Dogecoin (DOGE) has slipped out of the top 10 list of most valuable cryptocurrencies again, with its price dropping 1.77% to $0.08395. Despite this decline being less severe than last week’s, Dogecoin has seen positive growth over the past month, in line with market analyst Ali Martinez’s predictions.

狗狗币（DOGE）再次跌出最有价值加密货币前十名，其价格下跌 1.77% 至 0.08395 美元。尽管跌幅没有上周那么严重，但狗狗币在过去一个月中出现了正增长，这与市场分析师阿里·马丁内斯的预测一致。

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Analyst Martinez shared a chart depicting Dogecoin’s historical trends, noting similarities to patterns observed in 2020. Back then, Dogecoin broke out from a descending triangle, underwent a consolidation phase, and eventually surged by a whopping 28,770%.

分析师马丁内斯分享了一张描述狗狗币历史趋势的图表，指出与 2020 年观察到的模式相似。当时，狗狗币从下降三角形中突破，经历了盘整阶段，最终飙升了 28,770%。

Dogecoin’s Potential for Parabolic Surge

Currently, Dogecoin has broken out of its descending triangle pattern and is in a sustained consolidation phase. Analysts speculate that if the historical trend repeats itself, the meme coin could experience another parabolic upsurge in the long term.

狗狗币抛物线飙升的潜力目前，狗狗币已经突破了下降三角形形态，处于持续盘整阶段。分析师推测，如果历史趋势重演，从长远来看，迷因币可能会经历另一次抛物线上涨。

The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.Currently, #DOGE appears to be mirroring this pattern: having… pic.twitter.com/69yXnlYRJd— Ali (@ali_charts) February 23, 2024

Should Dogecoin follow a growth pattern similar to the 2020 cycle, it could potentially reach as high as $24. However, given its significant supply, this price may be unrealistic. Nonetheless, for members of the Doge Army, the primary objective remains breaching the $1 benchmark, which would be considered a satisfactory achievement in the upcoming bull run.

#Dogecoin 的价格走势显示出熟悉的模式，让人想起其 2020 年的行为。当时，$DOGE 从下降三角形中突破，进入盘整期，然后飙升了 28,770%。目前，#DOGE 似乎反映了这种模式：有… pic.twitter.com/69yXnlYRJd — Ali (@ali_charts ) 二月 23, 2024如果狗狗币遵循类似于 2020 年周期的增长模式，它可能会达到 24 美元的高位。然而，鉴于其供应量巨大，这个价格可能不切实际。尽管如此，对于总督军成员来说，首要目标仍然是突破 1 美元基准，这将被视为即将到来的牛市中令人满意的成就。

Dogecoin’s Reliance on Market Fundamentals

Despite its widespread popularity, Dogecoin’s growth is primarily driven by limited use cases. This reliance on sentiment, often influenced by Elon Musk’s comments and memes, has left Dogecoin vulnerable. With Musk’s influence waning, Dogecoin’s fate now rests on broader market fundamentals.

狗狗币对市场基本面的依赖尽管狗狗币广泛流行，但其增长主要是由有限的用例驱动的。这种对情绪的依赖，通常受到埃隆·马斯克的评论和模因的影响，使得狗狗币变得脆弱。随着马斯克影响力的减弱，狗狗币的命运现在取决于更广泛的市场基本面。

Also Read: SkyBridge Capital Founder Predicts Bitcoin to Reach $170000 post Next Halving

另请阅读：SkyBridge Capital 创始人预测比特币在下一次减半后将达到 170000 美元

One such fundamental driver is the emergence of spot Bitcoin ETFs and the overall growth of the cryptocurrency market. The continued hype surrounding ETFs could significantly impact altcoins correlated with Bitcoin. For coins like Dogecoin, which lack strong fundamentals, the potential for upside remains substantial in such market conditions.

其中一个基本驱动因素是现货比特币 ETF 的出现和加密货币市场的整体增长。围绕 ETF 的持续炒作可能会对与比特币相关的山寨币产生重大影响。对于像狗狗币这样缺乏强劲基本面的代币来说，在这种市场条件下，上涨潜力仍然很大。

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

重要提示：请注意，本文仅旨在提供信息，不应被视为法律、税务、投资、财务或任何其他类型的建议。