• Decoupling between Musk’s tweets and DOGE’s price action has been profound

马斯克的推文与 DOGE 的价格行为之间的脱钩意义深远

• DOGE can’t be written off just yet, given its origins and massive popularity

鉴于 DOGE 的起源和广泛流行，目前还不能被注销

Financial instruments, in general, are regarded as fairly serious bets. More often than not, their demand is a direct function of their underlying fundamentals. As a result, market participants commit a lot of time and money analyzing these fundamentals to be able to make educated decisions regarding their investments.

一般来说，金融工具被认为是相当严肃的赌注。通常，他们的需求是其基本面的直接函数。因此，市场参与者投入大量时间和金钱来分析这些基本面，以便能够就其投资做出明智的决策。

Crypto-assets, on the other hand, derive most of their value from speculation and, to some extent, scarcity. Bitcoin [BTC] serves as a classic example to buttress this observation.

另一方面，加密资产的大部分价值来自投机以及某种程度上的稀缺性。比特币 [BTC] 是支持这一观察的典型例子。

The superficial world of memecoins

模因币的肤浅世界

However, even the digital asset landscape was not ready for the weird new class of tokens which would become the subject of astonishing publicity. Both within and outside crypto-circles – Memecoins. As the name suggests, there’s hardly anything serious about them.

然而，即使是数字资产领域也还没有准备好迎接这种奇怪的新型代币，这种代币将成为令人震惊的宣传主题。加密圈内外 – Memecoins。顾名思义，它们几乎没有什么严肃的事情。

Gracy Chen, Managing Director of cryptocurrency exchange Bitget, describes them in the most apt way possible,

加密货币交易所 Bitget 董事总经理 Gracy Chen 用最贴切的方式描述了它们：

“Meme coins are a form of social tokens created by people for people. They are often created and promoted by online communities or individuals with a shared interest or sense of humor. The social element of meme coins plays a significant role in their success and adoption, as it fosters a sense of community.”

“Meme 币是人们为人们创建的一种社交代币。它们通常是由具有共同兴趣或幽默感的在线社区或个人创建和推广的。模因币的社交元素在其成功和采用中发挥着重要作用，因为它培养了社区意识。”

Birthed out of a popular joke on social media featuring a Shiba Inu dog, these assets, ironically, became one of the hottest commodities in the crypto-market in no time. At the time of writing, memecoins had a market cap of more than $15 billion as per CoinMarketCap, led by the pioneer Dogecoin [DOGE].

这些资产诞生于社交媒体上一个以柴犬为主题的流行笑话，具有讽刺意味的是，这些资产很快就成为加密货币市场上最热门的商品之一。截至撰写本文时，根据 CoinMarketCap，memecoin 的市值超过 150 亿美元，由先驱狗狗币 [DOGE] 领导。

Ranked as the 7th-largest crypto-asset by market cap, DOGE has seen an unprecedented hike in value and popularity over the years. In fact, the historic 2020-21 bull market saw the memecoin scaling new heights. Now, nothing about it is a joke anymore.

按市值计算，DOGE 被列为第七大加密资产，多年来其价值和受欢迎程度出现了前所未有的增长。事实上，历史性的 2020-21 年牛市见证了 memecoin 攀上新的高度。现在，这一切都不再是一个笑话了。

However, as the great Warren Buffett once quipped, “You only find out who is swimming naked when the tide goes out.” More than anything, this sums up DOGE’s position in the ongoing crypto-winter.

然而，正如伟大的沃伦·巴菲特曾经说过的那样：“只有当潮水退去时，你才能知道谁在裸泳。”最重要的是，这总结了 DOGE 在当前的加密货币冬天中的地位。

Shiba Inu looks to shed “memecoin” tag

柴犬希望摆脱“memecoin”标签

As the cacophony of bull runs and all-time highs (ATH) faded, developers and investors realized that the need of the hour is a robust underlying technology. Not memes. This, to power digital assets and bolster their argument for mass adoption.

