• DOGE accumulated gains of 8% MTD.

DOGE 累计涨幅为 8% MTD。

• Whale transactions spiked to a two-month high recently.

最近鲸鱼交易飙升至两个月高位。

Dogecoin [DOGE], the original memecoin, sharply corrected in the last 24 hours of trading, raising questions about the sustainability of its latest rally.

最初的 memecoin 狗狗币 [DOGE] 在过去 24 小时的交易中大幅回调，引发了人们对其最新涨势可持续性的质疑。

Despite the allure of quick gains, the so-called memecoins continue to be a risky proposition in crypto-markets. And no, it’s not just me saying this either! Your school buddy, your boss after that boring meeting, your Facebook penpal, ALL may have warned you about the dangers of owning these “non-serious” digital assets.

尽管具有快速收益的吸引力，但所谓的模因币在加密市场中仍然是一个有风险的主张。不，这也不只是我这么说！你的同学、无聊会议后的老板、你的 Facebook 笔友，所有这些都可能警告过你拥有这些“不严肃”的数字资产的危险。

Testing the patience, eh

考验耐心，嗯

The dog-themed token started gaining momentum on the 17th of February and sailed 8% to as high as $0.090 on the 2oth of February at 12:45 am UTC, according to CoinMarketCap.

根据 CoinMarketCap 的数据，这款以狗为主题的代币从 2 月 17 日开始势头强劲，并在 2 月 2 日凌晨 12:45 UTC 上涨 8%，最高至 0.090 美元。

Source: CoinMarketCap

资料来源：CoinMarketCap

This was enough to light up the eyes of diamond hands. As they decided to profit-take, the curve started to bend. At the time of writing, DOGE was trading at $0.086, erasing a big portion of gains made during the uptick.

这足以让钻石手眼睛一亮。当他们决定获利了结时，曲线开始弯曲。截至撰写本文时，DOGE 的交易价格为 0.086 美元，抹去了上涨期间的大部分涨幅。

Network fundamentals a silver lining

网络基础是一线希望

However, to cut Elon Musk’s darling some slack, DOGE has actually performed better since February began. On a month-to-date (MTD) basis, DOGE accumulated gains of 8%.

然而，为了让埃隆·马斯克的宠儿松口气，自 2 月份以来，DOGE 实际上表现更好。从本月至今 (MTD) 来看，DOGE 累计上涨 8%。

On-chain activity also saw a marked improvement during the month. Dogecoin processed more than a million transactions every day in the last three weeks, according to on-chain analytics firm IntoTheBlock.

本月链上活动也出现明显改善。根据链上分析公司 IntoTheBlock 的数据，过去三周狗狗币每天处理超过一百万笔交易。

Source: IntoTheBlock

来源：IntoTheBlock

AMBCrypto analyzed some other key indicators to gain a broader perspective. Santiment data showed that the daily active address count also surged while DOGE was booming. However, the pull back had a proportional impact on the indicator.

AMBCrypto 分析了其他一些关键指标以获得更广阔的视角。 Santiment 数据显示，在 DOGE 蓬勃发展的同时，每日活跃地址数量也激增。然而，回调对该指标产生了相应的影响。

Source: Santiment

资料来源：Santiment

The rally also got the whales interested for a while. Transactions worth more than $100K spiked to a two-month high before the price dip brought about a reversal.

这次集会也暂时引起了鲸鱼的兴趣。在价格下跌带来逆转之前，价值超过 10 万美元的交易飙升至两个月高点。

Musk-eteer?

麝香师？

One of the biggest pain points for DOGE in recent months, at least what we at AMBCrypto have observed, has been the over-reliance on its biggest “fanboy” Elon Musk.

近几个月来，DOGE 最大的痛点之一，至少我们 AMBCrypto 观察到的，是过度依赖其最大的“粉丝”埃隆·马斯克。

It’s a given that Dogecoin would invariably react positively to payments-related developments at any of Elon Musk-owned companies.

可以肯定的是，狗狗币总是会对埃隆·马斯克旗下任何一家公司与支付相关的发展做出积极反应。

Well, that’s not a problem in real sense! It’s more about what happens when the dust settles. DOGE comes down as quickly as it went up.

嗯，这不是真正意义上的问题！更多的是关于尘埃落定后会发生什么。 DOGE 涨得快，跌得也快。

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

On the other hand, the coin’s lack of meaningful real-world use cases mean there isn’t any other bullish catalyst to fall back to. Quite undesirable for a token which is dubbed as the biggest memecoin.

另一方面，该代币缺乏有意义的现实世界用例，意味着没有任何其他看涨催化剂可以回落。对于被称为最大的模因币的代币来说，这是非常不可取的。

How DOGE addresses this issue in the medium to long-term would be interesting to watch out for. “Issue” is the operative word here. What if DOGE doesn’t consider this an issue at all (crying in the corner).

DOGE 如何在中长期解决这个问题值得关注。 “问题”是这里的关键词。如果 DOGE 根本不认为这是一个问题怎么办（在角落里哭泣）。