$ DOGE的製度化和未來的機會

市場一直被市場視為模因硬幣的領導者。在2024年底，由於特朗普和麝香效應，其價格飆升

Author: b12ny

作者：B12NY

It has always been regarded by the market as the leader of meme coins. At the end of 2024, its price soared due to the Trump and Musk effect during the US election, but then entered a sharp correction and the decline once exceeded 60%. This is consistent with the overall decline of the meme coin sector, indicating that its short-term momentum is dominated by market sentiment.

市場一直被市場視為模因硬幣的領導者。在2024年底，由於在美國大選期間的特朗普和麝香效應，其價格飆升，但隨後進行了急劇糾正，下降曾經超過60％。這與模因硬幣行業的總體下降是一致的，表明其短期勢頭由市場情緒主導。

In terms of institutional layout, Grayscale launched the Dogecoin Trust Fund (management fee of 2.5%) in January 2025. The trust is limited to qualified investors. Although the scale is still small (nearly US$2 million AUM), its significance goes beyond the number itself. It represents that $Doge has officially entered the range of institutional investable assets. It is also regarded as a key step in Dogecoin's transformation from meme-oriented to institutional investment.

在機構佈局方面，Grayscale於2025年1月啟動了Dogecoin Trust基金（2.5％的管理費）。該信託僅限於合格的投資者。儘管該規模仍然很小（幾乎是200萬美元的AUM），但其意義超出了數字本身。它表明，$ DOGE已正式進入了機構可投資資產的範圍。它也被認為是Dogecoin從面向模因轉變為機構投資的關鍵步驟。

The ETF is promoted by Bitwise, and if the $Doge ETF application submitted to the SEC is approved, it may further expand its market liquidity. However, there are no approved cases yet, and future development still needs to observe changes in the regulatory environment.

ETF是由Bitwise推廣的，如果提交給SEC的$ DOGE ETF申請獲得批准，則可能會進一步擴大其市場流動性。但是，尚無批准的案件，未來的發展仍需要觀察監管環境的變化。

$Doge has the potential for short-term speculative value and long-term application scenarios, and its price has been highly correlated with Musk in the long run. X is actively exploring the integration of the payment system. If $Doge is included in the X payment system, this will be the biggest market catalyst since 2021.

$ DOGE具有短期投機價值和長期應用程序的潛力，從長遠來看，其價格與Musk高度相關。 X正在積極探索支付系統的集成。如果X支付系統中包括$ DOGE，則將是自2021年以來最大的市場催化劑。

The future development direction will depend on three key variables: payment applications, institutional investment and chip movements.

未來的開發方向將取決於三個關鍵變量：付款應用程序，機構投資和芯片移動。

Currently, $Doge is still a speculative asset driven by the community. If X or Tesla expands its payment application, it may bring new market demand. In addition, the progress of ETF applications and regulatory policies will also affect the inflow of institutional funds and further change the market structure of DOGE. This article will evaluate the current positioning and future potential opportunities of $Doge through historical review, narrative economics and in-depth analysis of chip structure.

目前，$ DOGE仍然是社區驅動的投機資產。如果X或Tesla擴展其付款應用程序，則可能會帶來新的市場需求。此外，ETF應用和監管政策的進展也將影響機構資金的流入，並進一步改變DOGE的市場結構。本文將通過歷史審查，敘事經濟學和芯片結構的深入分析來評估$ DOGE的當前定位和未來潛在機會。

Historical Overview

歷史概述

$Doge was created in 2013 by Billy Markus and Jackson Palmer to satirize the bubble in the cryptocurrency market, but it unexpectedly developed into the world's largest meme coin by market value. The historical development of $Doge can be divided into several major stages:

$ DOGE是由Billy Markus和Jackson Palmer於2013年創建的，以諷刺加密貨幣市場的泡沫，但意外地逐漸發展成為世界上最大的模因硬幣。 $ DOGE的歷史發展可以分為幾個主要階段：

