• Decoupling between Musk’s tweets and DOGE’s price action has been profound

馬斯克的推文與 DOGE 的價格行為之間的脫鉤意義深遠

• DOGE can’t be written off just yet, given its origins and massive popularity

鑑於 DOGE 的起源和廣泛流行，目前還不能被註銷

Financial instruments, in general, are regarded as fairly serious bets. More often than not, their demand is a direct function of their underlying fundamentals. As a result, market participants commit a lot of time and money analyzing these fundamentals to be able to make educated decisions regarding their investments.

一般來說，金融工具被認為是相當嚴肅的賭注。通常，他們的需求是其基本面的直接函數。因此，市場參與者投入大量時間和金錢來分析這些基本面，以便能夠就其投資做出明智的決策。

Crypto-assets, on the other hand, derive most of their value from speculation and, to some extent, scarcity. Bitcoin [BTC] serves as a classic example to buttress this observation.

另一方面，加密資產的大部分價值來自投機以及某種程度的稀缺性。比特幣 [BTC] 就是支持這一觀察的典型例子。

The superficial world of memecoins

模因幣的膚淺世界

However, even the digital asset landscape was not ready for the weird new class of tokens which would become the subject of astonishing publicity. Both within and outside crypto-circles – Memecoins. As the name suggests, there’s hardly anything serious about them.

然而，即使是數位資產領域也還沒有準備好迎接這種奇怪的新型代幣，這種代幣將成為令人震驚的宣傳主題。加密圈內外 – Memecoins。顧名思義，它們幾乎沒有什麼嚴肅的事。

Gracy Chen, Managing Director of cryptocurrency exchange Bitget, describes them in the most apt way possible,

加密貨幣交易所 Bitget 董事總經理 Gracy Chen 用最貼切的方式描述了它們：

“Meme coins are a form of social tokens created by people for people. They are often created and promoted by online communities or individuals with a shared interest or sense of humor. The social element of meme coins plays a significant role in their success and adoption, as it fosters a sense of community.”

「Meme 幣是人們為人們創建的一種社交代幣。它們通常是由具有共同興趣或幽默感的線上社群或個人創建和推廣的。模因幣的社交元素在其成功和採用中發揮著重要作用，因為它培養了社區意識。”

Birthed out of a popular joke on social media featuring a Shiba Inu dog, these assets, ironically, became one of the hottest commodities in the crypto-market in no time. At the time of writing, memecoins had a market cap of more than $15 billion as per CoinMarketCap, led by the pioneer Dogecoin [DOGE].

這些資產誕生於社群媒體上一個以柴犬為主題的流行笑話，諷刺的是，這些資產很快就成為加密貨幣市場上最熱門的商品之一。截至撰寫本文時，根據 CoinMarketCap，memecoin 的市值超過 150 億美元，由先驅狗狗幣 [DOGE] 領導。

Ranked as the 7th-largest crypto-asset by market cap, DOGE has seen an unprecedented hike in value and popularity over the years. In fact, the historic 2020-21 bull market saw the memecoin scaling new heights. Now, nothing about it is a joke anymore.

以市值計算，DOGE 被列為第七大加密資產，多年來其價值和受歡迎程度出現了前所未有的增長。事實上，歷史性的 2020-21 年牛市見證了 memecoin 攀上新的高度。現在，這一切都不再是個笑話了。

However, as the great Warren Buffett once quipped, “You only find out who is swimming naked when the tide goes out.” More than anything, this sums up DOGE’s position in the ongoing crypto-winter.

然而，正如偉大的沃倫·巴菲特曾經說過的那樣：“只有當潮水退去時，你才能知道誰在裸泳。”最重要的是，這總結了 DOGE 在當前的加密貨幣冬天中的地位。

Shiba Inu looks to shed “memecoin” tag

柴犬希望擺脫「memecoin」標籤

As the cacophony of bull runs and all-time highs (ATH) faded, developers and investors realized that the need of the hour is a robust underlying technology. Not memes. This, to power digital assets and bolster their argument for mass adoption.