随着牛市和历史高点 (ATH) 的喧嚣消退，开发商和投资者意识到，当前需要的是强大的基础技术。不是模因。这是为了支持数字资产并支持其大规模采用的论据。

The younger member of the family, the $4-billion Shiba Inu [SHIB] token, which was inspired by DOGE, was quick to spot these shifting dynamics. It started to work on developing meaningful real-world use cases for its native tokens to shed its nagging “meme coin” image.

这个家族的年轻成员，价值 40 亿美元的柴犬 [SHIB] 代币，受到 DOGE 的启发，很快就发现了这些变化的动态。它开始致力于为其原生代币开发有意义的现实世界用例，以摆脱其令人讨厌的“模因币”形象。

The Shiba Inu ecosystem recently launched Shibarium, the much-awaited Ethereum [ETH] layer-2 (L2) chain, after completing a five-month-long rigorous testing phase. This launch brought crucial utility to SHIB and Bone ShibaSwap [BONE] tokens. The breakthrough project is aimed at making the ecosystem an attractive destination for decentralized finance (DeFi) apps.

在完成长达五个月的严格测试阶段后，柴犬生态系统最近推出了期待已久的以太坊 [ETH] 第 2 层 (L2) 链 Shibarium。此次发布为 SHIB 和 Bone ShibaSwap [BONE] 代币带来了至关重要的实用性。这一突破性项目旨在使该生态系统成为去中心化金融（DeFi）应用程序的有吸引力的目的地。

According to Shibariumscan, the total number of wallets on the L2 had surged to 1.25 million, at the time of writing. The total transaction count topped 3 million, with more than 42,500 getting processed on 21 September.

据 Shibariumscan 称，截至撰写本文时，L2 上的钱包总数已飙升至 125 万个。截至 9 月 21 日，交易总数超过 300 万笔，处理量超过 42,500 笔。

Source: Shibariumscan

资料来源：Shibariumscan

Shibarium’s hype was also built upon the fact that the ecosystem’s own metaverse – Shib the Metaverse – would be developed on the L2 network. Metaverse, which fuses the real and the virtual seamlessly, has become a hot talking point among tech enthusiasts and gamers. Shiba Inu’s strategy to get a headstart in this niche but forward-looking technology could prove to be a game changer.

Shibarium 的炒作还建立在生态系统自己的元宇宙（Shib the Metaverse）将在 L2 网络上开发的事实之上。无缝融合现实与虚拟的元宇宙已成为科技爱好者和游戏玩家的热门话题。柴犬在这一利基市场中取得领先地位的战略，但前瞻性的技术可能会改变游戏规则。

Shiba Inu’s seriousness can be gauged by the fact that it went on to publish a full-fledged whitepaper – SHIBPaper – outlining its vision for the ecosystem. It even introduced a novel concept called the Shiba Inu state, defining it as a “harmonious blend of age-old principles with state-of-the-art technology.”

Shiba Inu 的认真态度可以通过它随后发布的完整白皮书——SHIBPaper——概述其生态系统愿景来衡量。它甚至引入了一个名为“柴犬状态”的新颖概念，将其定义为“古老原则与最先进技术的和谐融合”。

While only time will tell how far the Shiba Inu universe can expand, there is little doubt that it is leaving no stone unturned in its long-term expansion plans.

虽然只有时间才能证明柴犬宇宙能扩张到什么程度，但毫无疑问，它正在千方百计地制定长期扩张计划。

Dogecoin’s over-reliance on Musk and social media

狗狗币过度依赖马斯克和社交媒体

On the contrary, the original memecoin, DOGE, has failed to add effective real-world use cases to its repertoire in the bear market. Instead, it has continued its over dependence on tech czar Elon Musk and his multi-billion dollar social platform X, formerly Twitter.

