So is DOGE 0.084 the bottom? I'm afraid it can't be answered simply; we still need to see how these relative advantages and disadvantages will evolve.