Dogecoin（Doge）是加密貨幣行業的原始模因

Dogecoin（Doge -11.06％）是加密貨幣行業的原始模因。它是由兩個朋友在2013年開玩笑的，他們受到“門檻”的啟發

Dogecoin (CRYPTO: DOGE) was the cryptocurrency industry’s original meme-token. It was created as a joke by two friends in 2013, who were inspired by the “Doge” meme that was spreading across the internet like wildfire at the time.

Dogecoin（Crypto：Doge）是加密貨幣行業的原始模因。它是由兩個朋友在2013年開玩笑的，他們受到當時像Wildfire一樣在互聯網上傳播的“ Doge”模因的啟發。

Dogecoin has become a vessel for speculative investors because it has very little utility in the real world. Nevertheless, it managed to outperform most major cryptocurrencies in 2024 including Bitcoin, Ethereum, and XRP (Ripple):

Dogecoin已成為投機投資者的船隻，因為它在現實世界中的公用事業很少。然而，它在2024年設法勝過大多數主要的加密貨幣，包括比特幣，以太坊和XRP（Ripple）：

Dogecoin Price Data by YCharts

YCHARTS的Dogecoin價格數據

Per the above chart, most of those gains came after Nov. 5, which is when Donald Trump won the presidential election after campaigning on a series of crypto-friendly policies. Dogecoin investors received a special cherry on top thanks to Elon Musk, which I'll discuss further in a moment.

根據上圖，大多數收益是在11月5日之後的，唐納德·特朗普（Donald Trump）在競選一系列加密貨幣友好的政策之後贏得了總統大選。多虧了埃隆·馬斯克（Elon Musk），Dogecoin投資者獲得了特別的櫻桃，我將稍後再討論。

However, the meme-token has plunged by 55% from its post-election peak. Could it be the ultimate buying opportunity, or a sign to run for the hills? Let's find out.

然而，該模因從大選後峰值下降了55％。可能是最終的購買機會，還是競選山丘的標誌？讓我們找出答案。

Image Source: Getty Images.

圖像來源：蓋蒂圖像。

Elon Musk has been a supporter of Dogecoin since 2019. He often posts memes relating to the cryptocurrency on social media, partakes in friendly banter with other enthusiasts, and his electric vehicle company, Tesla (NASDAQ:TSLA), accepts it as payment for some merchandise.

埃隆·馬斯克（Elon Musk）自2019年以來一直是Dogecoin的支持者。他經常發布與社交媒體上的加密貨幣有關的模因，與其他發燒友的友好玩笑，以及他的電動汽車公司特斯拉（NASDAQ：TSLA），接受了一些商品的付款。

On May 8, 2021, Musk even participated in a Dogecoin-themed skit on Saturday Night Live. The token soared to a record high of $0.73 during the show, at which point it was sitting on an eye-popping 15,769% gain for the year. However, it also happened to mark the peak -- it proceeded to lose more than 90% of its value in the months that followed.

2021年5月8日，馬斯克甚至在周六夜現場參加了以狗果為主題的短劇。在演出期間，代幣飆升至創紀錄的0.73美元，這時它是一年中的15,769％的吸引力。但是，它也恰好標誌著高峰 - 在隨後的幾個月中，它繼續損失了其價值的90％以上。

That shouldn't be surprising given Dogecoin's highly speculative nature, and the token remained mostly dormant during 2023 and for most of 2024. But the presidential election last November ignited a fire under cryptocurrencies broadly, as Trump promised to make America the crypto capital of the world. The U.S. Securities and Exchange Commission has even started pausing some of its legal cases against crypto companies, suggesting the industry will have more regulatory freedom to invent new use cases to create value for investors.

考慮到Dogecoin的高度投機性，這並不奇怪，而在2023年和2024年的大部分時間裡，代幣仍處於休眠狀態。但是，去年11月的總統大選在廣泛的加密貨幣下引發了一場大火，正如特朗普承諾使美國成為世界上的加密之首資本一樣。美國證券交易委員會甚至已經開始暫停針對加密公司的一些法律案件，這表明該行業將擁有更多的監管自由來發明新的用例以為投資者創造價值。

Shortly after Trump won the election, he also announced that Musk will run an external agency called the Department of Government Efficiency, or DOGE for short. Its goal is to help the administration cut government spending in order to balance the budget. It has no role in the crypto industry whatsoever, but investors interpreted the name of the agency as a clear reference to Musk's favorite cryptocurrency, Dogecoin, which sent the token soaring.

