It has been a substantial period since Dogecoin influencers, particularly Elon Musk, have made any significant announcements or promotions for the cryptocurrency. It appears that Musk's focus has shifted to other endeavors, potentially neglecting Dogecoin. In addition to Musk's apparent disengagement, Dogecoin has also witnessed a notable departure of whales.

自從Dogecoin的影響者（尤其是Elon Musk）為加密貨幣發表了任何重要的公告或促銷活動以來，這已經很長時間了。似乎馬斯克的重點已轉移到其他努力上，可能忽略了多黴素。除了馬斯克的明顯脫離接觸外，狗狗幣還見證了鯨魚的顯著離開。

On-chain data reveals a sharp decline in major Dogecoin transactions. This suggests that whales are no longer actively participating on the network. However, a recent substantial Dogecoin trade garnered considerable attention in the crypto market. A whale transferred 100 million DOGE (approximately $25.42 million) to Binance. This movement has contributed to the coin's price decline, triggering a ripple effect among smaller investors.

鏈上的數據表明，主要的狗狗幣交易的急劇下降。這表明鯨魚不再積極參與網絡。但是，最近的一項大型狗狗貿易在加密貨幣市場中引起了極大的關注。一條鯨魚將1億個門檻（約合2542萬美元）轉移到了二元。這一運動導致了硬幣的價格下跌，從而引發了小型投資者的連鎖反應。

Dogecoin currently trades at $0.2264, marking a fall to its lowest level since early November. The past three months have raised concerns among traders, leading them to question: Will Dogecoin Crash?

Dogecoin目前的交易價格為0.2264美元，標誌著自11月初以來的最低水平。過去三個月引起了交易者的擔憂，引起了他們的疑問：Dogecoin會崩潰嗎？

Dogecoin Whale Activity

狗狗鯨活動

November saw a surge in Dogecoin Whale Transaction Count, indicating significant whale activity on the network. However, this indicator has been on a steady decline since its peak in mid-November.

十一月，狗狗鯨交易數量激增，表明網絡上的鯨魚活動很大。但是，自11月中旬達到頂峰以來，該指標一直在下降。

Last week, the blockchain recorded only 25 whale trades, representing an approximately 88% decrease from the peak.

上週，區塊鏈僅記錄了25個鯨魚交易，比峰值下降了約88％。

DOGE Whale Transaction Count Chart. Source: X

Doge Whale Transaction Count圖表。來源：X

The "Whale Transaction Count" metric, developed by Santiment, tracks DOGE transfers valued at over $1 million. Generally, such substantial single-transaction movements are attributed to whales, highlighting the collective activity of this group.

由Santiment開發的“鯨魚交易計數”度量標準，田徑為100萬美元。通常，這種實質性的單交易運動歸因於鯨魚，突出了該組的集體活動。

A high Whale Transaction Count indicates significant whale movement, suggesting active trading by these large buyers. Conversely, a low count suggests diminished engagement by whales, reflecting their reduced involvement in notable transactions.

高鯨魚交易計數表明鯨魚運動的重大運動，表明這些大型買家的積極交易。相反，低計數表明鯨魚的參與度減少，反映出它們參與了著名交易。

Further analysis reveals a "death cross" between Dogecoin's MVRV Ratio and its 200-day moving average (MA). This pattern corresponds with the recent price drop of the meme coin and the decline in whale interest. The metric may warrant monitoring as its trajectory could potentially impact DOGE's performance.

進一步的分析表明，Dogecoin的MVRV比與其200天移動平均線（MA）之間的“死亡交叉”。這種模式與模因硬幣最近的價格下跌以及鯨魚興趣的下降相對應。該指標可能需要監視，因為其軌跡可能會影響Doge的性能。

Prolonged inactivity from whales could signal a further downtrend, while an upswing may indicate a potential recovery. As the price of DOGE has been falling, investors have been incurring losses, resulting in a decline in the MVRV Ratio. This drop has placed the indicator below its 200-day MA. According to experts, "The last two times this happened, prices dropped 26% and 44%."

鯨魚的長時間不活動可能會進一步表明下降趨勢，而上升可能表明潛在的恢復。隨著門檻的價格下跌，投資者一直在造成損失，導致MVRV比率下降。該下降使指示器低於其200天的MA。根據專家的說法，“最後兩次發生，價格下跌了26％和44％。”

Additional Factors Impacting DOGE Price

影響門價的其他因素

The recent failure of the LIBRA token, a meme coin promoted by Argentine President Javier Milei, has had an impact on DOGE. LIBRA's value surged to $4.5 billion following Milei's endorsement but subsequently plummeted by over 90% post-launch.

天秤座代幣最近失敗，這是阿根廷總統賈維爾·米利（Javier Milei）推廣的模因硬幣，對總督有影響。麥利（Milei）認可後，天秤座的價值飆升至45億美元，但隨後發出後90％以上。

Allegations of a pump-and-dump scheme, with $107 million withdrawn by insiders and $87 million by the development team from liquidity pools, preceded the collapse. This incident, which occurred around February 15, 2025, sent shockwaves through the memecoin market, triggering a sell-off in the wake of LIBRA's crash.

一項泵送計劃的指控，內部人士撤回了1.07億美元，開發團隊從流動性池中撤出了8700萬美元，此前崩潰了。這一事件發生在2025年2月15日左右，在Memecoin市場中造成了衝擊波，在天秤座墜毀後引發了拋售。

Top Meme Coins by Market Cap. Source: CoinMarketCap

最高模因硬幣由市值組成。資料來源：CoinMarketCap

Macroeconomic pressures, such as rising Treasury bond yields and potential new tariffs, have also impacted cryptocurrencies, including DOGE. These factors have compounded the LIBRA effect, exerting additional downward pressure on prices.

宏觀經濟壓力（例如國庫債券收益率上升和潛在的新關稅）也影響了包括Doge在內的加密貨幣。這些因素使天秤座的效應更加複雜，對價格施加了額外的下降壓力。

Despite the current challenges, there is anticipation surrounding a potential DOGE exchange-traded fund (ETF). The emergence of an ETF could attract institutional investors, potentially counterbalancing the selling pressure exerted by whales. However, this remains speculation at present, as no official approvals or timelines have been announced.

儘管目前面臨挑戰，但仍圍繞著潛在的Doge交換基金（ETF）的期望。 ETF的出現可能會吸引機構投資者，這可能會抵消鯨魚施加的銷售壓力。但是，目前仍然存在猜測，因為尚未宣布官方批准或時間表。

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