隨著多頭市場和歷史高點 (ATH) 的喧囂消退，開發商和投資者意識到，當前需要的是強大的基礎技術。不是模因。這是為了支持數位資產並支持其大規模採用的論點。

The younger member of the family, the $4-billion Shiba Inu [SHIB] token, which was inspired by DOGE, was quick to spot these shifting dynamics. It started to work on developing meaningful real-world use cases for its native tokens to shed its nagging “meme coin” image.

這個家族的年輕成員，價值 40 億美元的柴犬 [SHIB] 代幣，受到 DOGE 的啟發，很快就發現了這些變化的動態。它開始致力於為其原生代幣開發有意義的現實世界用例，以擺脫其令人討厭的「迷因幣」形象。

The Shiba Inu ecosystem recently launched Shibarium, the much-awaited Ethereum [ETH] layer-2 (L2) chain, after completing a five-month-long rigorous testing phase. This launch brought crucial utility to SHIB and Bone ShibaSwap [BONE] tokens. The breakthrough project is aimed at making the ecosystem an attractive destination for decentralized finance (DeFi) apps.

在完成長達五個月的嚴格測試階段後，柴犬生態系統最近推出了期待已久的以太坊 [ETH] 第 2 層 (L2) 鏈 Shibarium。此次發佈為 SHIB 和 Bone ShibaSwap [BONE] 代幣帶來了至關重要的實用性。這項突破性計畫旨在使該生態系統成為去中心化金融（DeFi）應用程式的有吸引力的目的地。

According to Shibariumscan, the total number of wallets on the L2 had surged to 1.25 million, at the time of writing. The total transaction count topped 3 million, with more than 42,500 getting processed on 21 September.

據 Shibariumscan 稱，截至撰寫本文時，L2 上的錢包總數已飆升至 125 萬個。截至 9 月 21 日，交易總數超過 300 萬筆，處理量超過 42,500 筆。

Source: Shibariumscan

資料來源：Shibariumscan

Shibarium’s hype was also built upon the fact that the ecosystem’s own metaverse – Shib the Metaverse – would be developed on the L2 network. Metaverse, which fuses the real and the virtual seamlessly, has become a hot talking point among tech enthusiasts and gamers. Shiba Inu’s strategy to get a headstart in this niche but forward-looking technology could prove to be a game changer.

Shibarium 的炒作也建立在生態系統本身的元宇宙（Shib the Metaverse）將在 L2 網路上開發的事實之上。無縫融合現實與虛擬的元宇宙已成為科技愛好者和遊戲玩家的熱門話題。柴犬在這一利基市場中取得領先地位的策略，但前瞻性的技術可能會改變遊戲規則。

Shiba Inu’s seriousness can be gauged by the fact that it went on to publish a full-fledged whitepaper – SHIBPaper – outlining its vision for the ecosystem. It even introduced a novel concept called the Shiba Inu state, defining it as a “harmonious blend of age-old principles with state-of-the-art technology.”

Shiba Inu 的認真態度可以透過它隨後發布的完整白皮書——SHIBPaper——概述其生態系統願景來衡量。它甚至引入了一個名為「柴犬狀態」的新穎概念，將其定義為「古老原則與最先進技術的和諧融合」。

While only time will tell how far the Shiba Inu universe can expand, there is little doubt that it is leaving no stone unturned in its long-term expansion plans.

雖然只有時間才能證明柴犬宇宙能擴張到什麼程度，但毫無疑問，它正在千方百計地制定長期擴張計畫。

Dogecoin’s over-reliance on Musk and social media

狗狗幣過度依賴馬斯克和社群媒體

On the contrary, the original memecoin, DOGE, has failed to add effective real-world use cases to its repertoire in the bear market. Instead, it has continued its over dependence on tech czar Elon Musk and his multi-billion dollar social platform X, formerly Twitter.

