Dogecoin (DOGE) has been kicked out of the top 10 position of highly capitalized cryptocurrencies...again...as its price dropped 1.77% to $0.08395. Though the drop is not steeper compared to last week, Dogecoin has maintained positive growth in the past month, a good omen that compliments market analyst Ali Martinez’s current speculations.

狗狗幣 (DOGE) 再次被踢出高資本加密貨幣前 10 名，價格下跌 1.77% 至 0.08395 美元。儘管與上週相比，跌幅並不大，但狗狗幣在過去一個月中保持了正增長，這是一個好兆頭，與市場分析師阿里馬丁內斯當前的猜測相一致。

The analyst shared a chart that shows the historical trends of Dogecoin. The current setup, according to Martinez, shows familiar behavior to the trends the coin displayed sometime in 2020. At the time, Dogecoin "broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%."

這位分析師分享了一張顯示狗狗幣歷史趨勢的圖表。馬丁內斯表示，目前的設定顯示了該代幣在 2020 年某個時候所顯示的趨勢的相似行為。當時，狗狗幣「從下降三角形中突破，進入盤整期，然後飆升 28,770%」。

At the moment, Dogecoin has also broken out of its descending triangle pattern and is undergoing a sustained consolidation phase. Should the historical trend repeat itself, the meme coin is likely to print another parabolic upsurge in the long term.

目前，狗狗幣也突破了下降三角形格局，正在經歷持續盤整階段。如果歷史趨勢重演，從長遠來看，迷因幣可能會再次出現拋物線上漲。

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

#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，隨後暴漲28,770%。目前，#DOGE 似乎反映了這種模式：有… pic.twitter.com/69yXnlYRJd

— Ali (@ali_charts) February 23, 2024

— 阿里 (@ali_charts) 2024 年 2 月 23 日

If a similar growth pattern to the 2020 cycle is recorded, Dogecoin could soar as high as $24; however, considering its massive supply, this price is somewhat unrealistic. For members of the Doge Army, breaching the $1 benchmark remains the core goal, and attaining this level will be considered a satisfactory top in the coming bull run.

如果記錄到與 2020 年周期類似的成長模式，狗狗幣可能會飆升至 24 美元；但考慮到其龐大的供應量，這個價格有些不切實際。對於Doge Army的成員來說，突破1美元基準仍然是核心目標，達到這一水平將被認為是即將到來的牛市中令人滿意的頂部。

Riding on Bitcoin’s wings

乘著比特幣的翅膀

Despite the popularity of Dogecoin, it has limited use cases driving its growth. This has placed it at the mercy of Elon Musk’s comments and memes; however, with those drying up at the moment, this leaves Dogecoin to ride on the tides of the fundamentals in the broader market.

儘管狗狗幣很受歡迎，但推動其成長的用例有限。這使得它受到伊隆馬斯克的評論和表情包的支配。然而，隨著目前這些貨幣的枯竭，這使得狗狗幣能夠順應更廣泛市場基本面的趨勢。

This current fundamental is driven by the emergence of spot Bitcoin ETFs and the growth of the coin overall. Should the ETF hype continue, the impact on the altcoins correlated with it is high, and for coins with fewer fundamentals like Dogecoin, the upside potential is enormous.

目前的基本面是由現貨比特幣 ETF 的出現和比特幣整體成長所推動的。如果 ETF 炒作繼續下去，對與之相關的山寨幣的影響會很大，而對於像狗狗幣這樣基本面較少的幣種來說，上行潛力是巨大的。