狗狗幣：好迷因的持久力量

儘管狗狗幣作為迷因幣已有 11 年的歷史，但它已成為今年表現最好的數位資產之一 (+93%)，其價值超過了其他山寨幣。它的吸引力源於其固有的趣味性和模因的持久力量。狗狗幣也受益於馬斯克的支持和 2024 年 memecoin 的上漲，推動其市值超過 600 億美元。

Dogecoin has always been a joke, but it’s a joke that keeps on giving. Despite being an 11 year old memecoin, Doge is one of the best performing major digital assets year to date (+93%), more people own Doge than at any other time, and Doge is dominating the crypto conversation thanks to the 2024 memecoin phenomenon. Woof.

狗狗幣一直是個笑話，但它是一個持續不斷的笑話。儘管Doge 是已有11 年歷史的memecoin，但它是迄今為止表現最好的主要數位資產之一（+93%），擁有Doge 的人比任何其他時候都多，並且由於2024 年memecoin 現象，Doge正在主導加密貨幣對話。緯。

The Power of a Good Meme

Dogecoin was first launched as a joke, as a satirical caricature of Bitcoin. Doge is based on the Doge meme, which features a Shiba Inu, a Japanese dog breed, making a face.

好模因的力量狗狗幣最初是作為一個笑話而推出的，是對比特幣的諷刺漫畫。 Doge 以 Doge meme 為基礎，其中的日本犬種柴犬正在做鬼臉。

The DOGE Shiba Inu

DOGE 柴犬

Despite its non-serious origin story, Doge has had surprising staying power — capturing a loyal group of followers and growing in value over time. For the most part, this was thanks to the meme community, Twitter users, and Reddit. Collectively these fans formed one of crypto’s biggest and most loyal communities. Dogecoin has famously enjoyed support from Elon Musk, the world’s richest man, who has claimed that users will one day be able to buy Tesla cars with Dogecoin. Fans are currently able to buy Tesla merchandise with Dogecoin.

儘管 Doge 的起源故事並不嚴肅，但它擁有令人驚訝的持久力——吸引了一群忠實的追隨者，並隨著時間的推移價值不斷增長。在很大程度上，這要歸功於 meme 社群、Twitter 用戶和 Reddit。這些粉絲共同組成了加密貨幣領域中最大、最忠誠的社群之一。眾所周知，狗狗幣得到了世界首富伊隆馬斯克的支持，他聲稱有一天用戶將能夠用狗狗幣購買特斯拉汽車。粉絲目前可以使用狗狗幣購買特斯拉商品。

Source: Tesla

來源：特斯拉

The enduring appeal of Dogecoin lies in its inherent sense of whimsy and fun. Described as an “open-source peer-to-peer digital currency, favored by Shiba Inus worldwide” on its official website, Dogecoin distinguishes itself from other digital asset projects by embracing its playful nature without pretense.

狗狗幣的持久吸引力在於其固有的奇思妙想和樂趣。狗狗幣在其官方網站上被描述為“一種開源的點對點數字貨幣，受到全球柴犬的青睞”，它與其他數位資產項目的區別在於它不做作地擁抱其有趣的本質。

Unlike many cryptocurrencies that espouse grand visions of revolutionizing the world, Dogecoin maintains a refreshingly straightforward approach. There are no lofty pronouncements about changing the course of history; instead, Dogecoin remains true to its origins with a fair launch akin to Bitcoin’s inception. This means no token presale, pre-mine, or venture capital fundraising, ensuring a level playing field for all participants.

與許多擁護徹底改變世界的宏偉願景的加密貨幣不同，狗狗幣保持了一種令人耳目一新的簡單方法。沒有關於改變歷史進程的崇高宣言；相反，狗狗幣仍然忠於其起源，以類似於比特幣誕生的方式公平發布。這意味著沒有代幣預售、預挖或創投融資，確保所有參與者都有公平的競爭環境。

Dogecoin lacks the elaborate business development and marketing machinery often found in the cryptocurrency space, eschewing insider benefits in favor of a more egalitarian ethos. As a fork of Bitcoin, Dogecoin benefits from well-established technology, offering reliability despite its lack of novelty. Remarkably, Dogecoin predates even Ethereum, making it one of the oldest altcoins in existence.