相反，最初的模因幣 DOGE 未能在熊市中為其保留功能添加有效的現實世界用例。相反，它繼續過度依賴科技沙皇埃隆·馬斯克(Elon Musk)及其價值數十億美元的社交平台X（前身為Twitter）。

Elon Musk has been an avid watcher of the crypto-market, occasionally heaping praises on certain aspects of cryptocurrencies. However, nothing comes quite as close as his endorsement of DOGE.

伊隆馬斯克一直是加密貨幣市場的狂熱觀察者，偶爾會對加密貨幣的某些方面大加讚揚。然而，沒有什麼比他對 DOGE 的認可更接近了。

It all started with a fairly candid post about the dog-themed token some four years ago. The rest, as they say, is history.

這一切都始於大約四年前一篇關於狗主題代幣的相當坦率的帖子。其餘的，正如他們所說，是歷史。

Dogecoin might be my fav cryptocurrency. It’s pretty cool.

狗狗幣可能是我最喜歡的加密貨幣。它太酷了。

— Elon Musk (@elonmusk) April 2, 2019

— 伊隆馬斯克 (@elonmusk) 2019 年 4 月 2 日

DOGE reacted instantly to Musk’s admission, appreciating by more than 70%. What was especially interesting was that this was during the peak of the bear market.

DOGE 對馬斯克的承認立即做出反應，升值超過 70%。特別有趣的是，這是在熊市的頂峰時期。

Since then, the tech entrepreneur has publicly supported the memecoin several times. In fact, he even referred to it as the “people’s crypto” on one occasion, citing its broad use among his company’s blue-collar staff.

從那時起，這位科技企業家多次公開支持迷因幣。事實上，他甚至有一次將其稱為“人民的加密貨幣”，並指出其在公司藍領員工中的廣泛使用。

Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.

我在 Tesla 的生產線上或在 SpaceX 旗下的 Doge 製造火箭時與很多人交談過。他們不是金融專家或矽谷技術專家。這就是我決定支持 Doge 的原因——它感覺就像是人民的加密貨幣。

— Elon Musk (@elonmusk) October 24, 2021

— 伊隆馬斯克 (@elonmusk) 2021 年 10 月 24 日

Aside from the momentary price inclines, an endorsement by one of the world’s wealthiest individuals resulted in a never-seen-before optimism among the Dogecoin community. And, the enthusiasm reached a crescendo during the fall of 2022 when Musk took over Twitter.

除了暫時的價格上漲之外，世界上最富有的人之一的認可也導致狗狗幣社群出現了前所未有的樂觀情緒。而且，當 2022 年秋天馬斯克接管 Twitter 時，這種熱情達到了頂峰。

The speculations around DOGE becoming the official mode of crypto-payment started hitting the roof. The memecoin more then doubled in value in a week’s time. At the time, it looked like a new dawn for the crypto-asset. Alas, not to be!

關於 DOGE 成為加密支付官方模式的猜測開始升溫。一周內，模因幣的價值增加了一倍以上。當時，這看起來像是加密資產的新曙光。唉，事實並非如此！

Musk’s promotion of the memecoin actually set the meme world on fire. Rib-tickling jokes with references to pop culture started doing the rounds.

馬斯克對迷因幣的推廣實際上點燃了迷因世界。涉及流行文化的令人心癢癢的笑話開始流傳。

One such meme showed Elon Musk and Doge recreating the legendary scene from the movie “Titanic” featuring Kate Winslet and Leonardo DiCaprio. But unlike Kate, did Doge really manage to fly?

其中一個迷因顯示伊隆馬斯克和多吉重現了凱特溫斯蕾和李奧納多狄卡皮歐主演的電影《鐵達尼號》中的傳奇場景。但與凱特不同的是，多吉真的能飛嗎？

Fatigue setting in?

疲勞感襲來？

It’s been almost a year. Twitter became X, the user interface got a dark facelift, and Musk aggressively went ahead with his strategies of monetizing the platform. However, nothing significant has come out for DOGE yet. At least not until press time.

