Bitcoin and Ethereum (ETH) face challenges, but at the same time, market expectations for the popular meme coin’s continued growth remain high.

The two major corrections that occurred this year (respectively known as the "519" incident) showed that although Bitcoin experienced significant price fluctuations after hitting all-time highs, the overall market sentiment was not seriously affected. Recent analysis suggests that Bitcoin may face deeper correction pressure due to massive selling activity by miners and widespread profit-taking. In addition, Ethereum's exchange rate with Bitcoin has been on a downward trend since September 2022, which has also made the market uneasy about its future performance.

However, for meme coins, such as Dogecoin, the market situation may be very different. Both BitMEX founder Arthur Hayes and Real Vision CEO Raoul Pal are optimistic about the launch of the Dogecoin ETF and predict that it will be possible by the end of the market cycle. This optimism is largely based on the high growth rates of meme coins such as Dogecoin over the years.

Therefore, although mainstream cryptocurrencies are facing adjustments and uncertainties, some observers still hold a positive attitude towards the market prospects of meme coins and look forward to their future development.