Dogecoin has had a hard time recovering from the flash crash that rocked the crypto market on Wednesday. After losing its hold on $0.09, the DOGE price has since been relegated back to the low $0.08 level where it continues to trade at the time of writing. Interestingly, this is happening at a time when the meme coin’s volume is seeing a significant rise, so what’s going on?

狗狗幣很難從週三震撼加密貨幣市場的閃電崩盤中恢復過來。在失去 0.09 美元的支撐後，DOGE 價格已回落至 0.08 美元的低位，在撰寫本文時仍繼續交易。有趣的是，這種情況發生在迷因幣的交易量大幅上升的時候，那麼到底發生了什麼事？

Dogecoin Volume Rises Over 190%

狗狗幣交易量成長超過 190%

The Dogecoin daily trading volume has seen one of the most significant spikes in the last day after its price fell. As interest in the coin grew, so did the trading volume and in the end, there has been a more than 190% increase in the daily DOGE trading volume.

狗狗幣的每日交易量在價格下跌後的最後一天出現了最顯著的飆升之一。隨著人們對代幣的興趣增加，交易量也隨之增加，最終 DOGE 的每日交易量增加了 190% 以上。

According to CoinMarketCap, this rise in the trading volume has brought the figure to more than $1.12 billion in a single day. This works out to around 9% of a trading volume to market cap ratio, something that is very good for the asset.

根據 CoinMarketCap 的數據，單日交易量的上升使這一數字超過 11.2 億美元。這相當於交易量與市值比率的 9% 左右，這對資產來說非常有利。

However, even with this rise in interest, DOGE is not enjoying any recoveries. Instead, its price is still trailing $0.082 at the time of this writing. It has also recorded a more than 10% decrease in price in the same time frame, while also completely eliminating its weekly gains.

然而，儘管人們的興趣有所上升，DOGE 並沒有享受任何復甦。相反，在撰寫本文時，其價格仍落後於 0.082 美元。同期價格下跌超過 10%，同時完全消除了每週的漲幅。

Why Is DOGE Price Struggling?

為什麼 DOGE 價格舉步維艱？

It would seem the reason that the DOGE price is not moving is more sell pressure being mounted on the asset, especially by the large investors. These whales who hold significant amounts of Dogecoin seem to be selling off their holdings.

DOGE 價格沒有變動的原因似乎是對該資產施加了更大的拋售壓力，尤其是來自大型投資者的拋售壓力。這些持有大量狗狗幣的鯨魚似乎正在拋售其持有的資產。

An example of this is a transaction that was reported by the on-chain whale tracker Whale Alert. The transaction which was carrying 300 million DOGE worth a little over $29.6 million at the time was being sent to the Binance exchange.

鏈上鯨魚追蹤器 Whale Alert 報告的交易就是一個例子。這筆交易當時包含 3 億個 DOGE，價值略高於 2,960 萬美元，正在發送到幣安交易所。

300,000,000 #DOGE (24,629,096 USD) transferred from unknown wallet to #Binancehttps://t.co/M3WBb9bPOW

300,000,000 #DOGE（24,629,096 美元）從未知錢包轉移到#Binancehttps://t.co/M3WBb9bPOW

— Whale Alert (@whale_alert) January 4, 2024

— 鯨魚警報 (@whale_alert) 2024 年 1 月 4 日

Now, transactions like these can be bearish for a crypto’s price because sending coins to exchanges can often mean that the holder is deciding to sell their coins. Given this, it can put a lot of sell pressure on the price, keeping it down like in the case of Dogecoin.

現在，此類交易可能對加密貨幣的價格不利，因為將代幣發送到交易所通常意味著持有者決定出售其代幣。有鑑於此，它可能會給價格帶來很大的拋售壓力，像狗狗幣那樣壓低價格。

There have also been multiple large Dogecoin transactions that have been headed for exchanges over the last day. An initial transaction of 82 million DOGE worth $6.74 million was flagged headed for the Robinhood trading platform. An hour later, another large transaction was flagged by Whale Alert, this time around, carrying 102.27 million DOGE worth $8.4 million to Robinhood as well. If all of these transactions were made with the intention to sell, it would explain why the DOGE price continues to struggle even amid market recovery.

過去一天還有多筆大型狗狗幣交易進入交易所。價值 674 萬美元的 8,200 萬個 DOGE 的初始交易被標記為流向 Robinhood 交易平台。一個小時後，Whale Alert 標記了另一筆大筆交易，這次也為 Robinhood 帶來了 1.0227 億枚 DOGE，價值 840 萬美元。如果所有這些交易都是為了出售，那就可以解釋為什麼即使在市場復甦的情況下，DOGE 價格仍繼續掙扎。

However, not all transitions have been bearish, especially from these large investors. One transaction reported by the whale tracker saw over 151.68 million DOGE worth $12.49 million moved from Robinhood to an unknown wallet. Such a transaction is more bullish because it suggests the owner could be moving the coins to a private wallet with the intention of holding them for better prices.

然而，並非所有轉變都是看跌的，尤其是來自這些大型投資者的轉變。鯨魚追蹤者報告的一筆交易顯示，超過 1.5168 億枚 DOGE（價值 1249 萬美元）從 Robinhood 轉移到了一個未知的錢包。這樣的交易更加看漲，因為它表明所有者可能會將代幣轉移到私人錢包中，以便以更好的價格持有它們。