But many people may still remember that DOT shone brightly in the last bull run, but it also became a "sad place" for many.

In the last bull run, DOT attracted a large number of investors with the grand narrative of "cross-chain interoperability." Many entered at high points of over a dozen dollars, or even in the thirties, only to experience a continuous decline, with prices dropping below 4 dollars at one point. Many have been deeply trapped ever since, and the loss figures in their accounts have become a past they are reluctant to mention.

Now, DOT has launched a new token economic model, setting a supply cap of 2.1 billion tokens and planning to reduce the issuance every two years—seemingly aiming to boost value through creating scarcity. Technical indicators also seem to be in line with this "performance": the MACD histogram has turned positive, the RSI has broken above 63, and short-term sentiment seems to have really improved.

But the question is, does the market still want to believe?

From the data, although the price has rebounded, DOT is still far below the 7-day, 25-day, and 99-day moving averages, indicating that the medium to long-term trend has not truly reversed. Moreover, although the trading volume in the past 24 hours reached 7.5 million DOT, the transaction amount was only 21.87 million USDT—indicating that the enthusiasm is not high; it seems more like existing funds are playing games rather than new funds entering the market in large amounts.

Some say that DOT's technology has always been good, but the development of its ecosystem has not been as fast as expected. Coupled with the large number of chips trapped at high positions, every rise may face selling pressure from those looking to break even. It's like a psychological battle: old users are waiting to recover their costs, while new users are betting on the trend.

Now, DOT is making a comeback with a "scarcity narrative" and bullish signals, trying to reignite market enthusiasm. However, those who have been cut before may be quietly watching, no longer easily swayed.

After all, new stories are always emerging in this market, but old scars are not so easily forgotten. uni #加密市场回调