狗狗幣缺乏加密貨幣領域常見的複雜的業務開發和行銷機制，避開內部利益，轉而支持更平等的精神。作為比特幣的一個分支，狗狗幣受益於成熟的技術，儘管缺乏新穎性，但仍提供可靠性。值得注意的是，狗狗幣甚至早於以太坊，使其成為現存最古老的山寨幣之一。

Despite its age, Dogecoin continues to captivate the market with its irreverent charm and inclusive community. While its founders may have faded into obscurity, Dogecoin’s legacy endures as a testament to the enduring power of memes.

儘管它已經存在了很長時間，但狗狗幣仍然以其不羈的魅力和包容性的社區吸引著市場。雖然它的創始人可能已經淡出人們的視線，但狗狗幣的遺產卻經久不衰，證明了迷因的持久力量。

Source: Google Trends

來源：Google趨勢

In fact, as the Google Trends chart above shows, 2024 has been a breakout year for Dogecoin, with worldwide Google search interest in Doge (blue line) experiencing sharp spikes in February and March, far eclipsing Litecoin (red), the token it was forked from, or DogWifHat, the other big memecoin story of 2024. The reason? However improbable it might sound, in Q1 2024, the best performing sector in crypto was memecoins. And Dogecoin, at 11 years old, is seen as the Bitcoin of the memecoins.

事實上，正如上面的谷歌趨勢圖所示，2024 年是狗狗幣突破的一年，全球谷歌對狗狗幣（藍線）的搜尋興趣在2 月和3 月經歷了急劇上升，遠遠超過了它的代幣萊特幣（紅色）。分叉自 2024 年另一個重大模因幣故事 DogWifHat。原因是什麼？無論聽起來多麼不可能，2024 年第一季度，加密貨幣中表現最好的領域是迷因幣。狗狗幣已有 11 年歷史，被視為迷因幣中的比特幣。

Memecoin Mania 2024

Bitcoin has led the crypto market’s move into bull market territory, but it is meme coins that have captured the altcoin zeitgeist this year. While Bitcoin has comfortably outperformed the altcoin markets, there are some exceptions. Most of those exceptions are memecoins. This year’s surprising memecoin rally is a potent demonstration of the power of memes to capture the cultural zeitgeist, and they have come to dominate the current crypto cycle.

Memecoin 狂熱 2024 比特幣引領了加密貨幣市場進入牛市領域，但今年抓住了山寨幣時代精神的是 Meme 幣。雖然比特幣的表現明顯優於山寨幣市場，但也有一些例外。大多數例外都是模因幣。今年令人驚訝的迷因幣反彈有力地證明了迷因捕捉文化時代精神的力量，並且它們已經主導了當前的加密貨幣週期。

Memecoins are an incredibly popular and volatile subset of the crypto markets. Memecoins are blockchain-based tokens that are based on popular pieces of internet culture. They are generally characterized by having minimal utility and extreme volatility. If you identify with cute dogs, the edgy Pepe frog, or President Trump, there is a memecoin for your tribe.

Memecoin 是加密貨幣市場中非常受歡迎且不穩定的子集。 Memecoin 是基於區塊鏈的代幣，以流行的網路文化為基礎。它們的一般特徵是效用最小且波動性極大。如果您認同可愛的狗、前衛的佩佩青蛙或川普總統，那麼就有適合您部落的迷因幣。

Top crypto narratives in Q1 2024. Source: CoinGecko

2024 年第一季最熱門的加密貨幣故事。資料來源：CoinGecko

The current craze around memecoins is reminiscent of the 2017 ICO bubble, except this time, there’s no illusion of value — the bar has never been lower. Memecoins represent the epitome of both greed and entertainment in the cryptocurrency world.

目前圍繞 memecoin 的熱潮讓人想起 2017 年 ICO 泡沫，只不過這一次，不再有任何價值幻覺——門檻從未如此低過。 Memecoin 代表了加密貨幣世界中貪婪和娛樂的縮影。

According to a recent report by CoinGecko, the memecoin sector has emerged as the most lucrative narrative of the year so far. The report reveals staggering average returns of 1,312.6% across the top memecoins by market capitalization. Notably, memecoins launched in March swiftly climbed to become some of the largest by market value by the end of the quarter. Examples include Book of Meme (BOME), Brett, and Cat in a Dogs World (MEW).

