2025-12-31 16:25:24

Wall Street sent a token-passport to the dog, but smart money is stealing AI miners

The first daily volume of DOGE ETF trading at $17 million is just the first step; real wealth migration is happening at the data level

If we consider that the launch of the DOJE exchange in September 2025 is the culmination of the crypto market, then at the same time it is a harsh ritual of disillusionment — when a "joking asset" dresses in a suit and enters the New York Stock Exchange, people realize: emotional celebration, under the microscope of institutional investors, is just as fragile as a bubble.

But I am interested in another event that occurred in the same period: the total market capitalization of AI-concept tokens quietly grew by 210% in Q4, and the TVL (total value locked) of projects with computational infrastructure — more than 470%. This is not differentiation; it is a vote with your feet — investments go where real change is happening.

01 The DOGE ETF paradox: regulation ≠ resilience to declines

OCC (Office of the Comptroller of the Currency) on December 9 allowed banks to conduct "risk-free operations with core capital," which theoretically should inject hundreds of billions of liquidity into the market. But the reality — a 38% drop in DOGE after ETF launch — proves exactly that: regulation can solve the question "can I buy," but not "should I hold."

Professor Shiller's research from Yale University reveals a harsh truth: assets that depend on narrative experience a "double blow" during liquidity crises — they have to endure both emotional downturns and price crises without intrinsic value. The disappearance of $13 billion in DOGE capital is not a betrayal of Wall Street but a return to market laws.

The deeper problem is that the DOGE ETF is built under the structure of the 1940 law, essentially a "packaging game." It bypassed custody requirements but did not resolve the main controversy: how can an asset whose price depends on Musk's tweets meet institutional risk management standards?

02 The invisible defensive wall of AI tokens: from narrative to cash flow — "risk jump"

When DOGE is sold in panic, a strong breakthrough in the AI sector shows the most important evolution of 2025: value is no longer centered on the "community," but on the "protocol's profitability."

According to venture investments in 2024, 31% of capital goes into AI, but this is only an external indicator. In reality, since the start of Q3 2025, some AI protocols are already generating real revenues:

• The margin of decentralized computing power rental platforms reaches 58%, competing with traditional cloud services

• Revenues of AI model protocols increased by 300% compared to the previous quarter, developer willingness to pay — significantly higher than expectations

• Token spending speed on data annotation exceeds new emission growth, activating a deflationary cycle

This is fundamentally different from DOGE: the value of AI tokens is now supported not by "the next buyer," but by monthly payments from corporate clients for computational resources.

03 Why is AI the "new menu" of Wall Street? Three arguments

Argument 1: The ability to transfer valuation models

Traditional valuation of tech companies — from chips to applications — can be applied to the AI sector. Institutional analysts do not study the philosophy of "decentralization," but simply use the DCF model to determine fair value. Lower entry barriers mean accelerated investments.

Argument 2: Confidence in political preferences

In 2025, the US government will include "AI + manufacturing" in the national strategy, and for the first time, decentralized computing infrastructure services will appear on the federal procurement list. When policy shifts from "regulation" to "procurement," AI protocols receive government preferences similar to early cloud services. This is the level of support that DOGE will never get.

Argument 3: Critical proof-of-concept milestone

A landmark event — October 2025: quarterly revenue of one AI data analysis protocol exceeded $50 million, with two S&P 500 companies as clients. This is the first vertical segment in the crypto market with "institutional income." When a protocol's revenue covers token incentive costs, the economy transforms from a pyramid into a positive cycle.

04 My strategy: collecting "digital oil" at the bottom of emotions

After three cycles of bull and bear markets, my main strategy is:

1. Create an "emotional-value index" — a balance between value and sentiment

When the crypto fear and greed index drops below 10 (extreme fear), and AI protocol revenues grow for over 30 days in a row, — it’s a signal for active entry. Deviations of market sentiment from fundamentals are the best alpha source.

2. Distinguish "pseudo-AI" from "real income"

99% of AI tokens are just hype on the concept. My only criterion — does the protocol on the blockchain exceed its inflationary costs? Currently, fewer than 7 such projects.

3. Double profit circle — reinvestments

From AI token profits, I withdraw 50% to lock in, reinvest 30% into BTC/ETH, and 20% into early AI infrastructure projects. This creates a cycle of "value capture — risk isolation — ecosystem reinvestment."

Epilogue: regulation is medicine, value is capital

The $17 million trading volume of DOGE ETF is Wall Street’s test of whether "narrative assets" can withstand pressure. And 210% growth in AI market capitalization is a reward for the ability to generate cash flow — "digital oil."

The future of wealth in 2026 is not in packaging emotions but in fundamental infrastructure capable of building revenue muscles. When OCC opens the doors for banks to cryptocurrencies, the first wave of entry will be not retail investors but AI protocols with regulatory audits.

Which AI sector do you think will first show a "revenue forecast over a billion" — computational rental, data markets, or AI agents?

— If this article makes you rethink your investment logic, share it with brothers still fighting in meme coins. Maybe this is the beginning of your wealth difference in 2026.

Follow us for upcoming deep dives: how the unlimited repurchase instrument (SRP) of the Federal Reserve, connected to the crypto market, will reformat rates in DeFi — $5 trillion of traditional liquidity that will change the interest system?#加密行情预测 $DOGE
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DOGE12,58%

BTC1,65%

ETH4,12%

DEFI3,97%

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币圈掘金人

2025-12-31 03:57:20

Wall Street has issued a VIP card for Dogecoin, but smart money is smuggling AI mining rigs

The $17 million first-day trading volume of the DOGE ETF is just a stepping stone; the real wealth transfer is happening at the data layer

If September 2025’s listing of DOJE is the highlight of the crypto market, it is also a brutal disillusionment ritual—when "joke assets" put on suits and walk into the NYSE, people realize: the frenzy driven by emotion is as fragile as a bubble under the microscope of institutional funds.

