• The dog-themed token has reversed all the gains made during the Musk-induced rally.

以狗為主題的代幣扭轉了馬斯克引發的反彈期間所取得的所有漲幅。

• DOGE’s social media mentions fell sharply since the event.

自事件發生以來，DOGE 的社群媒體提及率急劇下降。

World’s largest memecoin Dogecoin [DOGE] retreated sharply since the actions of its most influential endorser, Elon Musk, pumped its price significantly a week ago.

自從一週前其最有影響力的代言人 Elon Musk的行為大幅推高其價格以來，世界上最大的迷因幣狗狗幣[DOGE]大幅回落。

Recall that the “original memecoin” lifted by more than 10% on the 21st of January as social platform X launched its official X Payments handle.

回想一下，1 月 21 日，隨著社交平台 X 推出其官方 X 支付手柄，「原始 memecoin」上漲了 10% 以上。

History has shown that Dogecoin invariably reacts positively to payments-related developments at any of Elon Musk-owned companies.

歷史表明，狗狗幣總是對馬斯克旗下任何一家公司的支付相關發展做出積極反應。

However, pretty much like history, as the hype cooled off, DOGE retraced. The dog-themed token tanked 11% since then, effectively reversing all the gains made during the Musk-induced rally.

然而，就像歷史一樣，隨著炒作的降溫，DOGE 也回落了。此後，以狗為主題的代幣下跌了 11%，有效扭轉了馬斯克引發的反彈期間取得的所有漲幅。

Source: CoinMarketCap

資料來源：CoinMarketCap

DOGE’s roller coaster ride

DOGE 的雲霄飛車之旅

As expected, whale investors, who showed immense interest in DOGE on the day of Musk-induced rally, abandoned it eventually.

正如預期的那樣，鯨魚投資者在馬斯克引發的反彈當天對 DOGE 表現出了極大的興趣，但最終放棄了它。

According to AMBCrypto’s analysis of Santiment data, large transactions worth more than 100,000 declined 60% since the 21st of January. The trajectory was almost in sync with the price movement of DOGE.

根據 AMBCrypto 對 Santiment 數據的分析，自 1 月 21 日以來，價值超過 10 萬筆的大筆交易下降了 60%。該軌跡幾乎與 DOGE 的價格走勢同步。

Source: Santiment

資料來源：Santiment

Moreover, DOGE’s mentions on popular crypto-focused social media channels fell sharply since the double-digit rally.

此外，自兩位數上漲以來，DOGE 在流行的加密貨幣社群媒體管道上的提及率急劇下降。

The weighted sentiment too, fell into the negative territory, indicating depleting investors’ confidence.

加權情緒也跌入負面區域，顯示投資人的信心正在耗盡。

Source: Santiment

資料來源：Santiment

Over reliance on Elon Musk?

過度依賴伊隆馬斯克？

These metrics reiterated what has been the story for DOGE throughout much of its recent history.

這些指標重申了 DOGE 在其近期歷史的大部分時間裡的故事。

Social media posts and payments-related news linked to Elon Musk would get the community excited, only for nothing significant to come out for the memecoin eventually.

與伊隆馬斯克相關的社群媒體貼文和支付相關新聞會讓社群興奮不已，但最終不會為迷因幣帶來任何重大影響。

This over dependence on the tech Czar has not only limited DOGE’s potential but also made it as a highly volatile asset. In contrast, other memecoins like Shiba Inu [SHIB] and Floki [FLOKI] have diversified towards real-world use cases.

這種對科技沙皇的過度依賴不僅限制了 DOGE 的潛力，也使其成為高度波動的資產。相較之下，其他迷因幣，如 Shiba Inu [SHIB] 和 Floki [FLOKI] 已經朝著現實世界的用例多樣化。

A peek into DOGE’s futures market

DOGE 期貨市場一瞥

Meanwhile, the tenth-largest crypto by market cap was witnessing better demand in the derivatives market when compared to earlier in the month.

同時，與本月稍早相比，以市值計算第十大加密貨幣的衍生性商品市場需求增加。

Realistic or not, here’s DOGE’s market cap in BTC terms

不管現實與否，這是 DOGE 以 BTC 計算的市值

According to AMBCrypto’s analysis of Coinglass data, the Open Interest (OI) in DOGE futures was $361.9 million as of this writing. For the period between the 4 January – 20 January, it failed to cross $350 million.

根據 AMBCrypto 對 Coinglass 數據的分析，截至撰寫本文時，DOGE 期貨的未平倉合約 (OI) 為 3.619 億美元。 1 月 4 日至 1 月 20 日期間，該金額未能突破 3.5 億美元。

Source: Coinglass

來源：Coinglass

Furthermore, the number of shorts taken for DOGE surpassed longs for much of last week, the reading of the Longs/Shorts Ratio chart showed.

此外，多頭/空頭比率圖表顯示，上周大部分時間，DOGE 的空頭數量超過了多頭數量。

Source: Coinglass

來源：Coinglass