相反，最初的模因币 DOGE 未能在熊市中为其保留功能添加有效的现实世界用例。相反，它继续过度依赖科技沙皇埃隆·马斯克(Elon Musk)及其价值数十亿美元的社交平台X（前身为Twitter）。

Elon Musk has been an avid watcher of the crypto-market, occasionally heaping praises on certain aspects of cryptocurrencies. However, nothing comes quite as close as his endorsement of DOGE.

埃隆·马斯克一直是加密货币市场的狂热观察者，偶尔会对加密货币的某些方面大加赞扬。然而，没有什么比他对 DOGE 的认可更接近了。

It all started with a fairly candid post about the dog-themed token some four years ago. The rest, as they say, is history.

这一切都始于大约四年前一篇关于狗主题代币的相当坦率的帖子。其余的，正如他们所说，是历史。

Dogecoin might be my fav cryptocurrency. It’s pretty cool.

狗狗币可能是我最喜欢的加密货币。它太酷了。

— Elon Musk (@elonmusk) April 2, 2019

— 埃隆·马斯克 (@elonmusk) 2019 年 4 月 2 日

DOGE reacted instantly to Musk’s admission, appreciating by more than 70%. What was especially interesting was that this was during the peak of the bear market.

DOGE 对马斯克的承认立即作出反应，升值超过 70%。特别有趣的是，这是在熊市的顶峰时期。

Since then, the tech entrepreneur has publicly supported the memecoin several times. In fact, he even referred to it as the “people’s crypto” on one occasion, citing its broad use among his company’s blue-collar staff.

从那时起，这位科技企业家多次公开支持模因币。事实上，他甚至有一次将其称为“人民的加密货币”，并指出其在公司蓝领员工中的广泛使用。

Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.

我在 Tesla 的生产线上或在 SpaceX 旗下的 Doge 制造火箭时与很多人交谈过。他们不是金融专家或硅谷技术专家。这就是我决定支持 Doge 的原因——它感觉就像是人民的加密货币。

— Elon Musk (@elonmusk) October 24, 2021

— 埃隆·马斯克 (@elonmusk) 2021 年 10 月 24 日

Aside from the momentary price inclines, an endorsement by one of the world’s wealthiest individuals resulted in a never-seen-before optimism among the Dogecoin community. And, the enthusiasm reached a crescendo during the fall of 2022 when Musk took over Twitter.

除了暂时的价格上涨之外，世界上最富有的人之一的认可还导致狗狗币社区出现了前所未有的乐观情绪。而且，当 2022 年秋天马斯克接管 Twitter 时，这种热情达到了顶峰。

The speculations around DOGE becoming the official mode of crypto-payment started hitting the roof. The memecoin more then doubled in value in a week’s time. At the time, it looked like a new dawn for the crypto-asset. Alas, not to be!

关于 DOGE 成为加密支付官方模式的猜测开始升温。一周内，模因币的价值增加了​​一倍多。当时，这看起来像是加密资产的新曙光。唉，事实并非如此！

Musk’s promotion of the memecoin actually set the meme world on fire. Rib-tickling jokes with references to pop culture started doing the rounds.

马斯克对模因币的推广实际上点燃了模因世界。涉及流行文化的令人心痒痒的笑话开始流传。

One such meme showed Elon Musk and Doge recreating the legendary scene from the movie “Titanic” featuring Kate Winslet and Leonardo DiCaprio. But unlike Kate, did Doge really manage to fly?

其中一个模因显示埃隆·马斯克和多吉重现了凯特·温斯莱特和莱昂纳多·迪卡普里奥主演的电影《泰坦尼克号》中的传奇场景。但与凯特不同的是，多吉真的能飞吗？

Fatigue setting in?

疲劳感袭来？

It’s been almost a year. Twitter became X, the user interface got a dark facelift, and Musk aggressively went ahead with his strategies of monetizing the platform. However, nothing significant has come out for DOGE yet. At least not until press time.