根據 CoinGecko 最近的一份報告，迷因幣領域已成為今年迄今為止最賺錢的行業。該報告顯示，以市值計算，頂級 memecoin 的平均回報率高達 1,312.6%。值得注意的是，三月推出的 memecoin 迅速攀升，到本季末成為市值最大的貨幣之一。例子包括 Book of Meme (BOME)、Brett 和 Cat in a Dogs World (MEW)。

BRETT stands out with the highest returns of 7,727.6% by the end of Q1 2024, closely followed by Dogwifhat (WIF), which saw a year-to-date growth of 2,721.2% after gaining popularity during the Solana-based memecoin frenzy which has also propelled BONK to all time highs.

截至 2024 年第一季末，BRETT 的回報率最高，達到 7,727.6%，緊隨其後的是 Dogwifhat (WIF)，該公司在基於 Solana 的 memecoin 熱潮期間受到歡迎，今年迄今增長了 2,721.2%。推動BONKcoin 熱潮期間受到歡迎，今年迄今增長了 2,721.2%。推動BONKcoin 熱潮期間受到歡迎，今年迄今增長了 2,721.2%。推動BONKcoin 熱潮期間受到歡迎，今年迄今增長了 2,721.2%。推動BONK創歷史新高。

CoinGecko analyst Lim Yu Qian commented, “The memecoin narrative has proven to be significantly more profitable than other crypto narratives, including tokenized real-world assets (RWA) and layer 2 solutions, with returns 4.6 times and 33.3 times higher, respectively, in Q1 2024.”

CoinGecko 分析師Lim Yu Qi 評論道：「事實證明，memecoin 敘事比其他加密敘事（包括代幣化現實世界資產(RWA) 和Layer 2 解決方案）更有利可圖，第一季的回報率分別高出4.6 倍和33.3 倍。” 2024 年。”

As of now, the total market capitalization of the memecoin sector stands at $60.93 billion, constituting approximately 2.32% of the total cryptocurrency market capitalization, according to CoinGecko data. This represents a remarkable 176.9% increase quarter-on-quarter.

CoinGecko 數據顯示，截至目前，memecoin 產業總市值為 609.3 億美元，約佔加密貨幣總市值的 2.32%。這意味著季度環比增長了 176.9%。

Interestingly, this market capitalization exceeds that of several mainstream sectors with considerable capital and institutional participation, such as decentralized physical infrastructure networks (DePINs) at $29.98 billion, layer 2 solutions at $32.39 billion, zero-knowledge proofs at $18 billion, and tokenized real-world assets (RWAs) at $8.5 billion.

有趣的是，這個市值超過了幾個擁有大量資本和機構參與的主流產業，例如去中心化實體基礎設施網路（DePINs）為299.8 億美元，第2 層解決方案為323.9 億美元，零知識證明為180 億美元，以及代幣化的現實 -世界資產（RWA）為 85 億美元。

Dogecoin is the original memecoin. And the fact that it is 11 years old, and now the eighth-largest cryptocurrency by market cap is all the proof anyone should need about the staying power of a good meme.

狗狗幣是最初的迷因幣。事實上，它已有 11 年歷史，現在是市值第八大的加密貨幣，這一事實足以證明任何人都需要證明一個好的模因的持久力。

The History of Doge

In 2013, Jackson Palmer, a member of Adobe Systems’ marketing team, and Billy Markus, an IBM software engineer, joined forces to create Dogecoin. Their inspiration? The internet sensation of the time: the “Doge” meme. Featuring a curious Shiba Inu dog adorned with multicolored Comic Sans text expressing its inner thoughts, the meme captured the hearts of netizens worldwide.

Dogecoin 的歷史 2013 年，Adobe Systems 行銷團隊成員 Jackson Palmer 和 IBM 軟體工程師 Billy Markus 聯手創建了 Dogecoin。他們的靈感？當時的網路轟動：「Doge」迷因。表情包以一隻好奇的柴犬為特色，上面裝飾著表達其內心想法的彩色 Comic Sans 文字，俘獲了全世界網友的心。

The genesis of Dogecoin can be traced back to November 28, 2013, when Jackson Palmer took to Twitter with a seemingly tongue-in-cheek proclamation: “investing in dogecoin, pretty sure it’s the next big thing.”

