The Dogecoin price action has had quite a disinteresting year than most would expect from the biggest meme coin. Despite currently being up around 77% from its bear market lows of $0.053 in June 2022, the crypto has lagged compared to top cryptocurrencies like Bitcoin, Ethereum, and Solana so far in 2023. 

狗狗幣的價格走勢經歷了相當平淡的一年，超出了大多數人對最大迷因幣的預期。儘管目前較 2022 年 6 月的熊市低點 0.053 美元上漲了約 77%，但與 2023 年迄今的比特幣、以太幣和 Solana 等頂級加密貨幣相比，該加密貨幣仍然落後。

On the bright side, DOGE’s on-chain metrics have exploded recently, pointing to a potential rebound on the horizon which could see Dogecoin spike to new highs.

從好的方面來看，狗狗幣的鏈上指標最近出現爆炸性增長，表明狗狗幣可能會出現反彈，從而飆升至新高。

Dogecoin Market Overview

狗狗幣市場概覽

DOGE has grown exponentially from its first days as the only meme coin in the crypto industry to now being the 10th-largest crypto asset in terms of market cap. According to Galaxy Digital, DOGE is worth almost two times as much as Wyndham Hotels & Resorts and almost as much as Nissan with its current market cap of $13 billion. However, Dogecoin had a rough 2023, underperforming compared to the major cryptocurrencies. 

DOGE 從最初作為加密產業中唯一的迷因幣，到現在已成為市值第十大加密資產，呈指數級增長。根據 Galaxy Digital 的數據，DOGE 的市值幾乎是溫德姆酒店及度假村的兩倍，幾乎與日產汽車持平，目前市值為 130 億美元。然而，狗狗幣 2023 年的表現並不好，與主要加密貨幣相比表現不佳。

At the time of writing, Dogecoin is trading at $0.09109, 87% down from its all-time high of $0.7315. DOGE is now 940 days into its current bear market, 217 days less than the historical average. According to a report from Galaxy, this extended bear run has only happened twice in DOGE’s lifetime. 

截至撰寫本文時，狗狗幣的交易價格為 0.09109 美元，較歷史高點 0.7315 美元下跌 87%。 DOGE 目前已進入熊市 940 天，比歷史平均少 217 天。根據 Galaxy 報導，這種長時間的熊市在 DOGE 的一生中只發生過兩次。

In the last two cycles, the meme coin went on 1,192 days and 1,117 days of depressive price action, reaching more than 85% below previous all-time highs. 

在過去的兩個週期中，Meme 幣經歷了 1,192 天和 1,117 天的低迷價格走勢，較之前的歷史高點下跌了 85% 以上。

Although DOGE is now trading 543 days above its 2022 low, it is still underperforming in comparison to the last two cycles. In the first cycle, it took DOGE 977 days to climb to reach its all-time high from the 2015 low. Similarly, it took only 423 days to jump from its 2020 lows to the current all-time high. 

儘管 DOGE 目前的交易價格比 2022 年低點高出 543 天，但與過去兩個週期相比，其表現仍然不佳。在第一個週期中，DOGE 花了 977 天從 2015 年的低點攀升至歷史高點。同樣，從 2020 年的低點躍升至當前的歷史高點僅用了 423 天。

What’s Next For DOGE?

DOGE 的下一步是什麼？

Things started to change in the middle of October 2023, as the wider crypto market entered into a bullish sentiment. The crypto has been on a run since then, recently pushing its price over $0.1 for the first time this year to register a yearly high of $0.1018. 

2023 年 10 月中旬，隨著更廣泛的加密貨幣市場進入看漲情緒，情況開始改變。此後，該加密貨幣一直在上漲，最近其價格今年首次突破 0.1 美元，創下 0.1018 美元的年度高點。

This growth can also be attributed to Doginals (DRC-20 tokens), Dogecoin’s equivalent of BRC-20 tokens. These Doginals have grown massively since their launch in May, with a cumulative market cap of $100 million. At the same time, Dogecoin has seen a massive influx of new and active users, something it lacked for the majority of the year. Over 282,000 non-zero balance addresses were added in the past 30 days, while holders are bearing down.

這種增長也可歸因於 Doginals（DRC-20 代幣），Dogecoin 相當於 BRC-20 代幣。這些 Doginals 自 5 月推出以來已經大幅成長，累計市值達到 1 億美元。同時，狗狗幣迎來了大量新用戶和活躍用戶的湧入，這是今年大部分時間所缺乏的。過去 30 天內新增了超過 282,000 個非零餘額地址，而持有者卻在承受壓力。

Dogecoin has now retraced from above the $0.1 mark and is now trading at $0.09109. If these metrics continue their upward trend into 2024, DOGE could see a price turnaround to break above the $0.1 level and push to $0.2 for the first time since 2021. According to data from IntoTheBlock, there are 235,150 addresses waiting to make a profit at around the $0.1 price level.

狗狗幣現已從 0.1 美元大關上方回撤，目前交易價格為 0.09109 美元。如果這些指標在2024 年繼續保持上升趨勢，DOGE 的價格可能會出現逆轉，突破0.1 美元水平，並自2021 年以來首次升至0.2 美元。根據IntoTheBlock 的數據，有235,150 個地址等待在大約2024 年盈利. 0.1 美元的價格水準。