The doors of traditional finance have finally opened to Dogecoin.

In recent days, the hottest topic on social media has been DOGE ETF. In mid-September, the US launched its first Dogecoin ETF product, with first-day trading volume easily surpassing $17 million, far exceeding expectations both inside and outside the industry. This is not just a number; it reflects a major shift in the overall market landscape.

Even more interestingly, during this wave of enthusiasm, AI-related tokens have also been quietly rising. Assets from two completely different sectors are strengthening simultaneously—what does this indicate? It shows that the market’s criteria for judgment are undergoing a fundamental transformation.

**Sentiment vs. Substance: The Battle of Two Forces**

Once mocked as a "joke," Dogecoin has now officially entered the asset allocation lists of institutional investors. Behind this is the framework of the "1940 Investment Company Act," cleverly avoiding traditional strict custody requirements and opening a new door for non-mainstream assets to enter the traditional financial system.

The significance of this shift is that the market is beginning to define asset value in a more diversified way. Previously, only technicals and ecology mattered; now, community consensus and market demand can also gain recognition on Wall Street.

But there are risks hidden here as well. The performance of DOGE ETFs after listing has actually exposed a problem—assets driven by sentiment with high volatility become particularly fragile under market pressure. The wave of volatility experienced by the entire cryptocurrency market in 2025 has made many realize: hype alone is not enough; ultimately, the market must be supported by solid value.