在马斯克引发的飙升之后，狗狗币未能起飞——为什么？

The dog-themed token has reversed all the gains made during the Musk-induced rally.

以狗为主题的代币扭转了马斯克引发的反弹期间取得的所有涨幅。

DOGE’s social media mentions fell sharply since the event.

自事件发生以来，DOGE 的社交媒体提及率急剧下降。

World’s largest memecoin Dogecoin [DOGE] retreated sharply since the actions of its most influential endorser, Elon Musk, pumped its price significantly a week ago.

自一周前其最有影响力的代言人埃隆·马斯克(Elon Musk)的行为大幅推高其价格以来，世界上最大的模因币狗狗币[DOGE]大幅回落。

Recall that the “original memecoin” lifted by more than 10% on the 21st of January as social platform X launched its official X Payments handle.

回想一下，1 月 21 日，随着社交平台 X 推出其官方 X 支付手柄，“原始 memecoin”上涨了 10% 以上。

History has shown that Dogecoin invariably reacts positively to payments-related developments at any of Elon Musk-owned companies.

历史表明，狗狗币总是对埃隆·马斯克旗下任何一家公司的支付相关发展做出积极反应。

However, pretty much like history, as the hype cooled off, DOGE retraced. The dog-themed token tanked 11% since then, effectively reversing all the gains made during the Musk-induced rally.

然而，就像历史一样，随着炒作的降温，DOGE 也回落了。此后，以狗为主题的代币下跌了 11%，有效扭转了马斯克引发的反弹期间取得的所有涨幅。

Source: CoinMarketCap

资料来源：CoinMarketCap

DOGE’s roller coaster ride

DOGE 的过山车之旅

As expected, whale investors, who showed immense interest in DOGE on the day of Musk-induced rally, abandoned it eventually.

正如预期的那样，鲸鱼投资者在马斯克引发的反弹当天对 DOGE 表现出了极大的兴趣，但最终放弃了它。

According to AMBCrypto’s analysis of Santiment data, large transactions worth more than 100,000 declined 60% since the 21st of January. The trajectory was almost in sync with the price movement of DOGE.

根据 AMBCrypto 对 Santiment 数据的分析，自 1 月 21 日以来，价值超过 10 万笔的大额交易下降了 60%。该轨迹几乎与 DOGE 的价格走势同步。

Source: Santiment

资料来源：Santiment

Moreover, DOGE’s mentions on popular crypto-focused social media channels fell sharply since the double-digit rally.

此外，自两位数上涨以来，DOGE 在流行的加密货币社交媒体渠道上的提及率急剧下降。

The weighted sentiment too, fell into the negative territory, indicating depleting investors’ confidence.

加权情绪也跌入负面区域，表明投资者的信心正在耗尽。

Source: Santiment

资料来源：Santiment

Over reliance on Elon Musk?

过度依赖埃隆·马斯克？

These metrics reiterated what has been the story for DOGE throughout much of its recent history.

这些指标重申了 DOGE 在其近期历史的大部分时间里的故事。

Social media posts and payments-related news linked to Elon Musk would get the community excited, only for nothing significant to come out for the memecoin eventually.

与埃隆·马斯克相关的社交媒体帖子和支付相关新闻会让社区兴奋不已，但最终不会为模因币带来任何重大影响。

This over dependence on the tech Czar has not only limited DOGE’s potential but also made it as a highly volatile asset. In contrast, other memecoins like Shiba Inu [SHIB] and Floki [FLOKI] have diversified towards real-world use cases.

这种对科技沙皇的过度依赖不仅限制了 DOGE 的潜力，还使其成为一种高度波动的资产。相比之下，其他模因币，如 Shiba Inu [SHIB] 和 Floki [FLOKI] 已经朝着现实世界的用例多样化。

A peek into DOGE’s futures market

DOGE 期货市场一瞥

Meanwhile, the tenth-largest crypto by market cap was witnessing better demand in the derivatives market when compared to earlier in the month.

与此同时，与本月早些时候相比，按市值计算第十大加密货币的衍生品市场需求有所增加。

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

不管现实与否，这是 DOGE 以 BTC 计算的市值

According to AMBCrypto’s analysis of Coinglass data, the Open Interest (OI) in DOGE futures was $361.9 million as of this writing. For the period between the 4 January – 20 January, it failed to cross $350 million.

根据 AMBCrypto 对 Coinglass 数据的分析，截至撰写本文时，DOGE 期货的未平仓合约 (OI) 为 3.619 亿美元。 1 月 4 日至 1 月 20 日期间，该金额未能突破 3.5 亿美元。