狗父歸來：伊隆馬斯克和唐納德川普如何復興迷因幣狗狗幣

經過三年的暴跌後，狗狗幣再次爆發，自唐納德·川普當選以來上漲了 250%，這是該行業更廣泛的樂觀浪潮的一部分

Elon Musk isn't just sending rockets into the stratosphere.

伊隆馬斯克不僅僅是將火箭送入平流層。

After a three-year plummet, dogecoin is blasting off again, jumping 250% since the election of Donald Trump—part of a broader wave of optimism in the industry, due to Trump's courting of crypto advocates during his campaign.

經過三年的暴跌後，狗狗幣再次爆發，自唐納德·川普當選以來上漲了250%——由於川普在競選期間討好加密貨幣擁護者，這是該行業更廣泛的樂觀浪潮的一部分。

Trump's informal appointment of Musk to what he calls the Department of Government Efficiency—D.O.G.E for short—also helped pump the dog-themed meme coin.

川普非正式任命馬斯克擔任他所謂的政府效率部（簡稱 DOGE），這也有助於推高以狗為主題的迷因幣。

This isn't the first time Musk, who styles himself as "the Dogefather," has fueled interest in dogecoin.

這並不是自稱為「狗父」的馬斯克第一次激發人們對狗狗幣的興趣。

In May 2021, its price shot up in anticipation of Musk's guest appearance on "Saturday Night Live." During one skit, Musk played a financial analyst in conversation with a Weekend Update host, who repeatedly asked him, "What is dogecoin?" After some obfuscation, Musk's character finally admitted that it was a hustle. The price of the coin went into a freefall. Just over a year later, it had shed over 90% of its peak value.

2021 年 5 月，由於馬斯克客串《週六夜現場》，其價格飆升。在一個短劇中，馬斯克扮演一名金融分析師，與週末更新主持人交談，主持人反复問他：“什麼是狗狗幣？”經過一番困惑之後，馬斯克的性格終於承認這是一場騙局。代幣的價格直線下跌。僅僅一年多後，它的價值就下跌了超過高峰的 90%。

The losses hit small investors hard. In 2022, one of them filed a class action lawsuit against Musk for market manipulation and insider trading, though the case was dismissed in August 2024.

損失對小投資者造成了沉重打擊。 2022 年，其中一人對馬斯克提起集體訴訟，指控其操縱市場和內線交易，但該案於 2024 年 8 月被駁回。

Why has dogecoin—a meme coin that was never meant to be taken seriously as an investment—seen such extreme swings in value?

為什麼狗狗幣（一種從未被認真對待作為投資的迷因幣）的價值會出現如此極端的波動？

We're all in this together

我們都在一起

Dogecoin was launched in 2013 to spoof bitcoin and a slew of other cryptocurrencies that were claiming to disrupt the traditional world of finance. Two strangers from across the globe met online, copied the code of an existing coin, and branded it with the already popular Doge internet meme—a picture of a Shiba Inu dog surrounded by fragments of broken English: "wow much coin."

狗狗幣於 2013 年推出，旨在模仿比特幣和許多其他加密貨幣，聲稱將顛覆傳統金融世界。來自世界各地的兩個陌生人在網路上認識，複製了一枚現有硬幣的代碼，並在其上貼上已經流行的Doge 網路迷因——一張柴犬的照片，周圍環繞著蹩腳的英語片段：“哇，多硬幣。”

Although their main goal was to make the coin pointless and undesirable, it became one of the most popular and enduring cryptocurrencies on the market.

儘管他們的主要目標是讓這種硬幣變得毫無意義和不受歡迎，但它成為市場上最受歡迎和最持久的加密貨幣之一。

Following dogecoin's previous surge in 2021, I studied how its fervent network of influencers and everyday investors worked together to draw tremendous attention—and capital—to the joke currency.

繼狗狗幣在 2021 年飆升之後，我研究了其熱情的影響者網絡和日常投資者如何共同努力，為這種玩笑貨幣吸引巨大的關注和資本。

To understand the appeal of these absurd investments, you have to look at the time and energy that users invest into these networks and the rewards, both financial and social, they get in return.