狗狗幣的起源可以追溯到2013 年11 月28 日，當時傑克遜·帕爾默(Jackson Palmer) 在Twitter 上發表了一段看似半開玩笑的聲明：「投資狗狗幣，很確定這是下一件大事。”

Despite its humorous origins, this tweet marked the public emergence of Dogecoin as a cryptocurrency with potential. Following the tweet, Palmer swiftly secured the domain www.dogecoin.com on December 4, 2013, laying the groundwork for what would become a cultural phenomenon.

儘管起源很幽默，但這條推文標誌著狗狗幣作為一種具有潛力的加密貨幣的公開出現。在發布這條推文後，帕爾默於 2013 年 12 月 4 日迅速獲得了 www.dogecoin.com 域名，為日後成為一種文化現象奠定了基礎。

Two days later, on December 6, the Dogecoin genesis block was mined, officially bringing the cryptocurrency into existence. It wasn’t long before Dogecoin found its first valuation, with the price of DOGE established at $0.001540753 on January 23, 2014, marking the beginning of its journey in the world of digital assets.

兩天后，即 12 月 6 日，狗狗幣創世區塊被開採，正式使加密貨幣誕生。沒多久，狗狗幣就找到了它的第一次估值，2014年1月23日DOGE的價格定為0.001540753美元，標誌著它在數位資產世界的旅程的開始。

The Doge Community Expands

The inception of the r/Dogecoin subreddit on December 8, 2013, marked the beginning of a vibrant online community centered around the beloved cryptocurrency. The first post, “Post addresses in here to share and request dogecoin,” set the tone for a space where enthusiasts could come together to exchange tips and engage in discussions about Dogecoin. By 2014, just months after the genesis block, the subreddit boasted over 35,000 members, reflecting the rapid growth of Dogecoin’s following. Today, r/Dogecoin boasts more than 1.6 million subscribers, a testament to its enduring popularity.

Doge 社群不斷擴張 r/Dogecoin Reddit 子版塊於 2013 年 12 月 8 日成立，標誌著以受人喜愛的加密貨幣為中心的充滿活力的線上社群的開始。第一篇文章「在這裡發布地址以分享和請求狗狗幣」為愛好者們可以聚集在一起交流技巧並參與有關狗狗幣的討論的空間定下了基調。到 2014 年，也就是創世區塊發布後幾個月，Reddit 子版塊已擁有超過 35,000 名會員，反映出狗狗幣追隨者的快速成長。如今，r/Dogecoin 擁有超過 160 萬訂閱者，證明了其經久不衰的受歡迎程度。

During its early years, the Dogecoin community became known for its charitable endeavors, embodying the spirit of giving and camaraderie. One notable example occurred in 2014 when the Jamaican Bobsled Team qualified for the Winter Olympics after a decade-long hiatus but lacked the necessary funding to participate. Inspired by the film “Cool Runnings,” which depicted a Jamaican bobsled team’s journey to the Olympics, the Dogecoin community rallied together to raise $30,000 worth of DOGE in just a few hours, ensuring the team’s participation in the games.

在其早期，狗狗幣社群因其慈善事業而聞名，體現了給予和友誼的精神。一個值得注意的例子發生在 2014 年，當時牙買加雪橇隊在中斷十年後獲得了參加冬季奧運會的資格，但缺乏參加比賽所需的資金。受到描述牙買加雪橇隊奧運之旅的電影《酷跑》的啟發，狗狗幣社區團結起來，在短短幾個小時內籌集了價值 30,000 美元的 DOGE，以確保該隊參加奧運會。

This act of generosity was just one of many charitable initiatives spearheaded by the Dogecoin community. From supporting Cambodian primary education to providing access to clean water in impoverished regions, Dogecoin enthusiasts consistently demonstrated their commitment to making a positive impact on the world. For founders Jackson Palmer and Billy Markus, Dogecoin was never about personal gain but rather about fostering a sense of community, humor, and altruism. In its early days, Dogecoin epitomized the ethos of cryptocurrency as a force for good, driven by the collective desire to make a difference in the lives of others.

