對於股票和加密貨幣市場來說，這是一個艱難的開端

股票市場在2025年開始艱難。截至3月4日，標準普爾500指數和納斯達克綜合材料分別下降了1.5％和5.2％。

The stock market has gotten off to a rough start in 2025. As of March 4, the S&P 500 and Nasdaq Composite were down by 1.5% and 5.2%, respectively.

股票市場在2025年開始艱難。截至3月4日，標準普爾500指數和納斯達克綜合材料分別下降了1.5％和5.2％。

Broadly speaking, when the stock market is performing poorly, investors may shift their funds into alternative assets such as commodities or cryptocurrency. However, so far this year the crypto markets haven't been too lush, either. The top two cryptocurrencies, Bitcoin and Ethereum, have dropped by 7% and 36%, respectively, and others have followed in their wake.

從廣義上講，當股市的表現不佳時，投資者可能會將其資金轉移到商品或加密貨幣等替代資產中。但是，今年到目前為止，加密貨幣市場也沒有太鬱鬱蔥蔥。前兩次加密貨幣（比特幣和以太坊）分別下降了7％和36％，而其他人則遵循。

Joining its cohorts in the crypto sell-off is Dogecoin (CRYPTO: DOGE). After surging by 251% in 2024, its price has tanked by 36% so far this year.

Dogecoin（加密：Doge）加入加密貨幣拋售的同夥。在2024年飆升251％之後，今年到目前為止，其價格上漲了36％。

But is buying the dip in Dogecoin now a smart idea?

但是，現在在Dogecoin中購買蘸醬是一個聰明的主意嗎？

What fueled Dogecoin in the first place?

最初是什麼燃料的狗黴素？

Even though Dogecoin's price rose significantly last year, the chart below should help paint a clearer picture as to what really went on with the cryptocurrency. As you can see, the vast majority of Dogecoin's gains in 2024 occurred during the last two months of the year.

即使去年Dogecoin的價格顯著上漲，但下面的圖表也應有助於對加密貨幣的真正發生的情況進行更清晰的畫面。如您所見，2024年的絕大多數Dogecoin的收益發生在一年中的最後兩個月。

Dogecoin Price data by YCharts.

YCHARTS的Dogecoin價格數據。

Dogecoin's rising price action can be traced to the presidential election. During then-candidate Donald Trump's campaign, Tesla CEO Elon Musk emerged as a major surrogate for and massive donor to the Republican nominee. One of the factors influencing Musk's relationship with Trump was their shared view that the federal budget had become too bloated. As a result, Musk floated the idea of creating a team focused on identifying wasteful spending that could be cut.

Dogecoin的價格上漲可以追溯到總統大選。在當時的唐納德·特朗普（Donald Trump）的競選活動中，特斯拉首席執行官埃隆·馬斯克（Elon Musk）成為共和黨提名人的主要代理人和大量捐助者。影響馬斯克與特朗普的關係的因素之一是他們共同認為聯邦預算變得過於腫。結果，馬斯克提出了創建一個專注於識別可能削減的浪費支出的團隊的想法。

The name that he and Trump bestowed on that initiative: the Department of Government Efficiency (DOGE).

他和特朗普在該倡議上賦予的名字：政府效率部（Doge）。

Image Source: Getty Images.

圖像來源：蓋蒂圖像。

Is now a good time to buy Dogecoin?

現在是購買Dogecoin的好時機嗎？

If you take a close look at its price chart, you'll notice that the price of Dogecoin actually started to fall toward the end of 2024. It has declined by 53% since Dec. 1.

如果您仔細觀察其價格表，您會注意到Dogecoin的價格實際上開始落到2024年底。自12月1日以來，它的價格下降了53％。

Dogecoin Price data by YCharts.

YCHARTS的Dogecoin價格數據。

If you've followed Musk at all prior to the election then you may know that the entrepreneur has jokingly endorsed Dogecoin on several occasions in the past. It's likely that Musk's comical affinity toward it played a role when a name was picked for the cost-cutting initiative. But at the end of the day, DOGE is no more than a clever acronym. It has no tangible relationship with the cryptocurrency.

如果您在選舉之前完全關注了馬斯克，那麼您可能會知道企業家過去多次開玩笑地認可了Dogecoin。當馬斯克（Musk）對它的可笑親和力在削減成本倡議中被挑選時發揮了作用。但是歸根結底，Doge不過是一個聰明的首字母縮寫詞。它與加密貨幣沒有明顯的關係。

Moreover, Dogecoin remains a meme coin with little to no utility in the real or digital worlds. In my opinion, the sell-off that started in December was the first domino to drop. As investors began to reflect on the fact that the coin had risen on pure hype unrelated to any actual worthy catalysts, its bubble began to deflate.

此外，Dogecoin仍然是模因硬幣，在真實或數字世界中幾乎沒有效用。我認為，從12月開始的拋售是第一個丟棄的多米諾骨牌。隨著投資者開始反思這一事實，即硬幣已經與任何有價值的催化劑無關的純炒作興起，其泡沫開始降低。

In my view, the decline in Dogecoin was inevitable -- and it's likely far from over. Dogecoin has always been a highly speculative investment in an already volatile crypto environment. Smart investors should probably avoid it altogether. For these reasons, I do not recommend buying the dip in Dogecoin, as I think its price will continue to crater.

我認為，狗狗幣的下降是不可避免的 - 這可能還沒有結束。 Dogecoin一直是在已經揮發的加密環境中的高度投機投資。聰明的投資者可能應該完全避免它。由於這些原因，我不建議在Dogecoin中購買蘸醬，因為我認為它的價格會繼續軌跡。