Dogecoin (DOGE) has slipped out of the top 10 list of most valuable cryptocurrencies again, with its price dropping 1.77% to $0.08395. Despite this decline being less severe than last week’s, Dogecoin has seen positive growth over the past month, in line with market analyst Ali Martinez’s predictions.

狗狗幣（DOGE）再次跌出最有價值加密貨幣前十名，其價格下跌 1.77% 至 0.08395 美元。儘管跌幅沒有上週那麼嚴重，但狗狗幣在過去一個月中出現了正增長，這與市場分析師阿里·馬丁內斯的預測一致。

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Analyst Martinez shared a chart depicting Dogecoin’s historical trends, noting similarities to patterns observed in 2020. Back then, Dogecoin broke out from a descending triangle, underwent a consolidation phase, and eventually surged by a whopping 28,770%.

分析師馬丁內斯分享了一張描述狗狗幣歷史趨勢的圖表，指出與 2020 年觀察到的模式相似。當時，狗狗幣從下降三角形中突破，經歷了盤整階段，最終飆升了 28,770%。

Dogecoin’s Potential for Parabolic Surge

Currently, Dogecoin has broken out of its descending triangle pattern and is in a sustained consolidation phase. Analysts speculate that if the historical trend repeats itself, the meme coin could experience another parabolic upsurge in the long term.

狗狗幣拋物線飆升的潛力目前，狗狗幣已經突破了下降三角形型態，處於持續盤整階段。分析師推測，如果歷史趨勢重演，從長遠來看，迷因幣可能會經歷另一次拋物線上漲。

The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.Currently, #DOGE appears to be mirroring this pattern: having… pic.twitter.com/69yXnlYRJd— Ali (@ali_charts) February 23, 2024

Should Dogecoin follow a growth pattern similar to the 2020 cycle, it could potentially reach as high as $24. However, given its significant supply, this price may be unrealistic. Nonetheless, for members of the Doge Army, the primary objective remains breaching the $1 benchmark, which would be considered a satisfactory achievement in the upcoming bull run.

#Dogecoin 的價格走勢顯示出熟悉的模式，讓人想起其 2020 年的行為。當時，$DOGE 從下降三角形中突破，進入盤整期，然後飆升了 28,770%。目前，#DOGE 似乎反映了這種模式：有… pic.twitter.com/69yXnlYRJd — Ali (@ali_charts ) 二月23, 2024如果狗狗幣遵循類似2020 年周期的成長模式，它可能會達到24 美元的高點。然而，鑑於其供應量巨大，這個價格可能不切實際。儘管如此，對於總督軍成員來說，首要目標仍然是突破 1 美元基準，這將被視為即將到來的牛市中令人滿意的成就。

Dogecoin’s Reliance on Market Fundamentals

Despite its widespread popularity, Dogecoin’s growth is primarily driven by limited use cases. This reliance on sentiment, often influenced by Elon Musk’s comments and memes, has left Dogecoin vulnerable. With Musk’s influence waning, Dogecoin’s fate now rests on broader market fundamentals.

狗狗幣對市場基本面的依賴儘管狗狗幣廣泛流行，但其成長主要是由有限的用例所驅動的。這種對情緒的依賴，通常受到伊隆馬斯克的評論和迷因的影響，使得狗狗幣變得脆弱。隨著馬斯克影響力的減弱，狗狗幣的命運現在取決於更廣泛的市場基本面。

Also Read: SkyBridge Capital Founder Predicts Bitcoin to Reach $170000 post Next Halving

另請閱讀：SkyBridge Capital 創始人預測比特幣在下一次減半後將達到 170000 美元

One such fundamental driver is the emergence of spot Bitcoin ETFs and the overall growth of the cryptocurrency market. The continued hype surrounding ETFs could significantly impact altcoins correlated with Bitcoin. For coins like Dogecoin, which lack strong fundamentals, the potential for upside remains substantial in such market conditions.

其中一個基本驅動因素是現貨比特幣 ETF 的出現和加密貨幣市場的整體成長。圍繞 ETF 的持續炒作可能會對與比特幣相關的山寨幣產生重大影響。對於像狗狗幣這樣缺乏強勁基本面的代幣來說，在這種市場條件下，上漲潛力仍然很大。

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

重要提示：請注意，本文僅旨在提供信息，不應被視為法律、稅務、投資、財務或任何其他類型的建議。