這種慷慨行為只是狗狗幣社群發起的眾多慈善倡議之一。從支持柬埔寨初等教育到為貧困地區提供清潔水源，狗狗幣愛好者始終如一地展現了對世界產生積極影響的承諾。對創辦人傑克森·帕爾默和比利·馬庫斯來說，狗狗幣從來不是為了個人利益，而是為了培養社群意識、幽默感和利他主義。在早期，狗狗幣體現了加密貨幣作為一種善良力量的精神，其驅動力是改變他人生活的集體願望。

Speculation begins

Dogecoin made its debut during a pivotal moment in the cryptocurrency landscape, coinciding with Bitcoin’s meteoric rise to a new all-time high in the bull cycle preceding the 2017 expansion. Bitcoin’s peak at $1,156.14 on November 30, 2013, occurred just two days after Jackson Palmer’s now-famous tweet proclaiming Dogecoin as the “next big thing.”

投機開始狗狗幣在加密貨幣領域的關鍵時刻首次亮相，恰逢比特幣在 2017 年擴張之前的牛市週期中迅速上漲至歷史新高。 2013 年 11 月 30 日，比特幣達到 1,156.14 美元的峰值，就在傑克遜·帕爾默 (Jackson Palmer) 發布著名推文宣稱狗狗幣是「下一個大事件」的兩天后。

As Dogecoin gained traction, exchanges swiftly moved to accommodate its growing popularity. By the end of Dogecoin’s inaugural year, a staggering 33 exchanges had incorporated DOGE trading into their platforms. However, a recent survey indicates that only five of these exchanges remain operational today. These exchanges, listed in order of DOGE listing, include Poloniex (01/22/14), Bittrex (02/13/14), Kraken (02/20/14), HitBTC (06/03/14), and CEX.io (08/20/14).

隨著狗狗幣越來越受歡迎，交易所迅速採取行動以適應其日益普及的需求。到狗狗幣推出第一年年底，數量驚人的 33 家交易所已將 DOGE 交易納入其平台。然而，最近的一項調查表明，其中只有五個交易所目前仍在運作。這些交易所按 DOGE 上市順序列出，包括 Poloniex (01/22/14)、Bittrex (02/13/14)、Kraken (02/20/14)、HitBTC (06/03/14) 和 CEX。io （2014 年8 月20 日）。

Despite its initial success, the founders of Dogecoin soon found themselves disillusioned with the direction the cryptocurrency was taking. Originally intended as a lighthearted project, Dogecoin had morphed into a speculative asset, straying from its roots as a crypto “for sillies.” Discomforted by the influx of serious investment, Billy Markus expressed his unease, stating, “when someone puts $20k in… that makes me really, really uncomfortable. I don’t want to be a leader of a cult.” Similarly, Jackson Palmer distanced himself from the project, unsubscribing from the r/Dogecoin subreddit on June 24, 2014. Palmer later announced his departure from the cryptocurrency community altogether in 2015, citing the toxic nature of the ecosystem. Subsequently, he deleted his YouTube and Twitter accounts, severing ties with the digital realm entirely.

儘管最初取得了成功，但狗狗幣的創始人很快就發現自己對加密貨幣的發展方向感到失望。狗狗幣最初的目的是作為一個輕鬆的項目，但現在已經演變成一種投機資產，偏離了它作為「傻瓜」加密貨幣的根源。比利馬庫斯 (Billy Markus) 對大量投資的湧入感到不安，他表達了他的不安，他說：「當有人投入 2 萬美元時……這讓我真的非常不舒服。我不想成為邪教的領導者。”同樣，傑克遜·帕爾默(Jackson Palmer) 也與該項目保持了距離，並於2014 年6 月24 日取消了r/Dogecoin Reddit 子版塊的訂閱。隨後，帕爾默於2015 年宣布完全退出加密貨幣社區，理由是該生態系統具有毒性。隨後，他刪除了自己的 YouTube 和 Twitter 帳戶，完全斷絕了與數位領域的聯繫。

Development

Dogecoin, affectionately known as DOGE, traces its lineage through a series of forks originating from Bitcoin. Initially, it was a fork of Luckycoin, itself a fork of Junkcoin, which in turn derived from Litecoin, a fork of Bitcoin.

開發狗狗幣（Dogecoin），被親切地稱為 DOGE，透過一系列源自比特幣的分叉來追蹤其血統。最初，它是幸運幣的一個分叉，而幸運幣本身是垃圾幣的分叉，而垃圾幣又衍生自比特幣的分叉萊特幣。

Dogecoin initially employed the Scrypt hash function for its proof-of-work consensus algorithm, allowing miners to validate transactions on the network. However, in late 2014, Dogecoin transitioned to merge-mining with Litecoin, enabling Litecoin Scrypt miners to simultaneously mine Dogecoin at no additional cost. While mining Bitcoin is out of the realm of possibility for most, it is still possible for individuals to mine DOGE today.