已經快一年了。 Twitter 變成了 X，用戶介面進行了深色整容，馬斯克積極推進他的平台貨幣化策略。然而，DOGE 尚未有任何重大進展。至少發稿前不會。

This is not to say that Musk ceased talking about the coin. In fact, he recently said that X is a DOGE-friendly place.

這並不是說馬斯克不再談論這種代幣。事實上，他最近表示 X 是一個對 DOGE 友善的地方。

X is a dog & Doge friendly place!

X 是狗狗和總督友善的地方！

— Elon Musk (@elonmusk) August 23, 2023

— 伊隆馬斯克 (@elonmusk) 2023 年 8 月 23 日

However, unlike previous instances of appreciation, the reaction has gradually tapered off. In fact, after the aforementioned post, the meme coin hiked by just 1.6% over the next 24 hours.

然而，與先前的升值情況不同，這種反應已經逐漸減弱。事實上，在上述貼文發布後，Meme 幣在接下來的 24 小時內僅上漲了 1.6%。

Arguably, the decoupling between Musk’s posts and DOGE’s price action has become profound in bearish market conditions, according to Gracy Chen. She told AMBCrypto,

陳西·陳 (Gracy Chen) 表示，可以說，在看跌的市場條件下，馬斯克的貼文與 DOGE 的價格行為之間的脫鉤已經變得深刻。她告訴 AMBCrypto，

“Achieving enduring growth might now necessitate support not solely from verbal statements but also depends on the liquidity situation in the crypto market and even more important, the concrete developments within the ecosystem.”

“實現持久增長現在可能不僅需要口頭聲明的支持，還取決於加密貨幣市場的流動性狀況，更重要的是生態系統內的具體發展。”

So, would it be fair to say that like the tragic ending of Titanic, Doge’s love affair with Elon Musk is also staring at a similar climax?

那麼，是否可以公平地說，就像泰坦尼克號的悲慘結局一樣，多吉與伊隆馬斯克的戀情也正迎來類似的高潮呢？

The ‘Doginals’ experiment

「多吉納爾」實驗

Remember the transaction jam on the Bitcoin blockchain in early May? The unprecedented traffic caused by the frenzy around Ordinals and BRC-20 tokens? Well, that caught the attention of the Dogecoin community.

還記得五月初比特幣區塊鏈上的交易堵塞嗎？ Ordinals 和 BRC-20 代幣的狂熱造成了前所未有的流量？嗯，這引起了狗狗幣社群的注意。

Keeping up with its tradition of imitating Bitcoin, Dogecoin copied the Ordinals structure and built their very own “Doginals,” or the DRC-20 standard. The developers even created a page on X, Doge Labs, to build the hype around the project.

狗狗幣秉承模仿比特幣的傳統，複製了 Ordinals 結構並建立了自己的“Doginals”，即 DRC-20 標準。開發人員甚至在 X Doge Labs 上創建了一個頁面，圍繞著這個專案進行宣傳。

Notably, Doginals gave a fillip to Dogecoin’s network activity. The token whose daily transaction count was in the thousands and barely managed to top the 100,000-mark in its lifespan, suddenly exploded to millions.

值得注意的是，狗狗幣刺激了狗狗幣的網路活動。這個日交易量數千筆、生命週期內勉強突破十萬大關的代幣，突然暴增至數百萬筆。

Source: Santiment

資料來源：Santiment

However, unlike BRC-20, the hysteria didn’t last for long. Moreover, the profound impact that BRC-20 had on boosting Bitcoin’s NFT game was nowhere to be seen in the case of Doginals. As things stand, the upsurge in transactions was just an aberration, and the Doginals experiment didn’t have the required impact.

然而，與 BRC-20 不同的是，這種歇斯底里並沒有持續太久。此外，BRC-20 對推動比特幣 NFT 遊戲的深遠影響在 Doginals 的案例中無處可見。從目前的情況來看，交易量的激增只是一種異常現象，Doginals 的實驗並沒有產生所需的影響。

A striking feature of this phase was that despite greater network activity, the price of DOGE failed to react. To the contrary, it dropped during this phase.