What I am paying attention to is another event happening in the same period: the total market cap of AI concept tokens quietly grew by 210% in Q4, with the TVL (Total Locked Value) of compute infrastructure projects soaring by 470%. This is not divergence; it’s capital voting with its feet.

01 DOGE ETF Paradox: Compliance ≠ Resilience

On December 9, OCC (Office of the Comptroller of the Currency) just allowed banks to conduct "risk-free principal transactions," theoretically injecting hundreds of billions of dollars of liquidity into the market. But in reality, the 38% plunge in DOGE after the ETF listing proves that compliance only solves the question of "can we buy," not "is it worth holding."

Yale professor Shiller’s research reveals a harsh truth: narrative-driven assets face a "double kill" during liquidity crises—they must endure both market sentiment downturns and valuation collapses due to lack of intrinsic value. The $13 billion market cap of DOGE evaporating is not Wall Street’s betrayal but a return to market laws.

The deeper issue is that the DOGE ETF adopts a 1940s legislation structure, essentially a "packaging game." It bypasses custody requirements but doesn’t solve the fundamental contradiction: how can an asset priced based on Musk’s tweets meet institutional risk control standards?

02 The Invisible Fortress of AI Tokens: From Narrative to Cash Flow "Thrilling Leap"

As DOGE is sold off in panic, the strength of the AI sector reveals the core evolution of the 2025 crypto market: the value anchor shifts from "community consensus" to "protocol revenue."

2024 venture capital data shows 31% of funds flowing into AI, but this is only superficial. The real key is that starting in Q3 2025, some AI protocols are generating real income:

• Decentralized compute rental platforms achieve a gross margin of 58%, comparable to traditional cloud providers

• Protocol revenue in AI model marketplaces grows 300% quarter-over-quarter, with developer payment willingness exceeding expectations

• Token consumption speed in data annotation networks surpasses new issuance, entering a deflationary cycle

This is fundamentally different from DOGE: the value support for AI tokens is no longer "the next bag-holder," but the monthly compute bills paid by enterprise clients.

03 Why is AI the "Next Menu" for Wall Street? Three Key Evidence

Evidence 1: Transferability of Valuation Models

Traditional tech stock valuation methods—from chips to applications—can be directly applied to the AI sector. Institutional analysts don’t need to learn "decentralization" philosophy; they can use DCF models to derive reasonable prices. The lowered cognitive threshold accelerates capital inflow.

Evidence 2: Certainty of Policy Bonuses

In 2025, the US government will incorporate "AI + manufacturing" into the national strategy, with decentralized compute services appearing on the federal procurement list for the first time. When policy shifts from "regulation" to "procurement," it means AI protocols gain government procurement bonuses similar to early cloud computing. This endorsement is something DOGE will never get.

Evidence 3: Performance Validation Critical Point

A hallmark moment occurs in October 2025: an AI data analysis protocol’s quarterly revenue surpasses $50 million, with clients including two S&P 500 companies. This is the first vertical sector in crypto to achieve "institutional-level revenue." When protocol income covers token incentive costs, the entire economic model evolves from a Ponzi structure to a positive cycle.

04 My Strategy: Collect "Digital Oil" at the Emotional Bottom

After three bull-bear cycles, my core operating rule is:

1. Establish a "Value-Emotion" Tipping Point Indicator

When the crypto Fear & Greed Index drops below 10 (extreme fear), and AI protocol revenue has grown for 30 consecutive days, it’s a signal to heavily allocate. Divergence between market sentiment and fundamentals often yields the greatest alpha.

2. Distinguish "Pseudo-AI" from "Real Revenue"

99% of AI tokens are just riding the coattails of concepts. I only focus on one indicator: whether on-chain protocol revenue exceeds token inflation rate. Currently, fewer than 7 projects meet this standard.

3. Profit Reinvestment "Dual Circulation"

Profits earned from AI tokens are split: 50% withdrawn and locked, 30% reinvested into BTC/ETH core holdings, and 20% invested in earlier-stage AI infrastructure. Forming a closed loop of "value capture—risk isolation—ecosystem reinvestment."

Epilogue: Compliance is the Medicine, Value is the Principal

The $17 million trading volume of the DOGE ETF is essentially Wall Street testing the carrying capacity of "narrative assets." The 210% market cap growth of AI tokens proves the market is rewarding "digital oil" capable of generating cash flow.

The wealth story of 2026 will not belong to packaged emotions but to infrastructure that can grow revenue muscles. When OCC opens the crypto gates for banks, the first to rush in will not be retail investors but AI protocol business development teams with compliance audit reports.

Which vertical in the AI sector do you think will be the first to produce a "protocol revenue exceeding one hundred million" unicorn? Is it compute rental, data marketplace, or AI agents?

— If this article makes you rethink your allocation logic, share it with brothers still fighting in meme coins. Perhaps this is the starting point of your wealth gap in 2026.

Follow us for the next in-depth analysis: When the Fed’s unlimited repurchase tool (SRP) connects with the crypto market, how will $5 trillion in traditional liquidity reshape DeFi’s interest rate system?#加密行情预测 $DOGE

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