狗狗幣最初採用 Scrypt 雜湊函數作為其工作量證明共識演算法，允許礦工驗證網路上的交易。然而，在 2014 年底，狗狗幣轉變為與萊特幣合併挖礦，使萊特幣 Scrypt 礦工能夠同時開採狗狗幣，而無需額外費用。雖然對大多數人來說開採比特幣是不可能的，但今天個人仍然有可能開採 DOGE。

Despite its humorous origins, Dogecoin’s core architecture draws heavily from Bitcoin, inheriting key features such as its scripting language and utilization of unspent transaction outputs (UTXOs). In its early stages, Dogecoin operated independently, employing Scrypt mining and featuring random block rewards inherited from Luckycoin.

儘管起源很幽默，但狗狗幣的核心架構很大程度上借鑒了比特幣，繼承了腳本語言和未使用交易輸出（UTXO）的利用等關鍵功能。在早期階段，狗狗幣獨立運營，採用 Scrypt 挖礦，並具有繼承自 Luckycoin 的隨機區塊獎勵。

However, to enhance its security and stability, Dogecoin later implemented merged mining with Litecoin, adopting fixed block rewards.

但為了增強安全性和穩定性，狗狗幣後來與萊特幣實現了聯合挖礦，採用固定區塊獎勵。

While Bitcoin remains the dominant force in the cryptocurrency realm, Dogecoin offers distinct advantages. Unlike Bitcoin, which demands substantial computing power and incurs high transaction fees during peak demand, Dogecoin requires fewer resources for mining, making it more accessible to a broader user base.

雖然比特幣仍然是加密貨幣領域的主導力量，但狗狗幣具有明顯的優勢。與需要大量運算能力並在需求高峰期間產生高額交易費用的比特幣不同，狗狗幣需要較少的挖礦資源，從而更容易為更廣泛的用戶群所使用。

Additionally, Dogecoin boasts the largest circulating supply among cryptocurrencies, with its initial supply of 127 million coins incrementing over time. This mass distribution strategy, originally conceived as a joke, has contributed to Dogecoin’s widespread adoption and popularity, despite its price remaining below $1.

此外，狗狗幣擁有加密貨幣中最大的流通供應量，其初始供應量為 1.27 億枚，隨著時間的推移而不斷增加。這種大規模分發策略最初被認為是一個笑話，但它促進了狗狗幣的廣泛採用和流行，儘管它的價格仍然低於 1 美元。

Dogecoin’s success defies conventional expectations, embodying the power of humor and community in the cryptocurrency landscape. While initially intended as a parody, Dogecoin has emerged as a formidable contender, driven by its inclusive ethos and widespread appeal.

狗狗幣的成功超越了傳統預期，體現了加密貨幣領域幽默和社群的力量。雖然狗狗幣最初是為了模仿，但由於其包容性的精神和廣泛的吸引力，狗狗幣已成為一個強大的競爭者。

Litecoin: The Backbone of Dogecoin

Litecoin, born from a clone of Bitcoin in 2011, plays a crucial role in safeguarding Dogecoin through a mechanism known as “merged mining.” Initially conceived as a playful endeavor, the Dogecoin blockchain faced imminent peril in 2014 due to its rapid currency issuance rate, endangering its security. Recognizing this threat, Charlie Lee, the architect behind Litecoin, proposed merged mining, allowing Dogecoin to leverage Litecoin’s robust network security, ultimately coming to the rescue of the embattled cryptocurrency.

萊特幣：狗狗幣的支柱萊特幣於 2011 年誕生於比特幣的克隆，透過一種稱為「合併挖礦」的機制在保護狗狗幣方面發揮著至關重要的作用。狗狗幣區塊鏈最初被認為是一種有趣的嘗試，但由於其快速的貨幣發行速度，在 2014 年面臨迫在眉睫的危險，危及其安全。在意識到這項威脅後，萊特幣背後的架構師查理李（Charlie Lee）提出了合併挖礦的方案，讓狗狗幣能夠利用萊特幣強大的網路安全性，最終拯救陷入困境的加密貨幣。

While some may perceive Litecoin as a “ghost chain” lacking in innovation, its significance in supporting Dogecoin cannot be understated. The brains behind Litecoin, Charlie Lee, a computer scientist trained at MIT, crafted the network by cloning Bitcoin’s original code, providing a foundation for subsequent projects like Dogecoin.