這一階段的一個顯著特徵是，儘管網路活動增加，但 DOGE 的價格卻未能做出反應。相反，在這個階段它有所下降。

This has once again revealed a lot about the eccentric world of memecoins. A world in which PR-heavy remarks from tech czars drive more value than something more tangible like network traffic.

這再次揭示了很多關於模因幣的古怪世界。在這個世界裡，科技沙皇的公關言論比網路流量等有形的東西更能帶來價值。

However, industry watchers believe that mainstream crypto-adoption in the future would hinge on network activity. According to Christopher Alexander, Chief Analytics Officer at Pioneer Development Group, for instance,

然而，產業觀察家認為，未來加密貨幣的主流採用將取決於網路活動。例如，Pioneer Development Group 首席分析官 Christopher Alexander 表示：

“Long after the glitz and glitter of meme coins fades, the utility of a blockchain and the transactions on any given chain will drive long term value. I think Elon Musk would do better by thinking about the underlying technology of blockchain and it’s incredible utility and not just about the byproduct of blockchain, which is crypto.”

「在迷因幣的光彩褪去很久之後，區塊鏈的實用性和任何給定鏈上的交易將推動長期價值。我認為馬斯克如果考慮區塊鏈的底層技術和它令人難以置信的實用性，而不僅僅是區塊鏈的副產品，即加密貨幣，他會做得更好。”

So, it appears that the popular expression among Doge fans, “DOGE to the moon and we’re not coming back,” would have to wait a little longer because the launch vehicle isn’t ready yet. Might not be a bad idea to ask for recent conquerors India to help.

因此，Doge 粉絲中流行的一句話「DOGE 去月球，我們不會回來」似乎還得再等一段時間，因為運載火箭還沒準備好。向最近的征服者印度尋求幫助也許不是一個壞主意。

Dogecoin has a few tricks up its sleeve

狗狗幣有一些技巧

While hysteria around the memecoin is built up, Dogecoin did not have much development happening around it to boast about, unlike its rivals like Shiba Inu. However, less development activity doesn’t directly mean an endgame for the world’s largest memecoin. The memecoin, which was initially launched just to mock the king of cryptos, Bitcoin, has come a long way as it climbed onto the list of the top cryptos by market capitalization.

儘管圍繞著迷因幣的歇斯底里已經形成，但與柴犬等競爭對手不同，狗狗幣並沒有太多值得誇耀的發展。然而，開發活動的減少並不直接意味著世界上最大的迷因幣的結局。 Memecoin 最初只是為了嘲笑加密貨幣之王比特幣而推出的，但隨著它爬上了市值最高的加密貨幣排行榜，它已經取得了長足的進步。

DOGE mining is a huge asset

DOGE挖礦是一筆龐大的資產

A major sector that can act as a pivotal advantage for Dogecoin is its mining industry. As the world becomes more conscious of energy consumption, most cryptos have started to adopt Poof-of-Stake (PoS) consensus mechanisms instead of Poof-of-Work (PoW). 

可以成為狗狗幣關鍵優勢的一個主要領域是其採礦業。隨著世界對能源消耗的意識越來越強，大多數加密貨幣已經開始採用權益證明（PoS）共識機制，而不是工作量證明（PoW）。

Although the PoS mechanism is more environmentally friendly, PoW has its own advantages. The most notable one is security. Considering PoW’s strong security against 51% attacks, it is regarded as a safer consensus mechanism compared to PoS. 

雖然PoS機制更環保，但PoW也有自己的優勢。最值得注意的是安全性。考慮到PoW對51%攻擊的強大安全性，與PoS相比，它被認為是更安全的共識機制。

Dogecoin has a thriving mining ecosystem that has witnessed considerable growth over the last few years. Like Litecoin [LTC], Dogecoin mining also works on the Scrypt algorithm. 

