Recently, those who have been actively trading might have noticed that DOGE has been steadily rising, with a clear upward trend over the past few days. This phenomenon is worth some reflection.

As a participant who has been navigating the crypto market for seven or eight years, I immediately think of a few questions when I see this kind of movement: Is there real capital behind it, or is it mainly a manifestation of emotional trading? Are big players testing the waters, or are ordinary investors just following the trend?

From a market structure perspective, some interesting changes have indeed emerged recently. Those long-dormant altcoin projects are starting to see trading volumes quietly increase, no longer in the previous "idle" state. What does this indicate? It suggests that new funds are entering the market to explore, not just existing capital engaging in internal battles.

Sentiment signals are even more direct. Discussions on social platforms are heating up, and the atmosphere in groups is changing. Previously, most people held a "zen" approach to holding coins, but now many are starting to consider their positions. Some friends who usually pay little attention to the crypto space are even asking if it's still possible to jump in now. This kind of phenomenon usually indicates that FOMO (Fear Of Missing Out) is brewing.

When I judge the altcoin season myself, I mainly look at three dimensions. First is the stability of BTC's chart. Currently, BTC still holds up reasonably well, without daily declines. Second is signs of increasing capital inflow. Third is the speed at which market sentiment is heating up.

These factors together feel a bit like the pre-altcoin season. However, how it will develop specifically still requires ongoing observation.