雖然有些人可能認為萊特幣是一條缺乏創新的“幽靈鏈”，但它對狗狗幣的支持意義不容小覷。萊特幣背後的大腦，在麻省理工學院接受培訓的計算機科學家查理·李（Charlie Lee）通過克隆比特幣的原始代碼構建了該網絡，為狗狗幣等後續項目奠定了基礎。

Dogecoin, conceived by software engineers Billy Markus and Jackson Palmer, faced challenges stemming from deviations in its issuance model, straying from Bitcoin’s established parameters. All three blockchains, including Bitcoin, Litecoin, and Dogecoin, rely on a proof-of-work system, incentivizing miners to secure the network in exchange for block rewards. However, Dogecoin’s issuance model before 2015, characterized by rapid halvings and diminishing block rewards, compromised its network security, leaving it vulnerable to attacks.

狗狗幣由軟體工程師比利·馬庫斯（Billy Markus）和傑克遜·帕爾默（Jackson Palmer）構想，它面臨著因其發行模式的偏差而帶來的挑戰，偏離了比特幣的既定參數。所有三個區塊鏈，包括比特幣、萊特幣和狗狗幣，都依賴工作量證明系統，激勵礦工保護網路以換取區塊獎勵。然而，狗狗幣2015年之前的發行模式，以快速減半和區塊獎勵遞減為特點，損害了其網路安全，使其容易受到攻擊。

In response to the looming threat, Dogecoin underwent a significant transformation in 2014, implementing merged mining or auxiliary proof-of-work (AuxPoW) with Litecoin. This innovative approach allowed miners to secure both blockchains simultaneously, bolstering Dogecoin’s security infrastructure and ensuring its survival.

為了應對迫在眉睫的威脅，狗狗幣在 2014 年進行了重大轉型，與萊特幣實施了合併挖礦或輔助工作量證明 (AuxPoW)。這種創新方法允許礦工同時保護兩個區塊鏈，增強狗狗幣的安全基礎設施並確保其生存。

Merged mining enables miners to secure multiple networks simultaneously, receiving rewards from each without compromising performance. By tapping into Litecoin’s established security, Dogecoin strengthened its defenses against potential attacks, safeguarding its viability in the crypto landscape.

合併挖礦使礦工能夠同時保護多個網絡，在不影響效能的情況下從每個網路獲得獎勵。透過利用萊特幣既定的安全性，狗狗幣加強了對潛在攻擊的防禦，保障了其在加密領域的生存能力。

Today, Dogecoin continues to operate with a fixed block reward of 10,000 DOGE and a one-minute block time, with no cap on the total number of coins created. Thanks to merged mining with Litecoin, Dogecoin enjoys enhanced security and stability, ensuring its longevity in the ever-evolving world of cryptocurrencies.

如今，狗狗幣繼續以 10,000 DOGE 的固定區塊獎勵和一分鐘的區塊時間運行，並且對創建的硬幣總數沒有上限。由於與萊特幣的合併挖礦，狗狗幣享有更高的安全性和穩定性，確保其在不斷發展的加密貨幣世界中的長久存在。

Improving fundamentals

The fundamentals underlying Dogecoin are deserving of attention. The network’s hash rate has surged to unprecedented levels, reaching 724 TH/s, signaling a growing interest in mining DOGE and bolstering support for the network.

改善基本面 狗狗幣的基本面值得關注。該網絡的哈希率已飆升至前所未有的水平，達到 724 TH/s，這表明人們對挖掘 DOGE 的興趣日益濃厚，並加強了對網絡的支持。

Presently, virtually all Litecoin miners are also engaged in DOGE mining, evident from the similar hash power across both networks.

目前，幾乎所有萊特幣礦工也都從事 DOGE 挖礦，這從兩個網路上相似的算力就可以看出。

In previous bull cycles, revenue from merge-mining DOGE offered only marginal supplementary income for Litecoin miners. However, the landscape has drastically changed. Today, mining DOGE yields nearly 4.5 times more revenue compared to LTC, and since DOGE’s peak in the bull market at the close of 2021, it has generated at least 1.5 times more revenue. This significant disparity in revenue serves as a strong incentive for miners to prioritize DOGE mining, contributing to the network’s enhanced stability and security.

