What we are seeing play out on Coinbase and Solana makes sense
$DOG just became available to 100 million new people
Lots of people are smashing the buy button which has driven up the price of $DOG on all of the major Solana DEXs
For the past four hours there has been a ~15% difference between the price of $DOG on Solana and Coinbase vs Bitcoin L1 and the other CEXs like Kraken
This presents a great arbitrage opportunity for someone to buy $DOG at $0.0013 on Kraken or Xverse and then bridge their tokens across the Runemine bridge to Solana where they can sell for $0.0015
We actually want arbitrage because while yes the sell pressure on Solana will bring the price of $DOG down on Solana the buy pressure on Kraken or Xverse will bring the price of $DOG up everywhere else so that we reach equilibrium across all platforms again
TLDR: Being able to buy $DOG on Coinbase is already driving the price of $DOG up
Liquidity > Bitcoin Cycle . When a major wave of liquidity hits global markets (rate cuts, QE, money creation, easing credit conditions, balance sheet expansion), it usually overpowers the traditional 4-year Bitcoin cycle, even if BTC is supposed to be entering a bear phase!