狗狗幣擁有蓬勃發展的挖礦生態系統，在過去幾年中取得了可觀的成長。與萊特幣 [LTC] 一樣，狗狗幣挖礦也適用於 Scrypt 演算法。

Source: Coinwarz

來源：Coinwarz

The memecoin’s mining gained popularity in 2018 and since then, a massive amount of computational power has been deployed in the sector. This was evidenced by the substantial hike in its hashrate. At the time of writing, Dogecoin had a mining hashrate of 903.50 TH/s. 

memecoin 的挖礦在 2018 年開始流行，從那時起，大量的運算能力就被部署在該領域。其算力的大幅上漲證明了這一點。截至撰寫本文時，狗狗幣的挖礦算力為 903.50 TH/s。

Also, apart from Bitcoin, there are no other mineable assets among the top 10 cryptos. DOGE’s PoW mechanism can help it remain relevant in the market despite low development activity. However, as DOGE lacks utility, its mining sector’s potential future growth remains uncertain.

此外，除了比特幣之外，前十名的加密貨幣中沒有其他可開採的資產。儘管開發活動較少，但 DOGE 的 PoW 機制可以幫助其維持市場相關性。然而，由於 DOGE 缺乏實用性，其採礦業未來的潛在成長仍存在不確定性。

In fact, Ruslan Lienkha, Chief of Markets at YouHodler, a Web3 fintech platform, told AMBCrypto,

事實上，Web3 金融科技平台 YouHodler 的市場主管 Ruslan Lienkha 告訴 AMBCrypto，

“It is not clear if the Dogecoin mining industry could grow in the future as the coin. Despite its high capitalization, it is not considered a serious payment system or investment asset but just a meme coin. So high volatility, frequent price manipulations, and theoretically unlimited supply are likely to push away capital inflow from the Dogecoin mining industry.” 

「目前尚不清楚狗狗幣採礦業未來是否會像硬幣一樣發展。儘管其資本額很高，但它並不被認為是一個嚴肅的支付系統或投資資產，而只是一種迷因幣。因此，高波動性、頻繁的價格操縱以及理論上無限的供應可能會阻止資金流入狗狗幣挖礦業。”

Read Dogecoin’s [DOGE] Price Prediction 2023-24

閱讀狗狗幣的 [DOGE] 2023-24 價格預測

Doge and X’s infamous bond

Doge 和 X 臭名昭著的關係

Apart from mining, Elon Musk’s inclination towards Dogecoin can also play a crucial role in keeping the memecoin relevant. A few weeks ago, Elon Musk’s X mentioned in a statement that the micro-blogging platform does not plan to launch its own token anytime soon. This sparked excitement among DOGE enthusiasts as it increased the chances of X integrating Dogecoin for payments. 

除了挖礦之外，伊隆馬斯克對狗狗幣的偏好也可以在保持迷因幣的相關性方面發揮至關重要的作用。幾週前，馬斯克的 X 在聲明中提到，該微博平台不打算很快就會推出自己的代幣。這引起了 DOGE 愛好者的興奮，因為它增加了 X 整合狗狗幣進行支付的機會。

There is more meat to the story though as X recently obtained a license required for crypto-payments and trading. X has been formally granted a currency transmitter license by Rhode Island regulators, as was announced on August 28, 2023.

不過，這個故事還有更多內容，因為 X 最近獲得了加密貨幣支付和交易所需的許可證。 2023 年 8 月 28 日宣布，X 已獲得羅德島州監管機構正式授予貨幣傳輸許可證。

Source: nmlsconsumeraccess.org

來源： nmlsconsumeraccess.org

If a utopian outcome is to be considered, the integration of DOGE with X can be a complete game changer for the memecoin’s future. This will not only make DOGE a payment system for one of the largest social media companies, but also help change the perception that the crypto is a mere memecoin. 

如果要考慮烏托邦式的結果，那麼 DOGE 與 X 的整合可能會徹底改變 memecoin 的未來。這不僅將使 DOGE 成為最大的社群媒體公司之一的支付系統，而且有助於改變人們對加密貨幣只是 memecoin 的看法。

Nonetheless, in reality, things are usually more complex than they appear. As X is yet to confirm whether it plans to integrate DOGE, nothing can be said with utmost certainty. 

