Dogecoin's active addresses surged 400% to nearly 395,000, yet its price has steadily declined since mid-December. Despite network activity spikes in January and March, these rallies were short-lived, hampered by significant selling pressure. This heightened activity, unfortunately, hasn't translated into price recovery, with weak demand keeping Dogecoin in a consistent downtrend.

Dogecoin的活躍地址飆升了400％，至近395,000，但自12月中旬以來，其價格穩步下降。 儘管在一月和三月進行了網絡活動峰值，但這些集會還是短暫的，受到巨大銷售壓力的阻礙。 不幸的是，這種增加的活動尚未轉化為價格恢復，需求較弱，使狗狗幣保持一致的下降趨勢。

Increased On-Chain Activity Amidst Price Decline

在價格下降的鏈上活動增加

Analyst Ali Martinez reported a 400% increase in Dogecoin's active addresses, reaching approximately 395,000. However, the price has remained bearish since mid-December. While January and March saw price increases coinciding with higher network activity, these gains proved unsustainable.

分析師阿里·馬丁內斯（Ali Martinez）報告說，多黴素的活動地址增加了400％，約為395,000。 但是，自12月中旬以來，價格一直保持看跌。 一月和三月的價格與更高的網絡活動相吻合，但這些收益證明是不可持續的。

Source: Ali Martinez

資料來源：阿里·馬丁內斯（Ali Martinez）

Martinez noted that Dogecoin has consistently formed lower highs and lower lows, a clear indication of bearish market sentiment. Brief price spikes occurred in mid-January and late January, but substantial selling pressure quickly reversed these gains. By March, Dogecoin traded around $0.171, highlighting the lack of significant buying pressure.

馬丁內斯指出，狗狗幣始終形成較低的高點和較低的低點，這清楚地表明了看跌市場情緒。 1月中旬和1月下旬發生了短暫的價格峰值，但巨大的銷售壓力迅速扭轉了這些收益。到3月，Dogecoin的交易額約為0.171美元，強調了缺乏明顯的購買壓力。

Despite the substantial increase in network engagement, Martinez emphasizes that demand remains insufficient to support a price recovery. Simply increasing participation isn't enough to trigger an uptrend; sustained buying pressure is crucial.

儘管網絡參與大幅增加，但馬丁內斯強調，需求仍然不足以支持價格恢復。 簡單地增加參與不足以觸發上升趨勢；持續的購買壓力至關重要。

Market Uncertainty and Future Outlook

市場不確定性和未來前景

The disconnect between Dogecoin's network activity and price action is striking. Increased participation hasn't resulted in a meaningful price reversal. Daily active addresses remained relatively stable, with notable spikes in early January and March – indicating temporary interest but lacking the momentum for a sustained breakout.

Dogecoin的網絡活動與價格動作之間的斷開連接令人震驚。 參與的增加並沒有導致有意義的價格逆轉。 每日活躍的地址仍然相對穩定，在1月初和3月初，尖峰表明 - 表明暫時的興趣，但缺乏持續突破的勢頭。

By March, the downward price trend persisted despite the heightened on-chain activity. Martinez concludes that Dogecoin remains in a bearish phase, with no clear signs of imminent recovery. While network participation has grown, market conditions remain uncertain.

到3月，儘管鏈活動增加了，但價格趨勢仍然存在。 馬丁內斯（Martinez）得出結論，狗狗幣仍處於看跌階段，沒有明顯的即將恢復的跡象。 儘管網絡參與度已經增長，但市場狀況仍然不確定。

Dogecoin's future price trajectory hinges on whether buying pressure strengthens sufficiently to trigger a breakout. Martinez's analysis suggests that traders should closely monitor network activity and key support levels.

Dogecoin的未來價格軌跡取決於購買壓力是否足夠增強以引發突破。 馬丁內斯的分析表明，交易者應密切監視網絡活動和關鍵支持水平。