在特朗普贏得選舉後不久，他還宣布，馬斯克將經營一個名為政府效率部或簡短的外部機構。它的目標是幫助政府削減政府支出，以平衡預算。它在加密貨幣行業中沒有任何作用，但是投資者將該機構的名稱解釋為明確提到了馬斯克最喜歡的加密貨幣Dogecoin，後者發出了代幣的飛漲。

Dogecoin lacks real-world utility

Dogecoin缺乏現實世界的實用程序

The key to creating value for any currency is adoption. Businesses need to accept it as payment for goods and services, because that gives consumers a reason to buy it and hold it. Unfortunately, only 2,025 businesses accept Dogecoin worldwide, and many of them are obscure providers of internet and crypto services, and even gambling websites. It's a drop in the bucket considering there are more than 350 million registered companies globally.

為任何貨幣創造價值的關鍵是採用。企業需要接受它作為商品和服務的付款，因為這使消費者有理由購買並持有它。不幸的是，在全球範圍內，只有2,025家企業接受Dogecoin，其中許多是互聯網和加密服務的晦澀的提供者，甚至是賭博網站。考慮到全球有超過3.5億的註冊公司，這是一筆倒數的水桶。

But Dogecoin isn't the only cryptocurrency failing the adoption test. Fewer than 7,000 businesses accept Bitcoin, and yet its market capitalization recently topped $2 trillion (although it has since dipped). But Bitcoin has won over the investment community because of its decentralized nature and its capped supply of 21 million coins, which can't be altered by any person, business, or government. As a result, it's viewed as a legitimate store of value, kind of like a digital version of gold.

但是Dogecoin並不是唯一未能通過採用測試的加密貨幣。少於7,000家企業接受比特幣，但其市值最近超過了2萬億美元（儘管此後已經下跌了）。但是，由於比特幣的分散性質和封頂的2100萬枚硬幣，比特幣贏得了投資界的勝利，任何人，企業或政府都無法改變。結果，它被視為合法的價值存儲，就像黃金的數字版本一樣。

Dogecoin, on the other hand, technically has an unlimited supply. Although there is a cap on how many new tokens can be created each year, the founders didn't set an end date -- in other words, Dogecoin's supply will literally grow until the end of time. As a result, it will probably never be considered a good store of value like Bitcoin.

另一方面，Dogecoin從技術上講是無限的供應。儘管每年可以創建多少個新令牌，但創始人並沒有設定結束日期 - 換句話說，Dogecoin的供應實際上會在直到時間結束。結果，它可能永遠不會被視為像比特幣這樣的好價值存儲。

Déjà vu: A repeat of the 2021-2022 period?

déjàvu：2021-2022時期的重複？

As I noted, Dogecoin has declined by 55% from its recent December peak. Mind you, it topped out at $0.47, so it was nowhere close to surpassing its 2021 high of $0.73. That alone suggests investors are treading more cautiously this time around.

正如我指出的那樣，Dogecoin從最近的12月峰值下降了55％。請注意，它的價格為0.47美元，因此它無法超過其2021年高點0.73美元。僅此一次，這一次投資者正在更加謹慎地踏上。

As was the case in 2021, there is currently nothing underpinning Dogecoin's value. There is absolutely no indication Musk's Department of Government Efficiency will utilize the token, and even with a friendly regulatory climate, it's unclear whether Dogecoin can find some other valuable use case.

與2021年的情況一樣，目前沒有任何基礎的Dogecoin的價值。絕對沒有跡象表明馬斯克的政府效率部將利用令牌，即使有友好的監管氣候，尚不清楚狗狗幣是否可以找到其他一些有價值的用例。

As a result, I think the recent dip is merely a warning sign for investors. Dogecoin is trading at

結果，我認為最近的下降只是投資者的警告信號。 Dogecoin正在交易