已经快一年了。 Twitter 变成了 X，用户界面进行了深色整容，马斯克积极推进他的平台货币化战略。然而，DOGE 尚未有任何重大进展。至少在发稿前不会。

This is not to say that Musk ceased talking about the coin. In fact, he recently said that X is a DOGE-friendly place.

这并不是说马斯克不再谈论这种代币。事实上，他最近表示 X 是一个对 DOGE 友好的地方。

X is a dog & Doge friendly place!

X 是狗和总督友好的地方！

— Elon Musk (@elonmusk) August 23, 2023

— 埃隆·马斯克 (@elonmusk) 2023 年 8 月 23 日

However, unlike previous instances of appreciation, the reaction has gradually tapered off. In fact, after the aforementioned post, the meme coin hiked by just 1.6% over the next 24 hours.

然而，与之前的升值情况不同，这种反应已经逐渐减弱。事实上，在上述帖子发布后，Meme 币在接下来的 24 小时内仅上涨了 1.6%。

Arguably, the decoupling between Musk’s posts and DOGE’s price action has become profound in bearish market conditions, according to Gracy Chen. She told AMBCrypto,

格雷西·陈 (Gracy Chen) 表示，可以说，在看跌的市场条件下，马斯克的帖子与 DOGE 的价格行为之间的脱钩已经变得深刻。她告诉 AMBCrypto，

“Achieving enduring growth might now necessitate support not solely from verbal statements but also depends on the liquidity situation in the crypto market and even more important, the concrete developments within the ecosystem.”

“实现持久增长现在可能不仅需要口头声明的支持，还取决于加密货币市场的流动性状况，更重要的是生态系统内的具体发展。”

So, would it be fair to say that like the tragic ending of Titanic, Doge’s love affair with Elon Musk is also staring at a similar climax?

那么，是否可以公平地说，就像泰坦尼克号的悲惨结局一样，多吉与埃隆·马斯克的恋情也正迎来类似的高潮呢？

The ‘Doginals’ experiment

“多吉纳尔”实验

Remember the transaction jam on the Bitcoin blockchain in early May? The unprecedented traffic caused by the frenzy around Ordinals and BRC-20 tokens? Well, that caught the attention of the Dogecoin community.

还记得五月初比特币区块链上的交易堵塞吗？ Ordinals 和 BRC-20 代币的狂热造成了前所未有的流量？嗯，这引起了狗狗币社区的注意。

Keeping up with its tradition of imitating Bitcoin, Dogecoin copied the Ordinals structure and built their very own “Doginals,” or the DRC-20 standard. The developers even created a page on X, Doge Labs, to build the hype around the project.

狗狗币秉承模仿比特币的传统，复制了 Ordinals 结构并构建了自己的“Doginals”，即 DRC-20 标准。开发人员甚至在 X Doge Labs 上创建了一个页面，围绕该项目进行宣传。

Notably, Doginals gave a fillip to Dogecoin’s network activity. The token whose daily transaction count was in the thousands and barely managed to top the 100,000-mark in its lifespan, suddenly exploded to millions.

值得注意的是，狗狗币刺激了狗狗币的网络活动。这个日交易量数千笔、生命周期内勉强突破十万大关的代币，突然暴增至数百万笔。

Source: Santiment

资料来源：Santiment

However, unlike BRC-20, the hysteria didn’t last for long. Moreover, the profound impact that BRC-20 had on boosting Bitcoin’s NFT game was nowhere to be seen in the case of Doginals. As things stand, the upsurge in transactions was just an aberration, and the Doginals experiment didn’t have the required impact.

然而，与 BRC-20 不同的是，这种歇斯底里并没有持续太久。此外，BRC-20 对推动比特币 NFT 游戏的深远影响在 Doginals 的案例中也无处可见。从目前的情况来看，交易量的激增只是一种异常现象，Doginals 的实验并没有产生所需的影响。

A striking feature of this phase was that despite greater network activity, the price of DOGE failed to react. To the contrary, it dropped during this phase.