要了解這些荒謬投資的吸引力，您必須了解用戶在這些網路上投入的時間和精力以及他們獲得的財務和社會回報。

Meme coins are collaborative enterprises. Members of these online communities have an economic incentive to become outspoken boosters: The more the value of dogecoin rises, the more their investments grow. But they also receive social validation from other meme coin investors when they pump up the coin.

Meme 幣是協作企業。這些線上社群的成員有經濟動機成為直言不諱的支持者：狗狗幣的價值上漲得越多，他們的投資成長就越大。但當他們炒幣時，他們也會得到其他迷因幣投資者的社會認可。

In other words, behind every meme coin is a collective of strangers on a communal mission to make more money.

換句話說，每一枚表情包背後都有一群陌生人，他們肩負著賺更多錢的共同使命。

Dogecoin and its imitators have been described by their leadership as crypto movements, shared journeys and community-owned projects. Beyond branding the assets with culturally resonant images, whether it's a Shiba Inu dog or Pepe the Frog, successful crypto ventures are characterized by complex webs of trust. Trust in the technology. Trust in its potential for future appreciation. And trust that those holding power in the networks won't exploit the rest.

狗狗幣及其模仿者被其領導者描述為加密貨幣運動、共享旅程和社區擁有的項目。除了用具有文化共鳴的形象來標記資產之外，無論是柴犬還是佩佩青蛙，成功的加密貨幣企業的特點是複雜的信任網絡。相信技術。相信其未來升值的潛力。並相信那些在網路中掌握權力的人不會利用其他人。

This loyalty is woven among a global network of users who collaborate around the clock to promote their coin and demonstrate their unwavering commitment to its success.

這種忠誠度交織在全球用戶網路中，他們晝夜不停地合作推廣他們的代幣，並展示他們對其成功的堅定承諾。

In times of price appreciation, the collective buzzes with elation.

在物價上漲的時期，集體歡欣鼓舞。

During price dips, community members mutually reinforce their comrades'—and their own—beliefs that this is just a bump in the road and that their collective efforts will eventually lead to a handsome payoff. Even in the coldest of crypto winters, this ritualistic behavior helps these speculative communities endure. Community serves as a substitute for financial loss.

在價格下跌期間，社區成員相互強化他們的同志和他們自己的信念，即這只是道路上的一個坎坷，他們的集體努力最終將帶來豐厚的回報。即使在最寒冷的加密冬天，這種儀式行為也能幫助這些投機社群生存。社區可以取代經濟損失。

The investment strategies in these communities—and the conviction in their payoff—involve repeating and reposting what others have said, like any traditional internet meme.

這些社區的投資策略及其回報的信念包括重複和轉發其他人所說的話，就像任何傳統的網路迷因一樣。

Trolling traditional valuation

破壞傳統估值

The real value of meme coins cannot be understood in the same way as traditional assets, such as stocks and physical commodities. These types of assets have fundamentals, such as a company's financial statements, or public demand for basic goods, from coffee to oil.

模因幣的真正價值不能像股票和實體商品等傳統資產一樣被理解。這些類型的資產具有基本面，例如公司的財務報表或公眾對從咖啡到石油等基本​​商品的需求。

Conversely, the fundamentals of meme coins are reflected in their network activity, such as daily active users, and less concrete metrics, such as social sentiment and mindshare—how much public awareness a coin has generated compared with its rivals.

相反，模因幣的基本面反映在其網路活動中，例如每日活躍用戶，以及不太具體的指標，例如社會情緒和思想份額——與競爭對手相比，一種幣產生了多少公眾意識。

Of course, the valuations of traditional assets are also affected by these social factors. The difference is that meme coins offer little by way of productive activity. They add nothing to the economy. Occasionally, their leadership will build financial services around them, but these are generally added as afterthoughts, especially as a way to drum up more speculative excitement.

當然，傳統資產的估值也受到這些社會因素的影響。不同之處在於，模因幣提供的生產活動很少。它們對經濟沒有任何貢獻。有時，他們的領導層會圍繞著他們建立金融服務，但這些服務通常是事後才添加的，特別是作為一種激發更多投機興奮的方式。

Meme coins troll the traditional conventions of valuation and mock the edicts and dogmas of mainstream investors.

迷因幣破壞了傳統的估值慣例，嘲笑了主流投資者的法令和教條。

And that's exactly the point.

這正是重點。

Participation in meme coin communities—or any crypto

參與迷因幣社群—或任何加密貨幣