The Dogecoin price action has had quite a disinteresting year than most would expect from the biggest meme coin. Despite currently being up around 77% from its bear market lows of $0.053 in June 2022, the crypto has lagged compared to top cryptocurrencies like Bitcoin, Ethereum, and Solana so far in 2023. 

狗狗币的价格走势经历了相当平淡的一年，超出了大多数人对最大模因币的预期。尽管目前较 2022 年 6 月的熊市低点 0.053 美元上涨了约 77%，但与 2023 年迄今为止的比特币、以太坊和 Solana 等顶级加密货币相比，该加密货币仍然落后。

On the bright side, DOGE’s on-chain metrics have exploded recently, pointing to a potential rebound on the horizon which could see Dogecoin spike to new highs.

从好的方面来看，狗狗币的链上指标最近出现爆炸式增长，表明狗狗币即将出现潜在反弹，这可能会导致狗狗币飙升至新高。

Dogecoin Market Overview

狗狗币市场概览

DOGE has grown exponentially from its first days as the only meme coin in the crypto industry to now being the 10th-largest crypto asset in terms of market cap. According to Galaxy Digital, DOGE is worth almost two times as much as Wyndham Hotels & Resorts and almost as much as Nissan with its current market cap of $13 billion. However, Dogecoin had a rough 2023, underperforming compared to the major cryptocurrencies. 

DOGE 从最初作为加密行业中唯一的模因币，到现在已成为市值第十大加密资产，呈指数级增长。根据 Galaxy Digital 的数据，DOGE 的市值几乎是温德姆酒店及度假村的两倍，几乎与日产汽车持平，目前市值为 130 亿美元。然而，狗狗币 2023 年的表现并不好，与主要加密货币相比表现不佳。

At the time of writing, Dogecoin is trading at $0.09109, 87% down from its all-time high of $0.7315. DOGE is now 940 days into its current bear market, 217 days less than the historical average. According to a report from Galaxy, this extended bear run has only happened twice in DOGE’s lifetime. 

截至撰写本文时，狗狗币的交易价格为 0.09109 美元，较历史高点 0.7315 美元下跌 87%。 DOGE 目前已进入熊市 940 天，比历史平均水平少 217 天。据 Galaxy 报道，这种长时间的熊市在 DOGE 的一生中只发生过两次。

In the last two cycles, the meme coin went on 1,192 days and 1,117 days of depressive price action, reaching more than 85% below previous all-time highs. 

在过去的两个周期中，Meme 币经历了 1,192 天和 1,117 天的低迷价格走势，较之前的历史高点下跌了 85% 以上。

Although DOGE is now trading 543 days above its 2022 low, it is still underperforming in comparison to the last two cycles. In the first cycle, it took DOGE 977 days to climb to reach its all-time high from the 2015 low. Similarly, it took only 423 days to jump from its 2020 lows to the current all-time high. 

尽管 DOGE 目前的交易价格比 2022 年低点高出 543 天，但与过去两个周期相比，其表现仍然不佳。在第一个周期中，DOGE 用了 977 天从 2015 年的低点攀升至历史高点。同样，从 2020 年的低点跃升至当前的历史高点仅用了 423 天。

What’s Next For DOGE?

DOGE 的下一步是什么？

Things started to change in the middle of October 2023, as the wider crypto market entered into a bullish sentiment. The crypto has been on a run since then, recently pushing its price over $0.1 for the first time this year to register a yearly high of $0.1018. 

2023 年 10 月中旬，随着更广泛的加密货币市场进入看涨情绪，情况开始发生变化。此后，该加密货币一直在上涨，最近其价格今年首次突破 0.1 美元，创下 0.1018 美元的年度高点。

This growth can also be attributed to Doginals (DRC-20 tokens), Dogecoin’s equivalent of BRC-20 tokens. These Doginals have grown massively since their launch in May, with a cumulative market cap of $100 million. At the same time, Dogecoin has seen a massive influx of new and active users, something it lacked for the majority of the year. Over 282,000 non-zero balance addresses were added in the past 30 days, while holders are bearing down.

这种增长也可归因于 Doginals（DRC-20 代币），Dogecoin 相当于 BRC-20 代币。这些 Doginals 自 5 月份推出以来已经大幅增长，累计市值达到 1 亿美元。与此同时，狗狗币迎来了大量新用户和活跃用户的涌入，这是今年大部分时间所缺乏的。过去 30 天内新增了超过 282,000 个非零余额地址，而持有者却在承受压力。

Dogecoin has now retraced from above the $0.1 mark and is now trading at $0.09109. If these metrics continue their upward trend into 2024, DOGE could see a price turnaround to break above the $0.1 level and push to $0.2 for the first time since 2021. According to data from IntoTheBlock, there are 235,150 addresses waiting to make a profit at around the $0.1 price level.

狗狗币现已从 0.1 美元大关上方回撤，目前交易价格为 0.09109 美元。如果这些指标在 2024 年继续保持上升趋势，DOGE 的价格可能会出现逆转，突破 0.1 美元水平，并自 2021 年以来首次升至 0.2 美元。根据 IntoTheBlock 的数据，有 235,150 个地址等待在大约 2024 年盈利。 0.1 美元的价格水平。