这一阶段的一个显着特征是，尽管网络活动有所增加，但 DOGE 的价格却未能做出反应。相反，在这个阶段它有所下降。

This has once again revealed a lot about the eccentric world of memecoins. A world in which PR-heavy remarks from tech czars drive more value than something more tangible like network traffic.

这再次揭示了很多关于模因币的古怪世界。在这个世界里，科技沙皇的公关言论比网络流量等有形的东西更能带来价值。

However, industry watchers believe that mainstream crypto-adoption in the future would hinge on network activity. According to Christopher Alexander, Chief Analytics Officer at Pioneer Development Group, for instance,

然而，行业观察人士认为，未来加密货币的主流采用将取决于网络活动。例如，Pioneer Development Group 首席分析官 Christopher Alexander 表示：

“Long after the glitz and glitter of meme coins fades, the utility of a blockchain and the transactions on any given chain will drive long term value. I think Elon Musk would do better by thinking about the underlying technology of blockchain and it’s incredible utility and not just about the byproduct of blockchain, which is crypto.”

“在迷因币的光彩褪去很久之后，区块链的实用性和任何给定链上的交易将推动长期价值。我认为埃隆·马斯克如果考虑区块链的底层技术和它令人难以置信的实用性，而不仅仅是区块链的副产品，即加密货币，他会做得更好。”

So, it appears that the popular expression among Doge fans, “DOGE to the moon and we’re not coming back,” would have to wait a little longer because the launch vehicle isn’t ready yet. Might not be a bad idea to ask for recent conquerors India to help.

因此，Doge 粉丝中流行的一句话“DOGE 去月球，我们不会回来”似乎还得再等一段时间，因为运载火箭还没有准备好。向最近的征服者印度寻求帮助也许不是一个坏主意。

Dogecoin has a few tricks up its sleeve

狗狗币有一些技巧

While hysteria around the memecoin is built up, Dogecoin did not have much development happening around it to boast about, unlike its rivals like Shiba Inu. However, less development activity doesn’t directly mean an endgame for the world’s largest memecoin. The memecoin, which was initially launched just to mock the king of cryptos, Bitcoin, has come a long way as it climbed onto the list of the top cryptos by market capitalization.

尽管围绕模因币的歇斯底里已经形成，但与柴犬等竞争对手不同，狗狗币并没有太多值得夸耀的发展。然而，开发活动的减少并不直接意味着世界上最大的模因币的结局。 Memecoin 最初只是为了嘲笑加密货币之王比特币而推出的，但随着它爬上了市值最高的加密货币排行榜，它已经取得了长足的进步。

DOGE mining is a huge asset

DOGE挖矿是一笔巨大的资产

A major sector that can act as a pivotal advantage for Dogecoin is its mining industry. As the world becomes more conscious of energy consumption, most cryptos have started to adopt Poof-of-Stake (PoS) consensus mechanisms instead of Poof-of-Work (PoW). 

可以成为狗狗币关键优势的一个主要领域是其采矿业。随着世界对能源消耗的意识越来越强，大多数加密货币已经开始采用权益证明（PoS）共识机制，而不是工作量证明（PoW）。

Although the PoS mechanism is more environmentally friendly, PoW has its own advantages. The most notable one is security. Considering PoW’s strong security against 51% attacks, it is regarded as a safer consensus mechanism compared to PoS. 

虽然PoS机制更加环保，但PoW也有自己的优势。最值得注意的是安全性。考虑到PoW对51%攻击的强大安全性，与PoS相比，它被认为是一种更安全的共识机制。

Dogecoin has a thriving mining ecosystem that has witnessed considerable growth over the last few years. Like Litecoin [LTC], Dogecoin mining also works on the Scrypt algorithm. 

