Dogecoin (DOGE) has been kicked out of the top 10 position of highly capitalized cryptocurrencies...again...as its price dropped 1.77% to $0.08395. Though the drop is not steeper compared to last week, Dogecoin has maintained positive growth in the past month, a good omen that compliments market analyst Ali Martinez’s current speculations.

狗狗币 (DOGE) 再次被踢出高资本加密货币前 10 名，其价格下跌 1.77% 至 0.08395 美元。尽管与上周相比，跌幅并不大，但狗狗币在过去一个月中保持了正增长，这是一个好兆头，与市场分析师阿里·马丁内斯当前的猜测相一致。

The analyst shared a chart that shows the historical trends of Dogecoin. The current setup, according to Martinez, shows familiar behavior to the trends the coin displayed sometime in 2020. At the time, Dogecoin "broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%."

这位分析师分享了一张显示狗狗币历史趋势的图表。马丁内斯表示，目前的设置显示了该代币在 2020 年某个时候所显示的趋势的相似行为。当时，狗狗币“从下降三角形中突破，进入盘整期，然后飙升 28,770%”。

At the moment, Dogecoin has also broken out of its descending triangle pattern and is undergoing a sustained consolidation phase. Should the historical trend repeat itself, the meme coin is likely to print another parabolic upsurge in the long term.

目前，狗狗币也突破了下降三角形格局，正在经历持续盘整阶段。如果历史趋势重演，从长远来看，迷因币可能会再次出现抛物线上涨。

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

#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，随后暴涨28,770%。目前，#DOGE 似乎反映了这种模式：有…… pic.twitter.com/69yXnlYRJd

— Ali (@ali_charts) February 23, 2024

— 阿里 (@ali_charts) 2024 年 2 月 23 日

If a similar growth pattern to the 2020 cycle is recorded, Dogecoin could soar as high as $24; however, considering its massive supply, this price is somewhat unrealistic. For members of the Doge Army, breaching the $1 benchmark remains the core goal, and attaining this level will be considered a satisfactory top in the coming bull run.

如果记录到与 2020 年周期类似的增长模式，狗狗币可能飙升至 24 美元；但考虑到其庞大的供应量，这个价格有些不切实际。对于Doge Army的成员来说，突破1美元基准仍然是核心目标，达到这一水平将被认为是即将到来的牛市中令人满意的顶部。

Riding on Bitcoin’s wings

乘着比特币的翅膀

Despite the popularity of Dogecoin, it has limited use cases driving its growth. This has placed it at the mercy of Elon Musk’s comments and memes; however, with those drying up at the moment, this leaves Dogecoin to ride on the tides of the fundamentals in the broader market.

尽管狗狗币很受欢迎，但推动其增长的用例有限。这使得它受到埃隆·马斯克的评论和表情包的支配。然而，随着目前这些货币的枯竭，这使得狗狗币能够顺应更广泛市场基本面的潮流。

This current fundamental is driven by the emergence of spot Bitcoin ETFs and the growth of the coin overall. Should the ETF hype continue, the impact on the altcoins correlated with it is high, and for coins with fewer fundamentals like Dogecoin, the upside potential is enormous.

当前的基本面是由现货比特币 ETF 的出现和比特币整体增长推动的。如果 ETF 炒作继续下去，对与之相关的山寨币的影响会很大，而对于像狗狗币这样基本面较少的币种来说，上行潜力是巨大的。