To all those writing articles about the "canonical" Solana Dogecoin token launched in the past days. Make it clear that holding it has very little to do with holding real Dogecoin. Underline the risks and nature of the asset. Also, as of today, the bridge is being used as a Coinbase/Base wrapped-DOGE (cbDOGE) on-ramp onto Solana, not as a native Dogecoin deposit and bridging service. As of 9 September 2026, every new "canonical Solana Dogecoin" (DoGEV7LASBkQbibMc5k5vKnTZoMg423GpJ5QtJEGfm7R) mint I traced locks cbDOGE on Base via Wormhole NTT, then issues the SPL token. Coinbase does publish a 1:1 reserve page for cbDOGE, but that is still just a custodial IOU. All the launch minting was just existing cbDOGE, concentrated in a few Base wallets. There is a handful of tiny transfers that could seem to be retail activity, but they are basically insignificant in size and could also just be "testing transactions". Currently, supply on Solana only grows when cbDOGE is locked, and the pair volume on Solana can be made to look large because the same wrapped inventory is traded and rotated across pairs. Basically, holding this "Dogecoin" on Solana today means holding a nested IOU: the SPL token is a claim on cbDOGE locked in Wormhole NTT, and cbDOGE is a Coinbase custodial claim on Dogecoin. So in one asset you take Coinbase custody risk, Wormhole/NTT risk, and you give away direct ownership of Dogecoin twice. You cannot (yet) redeem to a native DOGE UTXO in one permissionless step, because the bridge path in production (currently) unlocks wrapped DOGE on Base, not a Dogecoin output. Not to mention, you are holding a CENTRALIZED asset. Worth noting: Coinbase's published reserve addresses for cbDOGE did not move at all during the launch days. That changed this morning: on 9 September at 03:02 UTC one of them (D7pZ4gWhePpgU2kayimxm2J7EgGWQK7KBU) received 6,675,981.78987226 DOGE, which is exactly the amount cbDOGE supply grew since. So the native side does get topped up, but in bulk and after the fact, not per mint. This is exactly what an inventory harmonization/wrapping operation looks like, not native deposits. Combined with the (very few) wallets involved, launch volume still looks like existing cbDOGE inventory moved mostly by a small number of repeat addresses (I would guess, mostly desks and market makers), not a "crowd" like some news outlets want you to believe. And the volume on SOL looks like the same wrapped asset rotating across pairs, something that costs almost nothing to inflate on SOL. Of course, the long term marketing is still aimed at luring in long-time Dogecoin holders. The SOL ecosystem is a casino constantly starved for fresh liquidity. You will see many "Dogecoin"/crap token pairs being launched in the next weeks to lure you in. Do not fall into the trap.