狗狗币拥有蓬勃发展的挖矿生态系统，在过去几年中取得了可观的增长。与莱特币 [LTC] 一样，狗狗币挖矿也适用于 Scrypt 算法。

Source: Coinwarz

来源：Coinwarz

The memecoin’s mining gained popularity in 2018 and since then, a massive amount of computational power has been deployed in the sector. This was evidenced by the substantial hike in its hashrate. At the time of writing, Dogecoin had a mining hashrate of 903.50 TH/s. 

memecoin 的挖矿在 2018 年开始流行，从那时起，大量的计算能力就被部署在该领域。其算力的大幅上涨证明了这一点。截至撰写本文时，狗狗币的挖矿算力为 903.50 TH/s。

Also, apart from Bitcoin, there are no other mineable assets among the top 10 cryptos. DOGE’s PoW mechanism can help it remain relevant in the market despite low development activity. However, as DOGE lacks utility, its mining sector’s potential future growth remains uncertain.

此外，除了比特币之外，排名前十的加密货币中没有其他可开采的资产。尽管开发活动较少，但 DOGE 的 PoW 机制可以帮助其保持市场相关性。然而，由于 DOGE 缺乏实用性，其采矿业未来的潜在增长仍存在不确定性。

In fact, Ruslan Lienkha, Chief of Markets at YouHodler, a Web3 fintech platform, told AMBCrypto,

事实上，Web3 金融科技平台 YouHodler 的市场主管 Ruslan Lienkha 告诉 AMBCrypto，

“It is not clear if the Dogecoin mining industry could grow in the future as the coin. Despite its high capitalization, it is not considered a serious payment system or investment asset but just a meme coin. So high volatility, frequent price manipulations, and theoretically unlimited supply are likely to push away capital inflow from the Dogecoin mining industry.” 

“目前尚不清楚狗狗币采矿业未来是否会像硬币一样发展。尽管其资本额很高，但它并不被认为是一个严肃的支付系统或投资资产，而只是一种模因币。因此，高波动性、频繁的价格操纵以及理论上无限的供应可能会阻止资金流入狗狗币挖矿行业。”

Read Dogecoin’s [DOGE] Price Prediction 2023-24

阅读狗狗币的 [DOGE] 2023-24 价格预测

Doge and X’s infamous bond

Doge 和 X 臭名昭著的关系

Apart from mining, Elon Musk’s inclination towards Dogecoin can also play a crucial role in keeping the memecoin relevant. A few weeks ago, Elon Musk’s X mentioned in a statement that the micro-blogging platform does not plan to launch its own token anytime soon. This sparked excitement among DOGE enthusiasts as it increased the chances of X integrating Dogecoin for payments. 

除了挖矿之外，埃隆·马斯克对狗狗币的偏好也可以在保持模因币的相关性方面发挥至关重要的作用。几周前，埃隆·马斯克的 X 在一份声明中提到，该微博平台不打算很快推出自己的代币。这引起了 DOGE 爱好者的兴奋，因为它增加了 X 集成狗狗币进行支付的机会。

There is more meat to the story though as X recently obtained a license required for crypto-payments and trading. X has been formally granted a currency transmitter license by Rhode Island regulators, as was announced on August 28, 2023.

不过，这个故事还有更多内容，因为 X 最近获得了加密货币支付和交易所需的许可证。 2023 年 8 月 28 日宣布，X 已获得罗德岛州监管机构正式授予货币传输许可证。

Source: nmlsconsumeraccess.org

来源： nmlsconsumeraccess.org

If a utopian outcome is to be considered, the integration of DOGE with X can be a complete game changer for the memecoin’s future. This will not only make DOGE a payment system for one of the largest social media companies, but also help change the perception that the crypto is a mere memecoin. 

如果要考虑乌托邦式的结果，那么 DOGE 与 X 的整合可能会彻底改变 memecoin 的未来。这不仅将使 DOGE 成为最大的社交媒体公司之一的支付系统，而且有助于改变人们对加密货币仅仅是 memecoin 的看法。

Nonetheless, in reality, things are usually more complex than they appear. As X is yet to confirm whether it plans to integrate DOGE, nothing can be said with utmost certainty. 

