Dogecoin and Shiba Inu have posted identical price performance in January, with the two largest memes coins shedding 17% as of Jan. 26.

狗狗幣和柴犬幣 1 月的價格表現相同，截至 1 月 26 日，這兩種最大的迷因幣下跌了 17%。

Positive speculations about a proposed XPayments platform were a major driver for both Shiba Inu (SHIB) & Dogecoin (DOGE) communities during the month, but as bearish headwinds swept across the broader crypto market, the mega-cap memecoins also succumbed to downward pressure. 

關於擬議的 XPayments 平台的積極猜測是本月 Shiba Inu (SHIB) 和 Dogecoin (DOGE) 社區的主要推動力，但隨著看跌逆風席捲更廣泛的加密貨幣市場，巨型 memecoin 也屈服於下行壓力。

Notably, Dogecoin miners’ recent trading activity could see DOGE prices fall behind SHIB in the weeks ahead. 

值得注意的是，狗狗幣礦工最近的交易活動可能會導致狗狗幣價格在未來幾週內落後於 SHIB。

DOGE and SHIB posted identical performance in January 

DOGE 和 SHIB 一月份的表現相同

With a market capitalization of $11.4 billion and $5.3 billion respectively, Dogecoin and Shiba Inu are the two largest memecoins. The fortunes of both ecosystems have remained closely interlinked since inception. 

狗狗幣和柴犬的市值分別為 114 億美元和 53 億美元，是最大的兩種迷因幣。自誕生以來，這兩個生態系統的命運一直緊密相連。

In January 2024, DOGE and SHIB posted strikingly identical price performances. The chart above illustrates that both assets shed 17% in value during the month as of Jan. 26. 

2024 年 1 月，DOGE 和 SHIB 公佈了驚人相同的價格表現。上圖顯示，截至 1 月 26 日，這兩種資產的價值均下跌了 17%。

However, Dogecoin miners’ current trading disposition could see the price correlation decouple from SHIB in February. 

然而，狗狗幣礦工目前的交易處置可能會導致價格相關性與 2 月的 SHIB 脫鉤。

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Dogecoin miners offload DOGE worth $22m in 3 months

狗狗幣礦工在 3 個月內出售了價值 2,200 萬美元的 DOGE

Dogecoin recorded double-digit price gains in Q4 2023 as the crypto markets rallied on positive sentiment surrounding the Bitcoin spot ETF approval. However, as investors bought in on the hype, on-chain data reveals that Dogecoin miners had capitalized on the crypto market rally to book profits. 

隨著圍繞比特幣現貨 ETF 批准的積極情緒推動加密貨幣市場反彈，狗狗幣在 2023 年第四季錄得兩位數的價格漲幅。然而，隨著投資者在炒作中買入，鏈上數據顯示，狗狗幣礦工已經利用加密貨幣市場的上漲來實現利潤。

IntoTheBlock’s miners’ reserves chart tracks the real-time balances in the custody of recognized mining companies and mining pools. 

IntoTheBlock 的礦工儲備圖追蹤公認的礦業公司和礦池託管的即時餘額。

Dogecoin miners held 4.6 billion DOGE in the cumulative balances as of Nov. 21, during the heat of the crypto market rally. But as of Jan. 26, the balances have dropped to 4.3 billion DOGE. 

截至 11 月 21 日，在加密貨幣市場上漲的熱潮期間，狗狗幣礦工累計持有 46 億 DOGE。但截至1月26日，餘額已降至43億DOGE。

This implies that the miners have offloaded 290 million DOGE worth approximately $22.6 million in the last three months.

這意味著礦工在過去三個月中拋售了 2.9 億枚 DOGE，價值約 2,260 萬美元。

Miners are major stakeholders within any proof of work (PoF) cryptocurrency ecosystem. They dedicate computing resources to validate transactions in exchange for block rewards denominated in the native coin.

礦工是任何工作證明 (PoF) 加密貨幣生態系統中的主要利害關係人。他們投入運算資源來驗證交易，以換取以原生代幣計價的區塊獎勵。

A selling trend is interpreted as a bearish signal for the underlying asset. As the miners unload more newly mined DOGE coins, it dilutes market supply and increases downward pressure on the price. 

拋售趨勢被解釋為標的資產的看跌訊號。隨著礦工卸載更多新開採的 DOGE 幣，稀釋了市場供應並增加了價格下行壓力。

With market demand weakening, the miners’ selling trend could have a more pronounced impact on DOGE price in February 2024, opening the door to SHIB potentially overtaking the pioneer memecoin. 

隨著市場需求減弱，礦工的拋售趨勢可能會對 2024 年 2 月的 DOGE 價格產生更明顯的影響，為 SHIB 超越先鋒 memecoin 開啟大門。

DOGE price forecast: Losing the $0.007 support could trigger larger losses 

DOGE價格預測：失去0.007美元的支撐可能會引發更大的損失

Like the rest of the cryptocurrency market, DOGE price has endured significant bearish price action in the past month.  However, drawing inferences from the miners’ $22.6 selling trend analyzed above, the bears look set to gain more ground in the coming weeks. Bears must scale the initial support buy-wall around $0.07 to validate this outlook.

與加密貨幣市場的其他部分一樣，DOGE 價格在過去一個月中經歷了顯著的看跌價格走勢。然而，根據上面分析的礦商 22.6 美元的拋售趨勢得出的推論，空頭似乎將在未來幾週內獲得更多進展。空頭必須將初始支撐買入牆擴大到 0.07 美元左右才能驗證這一前景。

IntoTheBlock’s Global in/out of the money (GIOM) data groups the current DOGE holder wallets according to their historical entry prices.

IntoTheBlock 的全球資金進/出 (GIOM) 數據根據歷史入場價格將當前 DOGE 持有者錢包分組。

The tool depicts that 528,180 addresses had acquired 45.6 billion DOGE at the average price of $0.071. Notably, this is the largest cluster of current Dogecoin holders. They could overturn the bearish trend if they make frantic purchases to defend their positions. 

該工具顯示，528,180 個地址以 0.071 美元的平均價格購買了 456 億個 DOGE。值得注意的是，這是目前狗狗幣持有者的最大群體。如果他們瘋狂買入以捍衛自己的頭寸，他們可能會扭轉看跌趨勢。

However, a break below the $0.07 support level could set off margin call triggers and open the doors to a $0.06 retest. 

然而，跌破 0.07 美元的支撐位可能會引發追加保證金通知，並為重新測試 0.06 美元打開大門。

On the upside, the bulls could regain the momentum if the DOGE price can move above the $0.10 area. But in the short-term, the 786,930 addresses that acquired 14.1 billion DOGE at the average price of $0.095 could pose a major resistance. 

從好的方面來說，如果 DOGE 價格能夠突破 0.10 美元區域，多頭可能會重新獲得動力。但短期內，以 0.095 美元均價收購 141 億 DOGE 的 786,930 個地址可能會構成重大阻力。