2013 - 2017: Community Driven and Charitable Culture

2013 - 2017年：社區驅動和慈善文化

2018 - 2020: Low liquidity and market marginalization

2018 - 2020年：流動性和市場邊緣化低

2021-2022: Elon Musk and the memecoin wave

2021-2022：Elon Musk和Memecoin Wave

2023 - 2025: Institutional capital entry and payment process

2023-2025：機構資本進入和支付過程

Narrative Economy

敘事經濟

The market value of $Doge is mainly driven by narratives. These narratives determine the future development and liquidity sources of $Doge, and also affect the capital rotation patterns of institutions and retail investors. The following are the narratives that currently affect the market:

$ DOGE的市場價值主要由敘事驅動。這些敘述決定了$ DOGE的未來發展和流動性來源，還影響了機構和散戶投資者的資本輪換模式。以下是當前影響市場的敘述：

Memecoin faucet and POW mechanism

Memecoin水龍頭和POW機制

Since the birth of $Doge, it was mainly promoted by the Reddit community to become an online reward function. Since the last round of bull market, it has become the leader of the meme coin with the largest market value because of Musk. Although it is mainly affected by the overall market trend, it has long been correlated with other meme coins and catalyzed the birth of other meme coins.

自$ DOGE的出生以來，Reddit社區主要促進它成為在線獎勵功能。自牛市上一輪以來，由於馬斯克，它已成為具有最大市場價值的模因硬幣的領導者。儘管它主要受整體市場趨勢的影響，但長期以來它與其他模因硬幣相關，並催化了其他模因硬幣的誕生。

For example, $Shib and $Floki were born in 2021, and $Babydoge was the most popular at the time. It is worth mentioning that compared with other compatible/existing "meme tokens" on the public chain, $Doge is the POW "meme coin" with the largest market value (second only to $BTC), and the third is $LTC.

例如，$ shib和$ floki出生於2021年，$ babydoge當時是最受歡迎的。值得一提的是，與公共連鎖店上其他兼容/現有的“模因令牌”相比，$ DOGE是最大的市場價值的Pow“ Meme Coin”（僅次於$ BTC），第三個是$ LTC。

In the last round, we often heard the phrase "Bitcoin gold, Litecoin silver, Doge copper" because their technical architectures are all POW and their codes are similar. The biggest difference between $Doge and them comes from the inflation mechanism, with a fixed increase of 5 billion pieces per year. The other two have a maximum supply cap. The table below compares the information and mechanisms of the three:

在最後一輪中，我們經常聽到“比特幣黃金，萊特幣銀，杜格銅”一詞，因為他們的技術架構都是戰俘，它們的代碼相似。 $ DOGE和它們之間的最大差異來自通貨膨脹機制，固定增加了50億件。另外兩個具有最大供應帽。下表比較了三個的信息和機制：

In early 2014, when the computing power of $Ltc was as high as 600GH/s, $Doge was less than 40GH/s, which resulted in a low cost of network attack on DOGE. It was attacked by mining pools and Dogecoin Wallet was hacked, and the price quickly collapsed by 95.26%. In order to enhance security, LTC founder Charles Lee suggested that the $Doge community conduct joint mining (AuxPoW) with $Ltc. This suggestion caused heated debate, and finally the community chose to bind with $Ltc.

2014年初，當$ LTC的計算能力高達600GH/s時，$ DOGE小於40GH/s，這導致了對Doge的網絡攻擊成本較低。它受到採礦池的攻擊，狗狗錢包被黑客入侵，而且價格迅速倒塌了95.26％。為了提高安全性，LTC創始人查爾斯·李（Charles Lee）建議，$ DOGE社區與$ LTC進行聯合採礦（Auxpow）。這一建議引起了激烈的辯論，最後社區選擇與$ LTC結合。

Through shared computing power, the computing power of $Doge's entire network continues to grow, which increases the cost of hackers attacking DOGE and ensures the security of the chain. In addition, the

通過共享的計算能力，$ DOGE的整個網絡的計算能力繼續增長，這增加了攻擊Doge的成本並確保鏈條的安全性。另外，