Yesterday, I discovered an interesting phenomenon—DOGE's total network hash rate suddenly plummeted by over 26%. Normally, this should have caused miners to incur heavy losses, but instead, mining rewards for those who stayed increased by 40%. What hidden factors are behind this contradiction?

Generally speaking, when some miners turn off their machines, market volatility tends to increase accordingly. Historically, such deep adjustments in hash rate sometimes precede price movements. So now the question becomes: is this a short-term market sentiment retreat, or a precursor to the next move?

Looking at DOGE's fundamentals, the payment use case has been expanding—from Tesla's ecosystem to the Japanese real estate market, all of which are tangible demand drivers. Coupled with the persistent voices of committed holders in the community, market consensus still seems quite solid.

From a macro perspective, recent traditional financial markets have been increasingly volatile, and liquidity battles have entered a new phase. Capital always seeks an exit, and in this process, the crypto market often plays an important role in risk hedging and allocation. This makes the hash rate adjustment signals particularly worth paying attention to.

What do you think? Is this hash rate decline a fleeting event, or is the market gearing up for the next phase?