Dogecoin (DOGE), the popular memecoin, has traded sideways above the 200-day exponential moving average (EMA) since January 7th. Over the past week, DOGE’s price has decreased by 0.4%, while the one-month decline is 14%. Although the technical analysis hints at potential further losses for DOGE, recent developments in the network activity have sparked interest among crypto enthusiasts.

自 1 月 7 日以來，流行的 memecoin 狗狗幣 (DOGE) 一直在 200 天指數移動平均線 (EMA) 上方橫向波動。過去一周，DOGE價格下跌了0.4%，一個月跌幅為14%。儘管技術分析暗示 DOGE 可能會進一步損失，但網路活動的最新發展引起了加密貨幣愛好者的興趣。

Data from market intelligence firm IntoTheBlock reveals that over 890,000 new Dogecoin addresses were created in the past week. This surge in new addresses coincides with an 86% adoption rate, as new users have executed their initial transactions on the Dogecoin blockchain.

市場情報公司 IntoTheBlock 的數據顯示，過去一周創建了超過 89 萬個新的狗狗幣地址。新地址的激增與 86% 的採用率同時發生，因為新用戶已在狗狗幣區塊鏈上執行了初始交易。

Additionally, data from Santiment demonstrates a significant spike in daily active addresses (DAA), which surged from 124,240 on January 23rd to over 498,000 on February 2nd.

此外，Santiment 的數據顯示，每日活躍地址 (DAA) 大幅增加，從 1 月 23 日的 124,240 個激增至 2 月 2 日的 498,000 以上。

Possible catalysts for increased activity

Several factors have contributed to this resurgence in Dogecoin’s network activity. One notable event is releasing the iconic DOOM video game on the Dogecoin blockchain. This integration has attracted gamers and blockchain enthusiasts, driving network engagement. 

活動增加的可能催化劑有幾個因素導致了狗狗幣網路活動的復甦。一個值得注意的事件是在狗狗幣區塊鏈上發布標誌性的《DOOM》電玩遊戲。這種整合吸引了遊戲玩家和區塊鏈愛好者，推動了網路參與度。

Furthermore, the anticipation surrounding the DOGE-1 launch, an upcoming event, has generated buzz among cryptocurrency enthusiasts.

此外，圍繞即將舉行的 DOGE-1 發布的預期在加密貨幣愛好者中引起了熱議。

Another factor contributing to the increased network activity is the growing use of Dogechain, a layer 2 blockchain built on the Dogecoin network. This development has expanded Dogecoin’s utility, attracting developers and users.

導致網路活動增加的另一個因素是狗狗鏈（Dogechain）的使用不斷增加，狗狗鍊是建立在狗狗幣網路上的第 2 層區塊鏈。這項發展擴大了狗狗幣的實用性，吸引了開發者和使用者。

Price correction looms despite Network activity

While the surge in network activity is intriguing, DOGE’s technical analysis suggests that the price may be on the verge of a deeper correction. Since December 6th, 2023, DOGE’s price action has featured a series of lower highs and relatively equal lows, primarily around the $0.078 mark. A descending triangle pattern has emerged on the daily chart, signaling a bearish formation.

儘管網路活動頻繁，價格調整仍迫在眉睫雖然網路活動的激增很有趣，但 DOGE 的技術分析表明，價格可能正處於更深層次調整的邊緣。自 2023 年 12 月 6 日以來，DOGE 的價格走勢出現了一系列較低的高點和相對相等的低點，主要在 0.078 美元大關附近。日線圖上出現了下降三角形形態，預示著看跌形態。

This bearish technical setup will be confirmed if the price produces a decisive close below the support line formed by the equal lows. In such a scenario, this pattern could project a drop in the price, roughly equivalent to the triangle’s height. Despite these bearish signals, the Relative Strength Index (RSI) currently stands at 45, indicating trader indecisiveness.

— DogeChainNews (@DogeChainNews1) 2024 年 2 月 2 日 如果價格決定性收盤低於相同低點形成的支撐線，則這種看跌技術設定將得到確認。在這種情況下，這種模式可能會預測價格下跌，大致相當於三角形的高度。儘管有這些看跌訊號，相對強弱指數 (RSI) 目前仍處於 45，表明交易者猶豫不決。

The future of Dogecoin

The surge in network activity for Dogecoin is undoubtedly an encouraging sign, suggesting growing interest and engagement with the cryptocurrency. The release of the DOOM game on the Dogecoin blockchain, the upcoming DOGE-1 launch, and the increasing adoption of Dogechain all contribute to this newfound enthusiasm.

狗狗幣的未來狗狗幣網路活動的激增無疑是一個令人鼓舞的跡象，表明人們對這種加密貨幣的興趣和參與度不斷增長。 DOOM 遊戲在狗狗幣區塊鏈上的發布、即將推出的 DOGE-1 以及狗狗鏈的日益普及都助長了這種新的熱情。

However, it remains to be seen whether this surge in network activity will translate into a significant price rally for DOGE. The bearish technical pattern on the price chart suggests that caution may be warranted for investors. A decisive close below the support line could trigger a deeper price correction.

然而，網路活動的激增是否會轉化為 DOGE 價格的大幅上漲還有待觀察。價格圖表上的看跌技術模式顯示投資者可能需要謹慎行事。果斷收盤低於支撐線可能會引發更深層的價格調整。