Dogecoin has had a hard time recovering from the flash crash that rocked the crypto market on Wednesday. After losing its hold on $0.09, the DOGE price has since been relegated back to the low $0.08 level where it continues to trade at the time of writing. Interestingly, this is happening at a time when the meme coin’s volume is seeing a significant rise, so what’s going on?

狗狗币很难从周三震撼加密货币市场的闪电崩盘中恢复过来。在失去 0.09 美元的支撑后，DOGE 价格已回落至 0.08 美元的低位，在撰写本文时仍继续交易。有趣的是，这种情况发生在模因币的交易量大幅上升的时候，那么到底发生了什么？

Dogecoin Volume Rises Over 190%

狗狗币交易量增长超过 190%

The Dogecoin daily trading volume has seen one of the most significant spikes in the last day after its price fell. As interest in the coin grew, so did the trading volume and in the end, there has been a more than 190% increase in the daily DOGE trading volume.

狗狗币的每日交易量在价格下跌后的最后一天出现了最显着的飙升之一。随着人们对代币的兴趣增加，交易量也随之增加，最终 DOGE 的每日交易量增加了 190% 以上。

According to CoinMarketCap, this rise in the trading volume has brought the figure to more than $1.12 billion in a single day. This works out to around 9% of a trading volume to market cap ratio, something that is very good for the asset.

根据 CoinMarketCap 的数据，单日交易量的上升使这一数字超过 11.2 亿美元。这相当于交易量与市值比率的 9% 左右，这对资产来说非常有利。

However, even with this rise in interest, DOGE is not enjoying any recoveries. Instead, its price is still trailing $0.082 at the time of this writing. It has also recorded a more than 10% decrease in price in the same time frame, while also completely eliminating its weekly gains.

然而，尽管人们的兴趣有所上升，DOGE 并没有享受到任何复苏。相反，在撰写本文时，其价格仍落后于 0.082 美元。同期价格下跌超过 10%，同时完全消除了每周的涨幅。

Why Is DOGE Price Struggling?

为什么 DOGE 价格举步维艰？

It would seem the reason that the DOGE price is not moving is more sell pressure being mounted on the asset, especially by the large investors. These whales who hold significant amounts of Dogecoin seem to be selling off their holdings.

DOGE 价格没有变动的原因似乎是对该资产施加了更大的抛售压力，尤其是来自大型投资者的抛售压力。这些持有大量狗狗币的鲸鱼似乎正在抛售其持有的资产。

An example of this is a transaction that was reported by the on-chain whale tracker Whale Alert. The transaction which was carrying 300 million DOGE worth a little over $29.6 million at the time was being sent to the Binance exchange.

链上鲸鱼追踪器 Whale Alert 报告的交易就是一个例子。这笔交易当时包含 3 亿个 DOGE，价值略高于 2960 万美元，正在发送到币安交易所。

300,000,000 #DOGE (24,629,096 USD) transferred from unknown wallet to #Binancehttps://t.co/M3WBb9bPOW

300,000,000 #DOGE（24,629,096 美元）从未知钱包转移到#Binancehttps://t.co/M3WBb9bPOW

— Whale Alert (@whale_alert) January 4, 2024

— 鲸鱼警报 (@whale_alert) 2024 年 1 月 4 日

Now, transactions like these can be bearish for a crypto’s price because sending coins to exchanges can often mean that the holder is deciding to sell their coins. Given this, it can put a lot of sell pressure on the price, keeping it down like in the case of Dogecoin.

现在，此类交易可能对加密货币的价格不利，因为将代币发送到交易所通常意味着持有者决定出售其代币。鉴于此，它可能会给价格带来很大的抛售压力，像狗狗币那样压低价格。

There have also been multiple large Dogecoin transactions that have been headed for exchanges over the last day. An initial transaction of 82 million DOGE worth $6.74 million was flagged headed for the Robinhood trading platform. An hour later, another large transaction was flagged by Whale Alert, this time around, carrying 102.27 million DOGE worth $8.4 million to Robinhood as well. If all of these transactions were made with the intention to sell, it would explain why the DOGE price continues to struggle even amid market recovery.

过去一天还有多笔大型狗狗币交易进入交易所。价值 674 万美元的 8200 万个 DOGE 的初始交易被标记为流向 Robinhood 交易平台。一个小时后，Whale Alert 标记了另一笔大额交易，这一次也为 Robinhood 带来了 1.0227 亿枚 DOGE，价值 840 万美元。如果所有这些交易都是为了出售，那就可以解释为什么即使在市场复苏的情况下，DOGE 价格仍继续挣扎。

However, not all transitions have been bearish, especially from these large investors. One transaction reported by the whale tracker saw over 151.68 million DOGE worth $12.49 million moved from Robinhood to an unknown wallet. Such a transaction is more bullish because it suggests the owner could be moving the coins to a private wallet with the intention of holding them for better prices.

然而，并非所有转变都是看跌的，尤其是来自这些大型投资者的转变。鲸鱼追踪者报告的一笔交易显示，超过 1.5168 亿枚 DOGE（价值 1249 万美元）从 Robinhood 转移到了一个未知的钱包中。这样的交易更加看涨，因为它表明所有者可能会将代币转移到私人钱包中，以便以更好的价格持有它们。