然而，實際上，事情通常比看起來更複雜。由於 X 尚未確認是否計劃整合 DOGE，因此目前還不能確定。

Lucas Kiely, Chief Investment Officer (CIO) of digital wealth platform Yield App, said it best when he told AMBCrypto,

數位財富平台 Yield App 首席投資長 (CIO) Lucas Kiely 在接受 AMBCrypto 採訪時表示，

“However, despite various hints that Musk might allow DOGE as a form of payment for his various products and services, nothing has yet come to pass. More than likely he is finding it very difficult to pass that by shareholders and regulators.”

「然而，儘管有各種跡象表明馬斯克可能會允許 DOGE 作為其各種產品和服務的支付方式，但目前還沒有任何進展。他很可能發現股東和監管機構很難通過該法案。”

DOGE, a treasured collectible

DOGE，珍貴的收藏品

If nothing works in Dogecoin’s favor, it still has a trump card as it was inspired by one of the most popular memes of all time. For reference, NFTs also don’t have any utility of any kind as they are just collectibles. DOGE, in the long rum, might also become a treasured collectible for holders as a souvenir of the popular meme. 

如果沒有什麼對狗狗幣有利的話，它仍然有一張王牌，因為它的靈感來自有史以來最受歡迎的迷因之一。作為參考，NFT 也沒有任何用途，因為它們只是收藏品。 DOGE，在長蘭姆酒中，也可能成為持有者的珍貴收藏品，作為流行文化基因的紀念品。

In fact, the coin has already proven its status as one of the top cryptos in terms of market cap for multiple years. Therefore, blindly believing that less utility and unlimited supply can make DOGE a thing of history is a long shot. 

事實上，多年來，該代幣已經證明了其作為市值最高的加密貨幣之一的地位。因此，盲目相信更少的效用和無限的供應可以讓 DOGE 成為歷史，可能性不大。

Though the competition in the memecoins space is high, especially considering Shiba Inu’s future plans, DOGE still has quite a few tricks up its sleeve that can allow it to remain relevant in the crypto-market. 

儘管 memecoin 領域的競爭非常激烈，特別是考慮到 Shiba Inu 的未來計劃，但 DOGE 仍然有很多技巧可以使其在加密貨幣市場中保持重要地位。

However, as the crypto-space is fabled for its uncertainty, what is in Dogecoin’s future during the next bull market will be interesting to see. In fact, a look back at the crypto-market presents multiple examples of cryptos that were once in the top-20, but have since faded away. Stellar [XLM], for example. 

然而，由於加密貨幣領域充滿不確定性，狗狗幣在下一次多頭市場中的未來將會很有趣。事實上，回顧加密貨幣市場，可以看到多個曾經躋身前 20 名但後來逐漸消失的加密貨幣範例。例如，恆星[XLM]。

With globalization accelerating and the Internet becoming more of a necessity than a luxury, people’s presence on social media has risen substantially. Therefore, the “MEME’ culture seems far from ending anytime soon. 

隨著全球化的加速，網路變得越來越必需，而不是奢侈品，人們在社群媒體上的存在大幅增加。因此，「MEME」文化似乎還遠遠沒有結束。

Dogecoin, which is the largest memecoin by market cap, despite having little to no development activity going around along with a few failed projects, still has the potential to be in the bigger picture and emerge as a leading crypto in the years to come. To sum up, not only DOGE, but the memecoin market at large has a long way ahead. Ergo, how the future shapes things will be intriguing to watch.

狗狗幣是市值最大的迷因幣，儘管幾乎沒有任何開發活動以及一些失敗的項目，但仍有潛力在未來幾年成為領先的加密貨幣。總而言之，不僅是 DOGE，整個 memecoin 市場都有很長的路要走。因此，未來如何塑造事物將會很有趣。

Article written in collaboration with Dipayan Mitra.

與 Dipayan Mitra 合作撰寫的文章。