Wall Street issues VIP cards for Dogecoin, but smart money is smuggling AI mining rigs

DOGE ETF's first-day trading volume reached $17 million, just a stepping stone; the real wealth transfer is happening at the data layer
If the listing of DOJE in September 2025 becomes a highlight of the crypto market, it will also be a brutal disillusionment ceremony—when “joke assets” walk into the New York Stock Exchange in suits, people will realize: emotion-driven frenzy is as fragile as a bubble under the microscope of institutional funds.
Another event I am watching closely is happening in the same period: the total market cap of AI concept tokens quietly grew by 210% in Q4, and the TVL( total locked value of computing infrastructure projects soared by 470%. This is not divergence, but capital voting with their feet.
01 DOGE ETF Paradox: Compliance ≠ Resilience
December 9, the 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 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 “double kill” in liquidity crises—they must endure downward market sentiment and valuation crashes due to lack of intrinsic value. The evaporation of DOGE’s market cap is not Wall Street’s betrayal, but a return to market laws.
Deeper still, DOGE ETF adopts a legislative structure from the 1940s, essentially a “packaging game.” It bypasses custodial requirements but fails to address the fundamental contradiction: how can assets priced by Musk’s tweets meet institutional risk control standards?
02 The Invisible Fortress of AI Tokens: From Narrative to Cash Flow “Exciting Leap”
As DOGE is sold off in panic, the AI industry demonstrates 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 superficial. The real key is that starting from Q3 2025, some AI protocols began generating real income:
• Decentralized computing rental platforms achieve a 58% gross margin, comparable to traditional cloud service providers
• Protocol revenue in AI model marketplaces grew 300% quarter-over-quarter, developer willingness to pay exceeded expectations
• Token consumption in data labeling networks outpaces new issuance, entering a deflationary cycle
This is fundamentally different from DOGE: the value support for AI tokens is no longer “the next holder,” but the monthly computing bills paid by enterprise clients.
03 Why is AI becoming Wall Street’s “Next Menu”? Three Key Pieces of Evidence
Evidence 1: Transferability of valuation models
Traditional tech stock valuation methods from chips to applications can be directly applied to the AI industry. Institutional analysts don’t need to learn “decentralization” philosophy; they can derive reasonable prices using DCF models. The lowered cognitive threshold accelerates capital inflow.
Evidence 2: Certainty of policy dividends
In 2025, the US government will incorporate “AI + manufacturing” into the national strategy, and decentralized computing services will be listed for the first time in federal procurement. When policy shifts from “regulation” to “procurement,” it means AI protocols will enjoy government procurement dividends similar to early cloud computing. This endorsement is something DOGE can never obtain.
Evidence 3: Key points of performance validation
A landmark moment occurs in October 2025: an AI data analysis protocol’s quarterly revenue exceeds ( million, with clients including two S&P 500 companies. This is the first vertical in the crypto industry to achieve “institutional-level revenue.” When protocol revenue 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 operational rule is:
1. Establish “Value-Emotion” critical point indicators
When the crypto fear and greed index drops below 10) extreme fear$13 , and AI protocol revenue has grown for 30 consecutive days, issue a heavy position signal. Market sentiment divergence from fundamentals often yields the greatest alpha.
2. Distinguish “Pseudo-AI” from “Real Revenue”
99% of AI tokens are just riding the wave 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 by AI tokens are split: 50% withdrawn and locked, 30% reinvested into core holdings of Bitcoin/Ethereum, 20% invested in early AI infrastructure. Forming a closed loop of “value capture—risk isolation—ecosystem reinvestment.”
Epilogue: Compliance is medicine, value is the foundation
The $50 million trading volume of DOGE ETF is essentially Wall Street testing the capacity of “narrative assets.” The 210% increase in AI token market cap proves the market rewards “cash-flow generating digital oil.”
The wealth story of 2026 will not belong to packaged emotions, but to infrastructure capable of growing income. When the Office of the Comptroller of the Currency opens the crypto door for banks, the first to flood in will not be retail investors, but AI protocol business expansion teams with compliance audit reports.
Which vertical in the AI industry do you think will produce the first “protocol revenue exceeding one hundred million” unicorn? Is it computing rental, data marketplace, or AI agents?
— If this article makes you rethink your allocation logic, share it with brothers still fighting in meme coins. Maybe this is the starting point of your wealth gap in 2026.
Follow us for the next in-depth analysis: When the Federal Reserve’s unlimited repurchase tool (SRP) connects with the crypto market, how will $17 trillion-level traditional liquidity reshape DeFi’s interest rate system? ()