$DOGE If Dogecoin fails to break into a new all-time high during this bull cycle, it could gradually trend downward afterward.

The reason is that Dogecoin has a continuous inflationary supply model, with new coins issued every year, creating persistent sell pressure and dilution.

If incoming demand does not consistently exceed this inflationary supply, the price may slowly weaken over time.
As confidence declines, price drops, holders exit, and demand decreases further, this could potentially lead to a negative feedback loop — even what some call a “death spiral.”

如果狗狗幣在本輪牛市中無法突破新的歷史高點，之後很可能會逐步走弱。
原因在於狗狗幣屬於持續增發機制，每年都有新的供給釋出，這本身就形成長期的通膨壓力與潛在賣壓。

如果市場新增的買盤無法持續大於這種通膨與拋壓，那麼價格就會慢慢被稀釋，進一步削弱市場信心。
當信心下降、價格下跌、持幣者減少、需求再下降，就可能形成負向循環，甚至出現所謂的「死亡螺旋」風險。