• DOGE accumulated gains of 8% MTD.

DOGE 累計漲幅為 8% MTD。

• Whale transactions spiked to a two-month high recently.

最近鯨魚交易飆升至兩個月高點。

Dogecoin [DOGE], the original memecoin, sharply corrected in the last 24 hours of trading, raising questions about the sustainability of its latest rally.

最初的 memecoin 狗狗幣 [DOGE] 在過去 24 小時的交易中大幅回調，引發了人們對其最新漲勢可持續性的質疑。

Despite the allure of quick gains, the so-called memecoins continue to be a risky proposition in crypto-markets. And no, it’s not just me saying this either! Your school buddy, your boss after that boring meeting, your Facebook penpal, ALL may have warned you about the dangers of owning these “non-serious” digital assets.

儘管具有快速收益的吸引力，但所謂的模因幣在加密市場中仍然是一個有風險的主張。不，這也不只是我這麼說！你的同學、無聊會議後的老闆、你的 Facebook 筆友，所有這些都可能警告過你擁有這些「不嚴肅」的數位資產的危險。

Testing the patience, eh

考驗耐心，嗯

The dog-themed token started gaining momentum on the 17th of February and sailed 8% to as high as $0.090 on the 2oth of February at 12:45 am UTC, according to CoinMarketCap.

根據 CoinMarketCap 的數據，這款以狗為主題的代幣從 2 月 17 日開始勢頭強勁，並在 2 月 2 日凌晨 12:45 UTC 上漲 ​​8%，最高至 0.090 美元。

Source: CoinMarketCap

資料來源：CoinMarketCap

This was enough to light up the eyes of diamond hands. As they decided to profit-take, the curve started to bend. At the time of writing, DOGE was trading at $0.086, erasing a big portion of gains made during the uptick.

這足以讓鑽石手眼睛一亮。當他們決定獲利了結時，曲線開始彎曲。截至撰寫本文時，DOGE 的交易價格為 0.086 美元，抹去了上漲期間的大部分漲幅。

Network fundamentals a silver lining

網路基礎是一線希望

However, to cut Elon Musk’s darling some slack, DOGE has actually performed better since February began. On a month-to-date (MTD) basis, DOGE accumulated gains of 8%.

然而，為了讓馬斯克的寵兒鬆口氣，自 2 月以來，DOGE 實際上表現得更好。從本月至今 (MTD) 來看，DOGE 累計上漲 8%。

On-chain activity also saw a marked improvement during the month. Dogecoin processed more than a million transactions every day in the last three weeks, according to on-chain analytics firm IntoTheBlock.

本月鏈上活動也出現明顯改善。根據鏈上分析公司 IntoTheBlock 的數據，過去三週狗狗幣每天處理超過一百萬筆交易。

Source: IntoTheBlock

來源：IntoTheBlock

AMBCrypto analyzed some other key indicators to gain a broader perspective. Santiment data showed that the daily active address count also surged while DOGE was booming. However, the pull back had a proportional impact on the indicator.

AMBCrypto 分析了其他一些關鍵指標以獲得更廣闊的視角。 Santiment 數據顯示，在 DOGE 蓬勃發展的同時，每日活躍地址數量也激增。然而，回調對該指標產生了相應的影響。

Source: Santiment

資料來源：Santiment

The rally also got the whales interested for a while. Transactions worth more than $100K spiked to a two-month high before the price dip brought about a reversal.

這場集會也暫時引起了鯨魚的興趣。在價格下跌帶來逆轉之前，價值超過 10 萬美元的交易飆升至兩個月高點。

Musk-eteer?

麝香師？

One of the biggest pain points for DOGE in recent months, at least what we at AMBCrypto have observed, has been the over-reliance on its biggest “fanboy” Elon Musk.

近幾個月來，DOGE 最大的痛點之一，至少我們 AMBCrypto 觀察到的，是過度依賴其最大的「粉絲」馬斯克。

It’s a given that Dogecoin would invariably react positively to payments-related developments at any of Elon Musk-owned companies.

可以肯定的是，狗狗幣總是會對伊隆馬斯克旗下任何一家公司與支付相關的發展做出正面反應。

Well, that’s not a problem in real sense! It’s more about what happens when the dust settles. DOGE comes down as quickly as it went up.

嗯，這不是真正意義上的問題！更多的是關於塵埃落定後會發生什麼事。 DOGE 漲得快，跌得也快。

Realistic or not, here’s DOGE’s market cap in BTC terms

不管現實與否，這是 DOGE 以 BTC 計算的市值

On the other hand, the coin’s lack of meaningful real-world use cases mean there isn’t any other bullish catalyst to fall back to. Quite undesirable for a token which is dubbed as the biggest memecoin.

另一方面，該代幣缺乏有意義的現實世界用例，這意味著沒有其他看漲催化劑可以回落。對於被稱為最大的模因幣的代幣來說，這是非常不可取的。

How DOGE addresses this issue in the medium to long-term would be interesting to watch out for. “Issue” is the operative word here. What if DOGE doesn’t consider this an issue at all (crying in the corner).

DOGE 如何在中長期解決這個問題值得關注。 「問題」是這裡的關鍵字。如果 DOGE 根本不認為這是一個問題怎麼辦（在角落裡哭泣）。