然而，实际上，事情通常比看起来更复杂。由于 X 尚未确认是否计划整合 DOGE，所以目前还不能确定。

Lucas Kiely, Chief Investment Officer (CIO) of digital wealth platform Yield App, said it best when he told AMBCrypto,

数字财富平台 Yield App 首席投资官 (CIO) Lucas Kiely 在接受 AMBCrypto 采访时表示，

“However, despite various hints that Musk might allow DOGE as a form of payment for his various products and services, nothing has yet come to pass. More than likely he is finding it very difficult to pass that by shareholders and regulators.”

“然而，尽管有各种迹象表明马斯克可能会允许 DOGE 作为其各种产品和服务的支付方式，但目前还没有任何进展。他很可能发现股东和监管机构很难通过该法案。”

DOGE, a treasured collectible

DOGE，珍贵的收藏品

If nothing works in Dogecoin’s favor, it still has a trump card as it was inspired by one of the most popular memes of all time. For reference, NFTs also don’t have any utility of any kind as they are just collectibles. DOGE, in the long rum, might also become a treasured collectible for holders as a souvenir of the popular meme. 

如果没有什么对狗狗币有利的话，它仍然有一张王牌，因为它的灵感来自有史以来最受欢迎的模因之一。作为参考，NFT 也没有任何用途，因为它们只是收藏品。 DOGE，在长朗姆酒中，也可能成为持有者的珍贵收藏品，作为流行文化基因的纪念品。

In fact, the coin has already proven its status as one of the top cryptos in terms of market cap for multiple years. Therefore, blindly believing that less utility and unlimited supply can make DOGE a thing of history is a long shot. 

事实上，多年来，该代币已经证明了其作为市值最高的加密货币之一的地位。因此，盲目相信更少的效用和无限的供应可以让 DOGE 成为历史，可能性不大。

Though the competition in the memecoins space is high, especially considering Shiba Inu’s future plans, DOGE still has quite a few tricks up its sleeve that can allow it to remain relevant in the crypto-market. 

尽管 memecoin 领域的竞争非常激烈，特别是考虑到 Shiba Inu 的未来计划，但 DOGE 仍然有很多技巧可以使其在加密货币市场中保持重要地位。

However, as the crypto-space is fabled for its uncertainty, what is in Dogecoin’s future during the next bull market will be interesting to see. In fact, a look back at the crypto-market presents multiple examples of cryptos that were once in the top-20, but have since faded away. Stellar [XLM], for example. 

然而，由于加密货币领域充满不确定性，狗狗币在下一次牛市中的未来将会很有趣。事实上，回顾加密货币市场，可以看到多个曾经跻身前 20 位但后来逐渐消失的加密货币示例。例如，恒星[XLM]。

With globalization accelerating and the Internet becoming more of a necessity than a luxury, people’s presence on social media has risen substantially. Therefore, the “MEME’ culture seems far from ending anytime soon. 

随着全球化的加速，互联网变得越来越必需，而不是奢侈品，人们在社交媒体上的存在大幅增加。因此，“MEME”文化似乎还远未结束。

Dogecoin, which is the largest memecoin by market cap, despite having little to no development activity going around along with a few failed projects, still has the potential to be in the bigger picture and emerge as a leading crypto in the years to come. To sum up, not only DOGE, but the memecoin market at large has a long way ahead. Ergo, how the future shapes things will be intriguing to watch.

狗狗币是市值最大的模因币，尽管几乎没有任何开发活动以及一些失败的项目，但仍有潜力在未来几年成为领先的加密货币。总而言之，不仅是 DOGE，整个 memecoin 市场都有很长的路要走。因此，未来如何塑造事物将会很有趣。

Article written in collaboration with Dipayan Mitra.

与 Dipayan Mitra 合作撰写的文章。