Dogecoin (DOGE), the popular memecoin, has traded sideways above the 200-day exponential moving average (EMA) since January 7th. Over the past week, DOGE’s price has decreased by 0.4%, while the one-month decline is 14%. Although the technical analysis hints at potential further losses for DOGE, recent developments in the network activity have sparked interest among crypto enthusiasts.

自 1 月 7 日以来，流行的 memecoin 狗狗币 (DOGE) 一直在 200 天指数移动平均线 (EMA) 上方横向波动。过去一周，DOGE价格下跌了0.4%，一个月跌幅为14%。尽管技术分析暗示 DOGE 可能会进一步损失，但网络活动的最新发展引起了加密货币爱好者的兴趣。

Data from market intelligence firm IntoTheBlock reveals that over 890,000 new Dogecoin addresses were created in the past week. This surge in new addresses coincides with an 86% adoption rate, as new users have executed their initial transactions on the Dogecoin blockchain.

市场情报公司 IntoTheBlock 的数据显示，过去一周创建了超过 890,000 个新的狗狗币地址。新地址的激增与 86% 的采用率同时发生，因为新用户已在狗狗币区块链上执行了初始交易。

Additionally, data from Santiment demonstrates a significant spike in daily active addresses (DAA), which surged from 124,240 on January 23rd to over 498,000 on February 2nd.

此外，Santiment 的数据显示，每日活跃地址 (DAA) 大幅增加，从 1 月 23 日的 124,240 个激增至 2 月 2 日的 498,000 以上。

Possible catalysts for increased activity

Several factors have contributed to this resurgence in Dogecoin’s network activity. One notable event is releasing the iconic DOOM video game on the Dogecoin blockchain. This integration has attracted gamers and blockchain enthusiasts, driving network engagement. 

活动增加的可能催化剂有几个因素导致了狗狗币网络活动的复苏。一个值得注意的事件是在狗狗币区块链上发布标志性的《DOOM》视频游戏。这种集成吸引了游戏玩家和区块链爱好者，推动了网络参与度。

Furthermore, the anticipation surrounding the DOGE-1 launch, an upcoming event, has generated buzz among cryptocurrency enthusiasts.

此外，围绕即将举行的 DOGE-1 发布的预期在加密货币爱好者中引起了热议。

Another factor contributing to the increased network activity is the growing use of Dogechain, a layer 2 blockchain built on the Dogecoin network. This development has expanded Dogecoin’s utility, attracting developers and users.

导致网络活动增加的另一个因素是狗狗链（Dogechain）的使用不断增加，狗狗链是建立在狗狗币网络上的第 2 层区块链。这一发展扩大了狗狗币的实用性，吸引了开发者和用户。

Price correction looms despite Network activity

While the surge in network activity is intriguing, DOGE’s technical analysis suggests that the price may be on the verge of a deeper correction. Since December 6th, 2023, DOGE’s price action has featured a series of lower highs and relatively equal lows, primarily around the $0.078 mark. A descending triangle pattern has emerged on the daily chart, signaling a bearish formation.

尽管网络活动频繁，价格调整仍迫在眉睫虽然网络活动的激增很有趣，但 DOGE 的技术分析表明，价格可能正处于更深层次调整的边缘。自 2023 年 12 月 6 日以来，DOGE 的价格走势出现了一系列较低的高点和相对相等的低点，主要在 0.078 美元大关附近。日线图上出现了下降三角形形态，预示着看跌形态。

This bearish technical setup will be confirmed if the price produces a decisive close below the support line formed by the equal lows. In such a scenario, this pattern could project a drop in the price, roughly equivalent to the triangle’s height. Despite these bearish signals, the Relative Strength Index (RSI) currently stands at 45, indicating trader indecisiveness.

— DogeChainNews (@DogeChainNews1) 2024 年 2 月 2 日 如果价格决定性收盘低于由相同低点形成的支撑线，则这种看跌技术设置将得到确认。在这种情况下，这种模式可能会预测价格下跌，大致相当于三角形的高度。尽管有这些看跌信号，相对强弱指数 (RSI) 目前仍处于 45，表明交易者犹豫不决。

The future of Dogecoin

The surge in network activity for Dogecoin is undoubtedly an encouraging sign, suggesting growing interest and engagement with the cryptocurrency. The release of the DOOM game on the Dogecoin blockchain, the upcoming DOGE-1 launch, and the increasing adoption of Dogechain all contribute to this newfound enthusiasm.

狗狗币的未来狗狗币网络活动的激增无疑是一个令人鼓舞的迹象，表明人们对这种加密货币的兴趣和参与度不断增长。 DOOM 游戏在狗狗币区块链上的发布、即将推出的 DOGE-1 以及狗狗链的日益普及都助长了这种新的热情。

However, it remains to be seen whether this surge in network activity will translate into a significant price rally for DOGE. The bearish technical pattern on the price chart suggests that caution may be warranted for investors. A decisive close below the support line could trigger a deeper price correction.

然而，网络活动的激增是否会转化为 DOGE 价格的大幅上涨还有待观察。价格图表上的看跌技术模式表明投资者可能需要谨慎行事。果断收盘低于支撑线可能会引发更深层次的价格调整。