在先前的牛市週期中，合併挖礦 DOGE 的收入僅為萊特幣礦工提供邊際補充收入。然而，情況已經發生了巨大的變化。如今，與 LTC 相比，挖礦 DOGE 產生的收入高出近 4.5 倍，並且自 2021 年底 DOGE 在牛市達到頂峰以來，它已經產生了至少 1.5 倍的收入。這種收入上的巨大差異極大地激勵了礦工優先進行 DOGE 挖礦，從而有助於增強網路的穩定性和安全性。

Dogecoin generates approximately $1 million in daily revenue for miners, with daily revenue peaking at $9.6 million in May 2021. This substantial revenue stream underscores the robustness of DOGE mining operations and highlights its pivotal role in sustaining the network’s integrity and functionality.

狗狗幣每天為礦工帶來約100 萬美元的收入，2021 年5 月每日收入達到高峰960 萬美元。這一巨大的收入流凸顯了DOGE 挖礦業務的穩健性，並凸顯了其在維持網路完整性和功能方面的關鍵作用。

Doginals

These trends have been further boosted by the introduction of DRC-20 tokens on the Dogecoin network. A similar trend was observed on Bitcoin earlier in 2023 with the inception of the first inscriptions on the chain. In the ensuing 11 months, Bitcoin’s daily transaction counts and average block size reached all-time highs and have since remained elevated. This surge has bolstered miner revenue, enhanced the overall economic robustness of the network, and sparked a significant wave of interest in the ecosystem.

Doginals 狗狗幣網路上引入 DRC-20 代幣進一步推動了這些趨勢。 2023 年初，隨著鏈上第一個銘文的出現，比特幣也出現了類似的趨勢。在接下來的 11 個月裡，比特幣的每日交易數量和平均區塊大小達到歷史新高，並一直保持在較高水準。這種激增增加了礦工的收入，增強了網路的整體經濟穩健性，並引發了人們對生態系統的巨大興趣。

However, Dogecoin has not yet achieved the same level of consistency in these metrics as Bitcoin. This can be attributed to limited awareness regarding on-chain activities in Dogecoin and the relatively nascent state of supporting infrastructure such as wallets and marketplaces. Nonetheless, the emergence of “Doginals,” a unique phenomenon, has the potential to stimulate demand for DOGE and utilization of the network.

然而，狗狗幣在這些指標上尚未達到與比特幣相同水準的一致性。這可以歸因於對狗狗幣鏈上活動的認識有限，以及錢包和市場等支援基礎設施的相對新生狀態。儘管如此，「Doginals」這一獨特現象的出現有可能刺激對 DOGE 的需求和網路的利用。

It’s worth noting that the DRC-20 standard operates similarly to the minting and transfer of fungible tokens via the Ordinals protocol on Bitcoin. However, it is acknowledged that this token standard may be inefficient and artificially inflate metrics like transaction count and block size.

值得注意的是，DRC-20 標準的運作方式類似於透過比特幣上的 Ordinals 協議鑄造和轉移可替代代幣。然而，人們承認這個代幣標準可能效率低下，並且人為地誇大了交易計數和區塊大小等指標。

Conclusion

While Doge is now too well established with too big a market cap to see the kind of gains that newly released memecoins can sometimes achieve, Doge now has proven staying power, friends in high places, and one final prophecy that is yet to be fulfilled. Doge to a dollar. The Doge all time high is $0.7316, achieved in 2021.

結論雖然Doge現在已經非常成熟，市值太大，無法看到新發布的memecoin有時可以實現的那種收益，但Doge現在已經證明了持久力，在高層的朋友，以及一個尚未實現的最後預言。總督兌一美元。 Doge 的歷史最高價為 0.7316 美元，是在 2021 年創下的。

There’s a belief within the community, however, that $1 is achievable this cycle, as referenced by popular X trader Angelo below. Can the prophecy be fulfilled? We’ll find out soon enough. Much wow. Woof.

然而，社群內有一種信念，即本週期可以實現 1 美元，正如下面受歡迎的 X 交易員 Angelo 所提到的那樣。預言能應驗嗎？我們很快就會知道。好多哇。緯。

Source: X

來源：X