$ DOGE的制度化和未来的机会

市场一直被市场视为模因硬币的领导者。在2024年底，由于特朗普和麝香效应，其价格飙升

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.

市场一直被市场视为模因硬币的领导者。在2024年底，由于在美国大选期间的特朗普和麝香效应，其价格飙升，但随后进行了急剧纠正，下降曾经超过60％。这与模因硬币行业的总体下降是一致的，表明其短期势头由市场情绪主导。

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.

在机构布局方面，Grayscale于2025年1月启动了Dogecoin Trust基金（2.5％的管理费）。该信托仅限于合格的投资者。尽管该规模仍然很小（几乎是200万美元的AUM），但其意义超出了数字本身。它表明，$ DOGE已正式进入了机构可投资资产的范围。它也被认为是Dogecoin从面向模因转变为机构投资的关键步骤。

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推广的，如果提交给SEC的$ DOGE ETF申请获得批准，则可能会进一步扩大其市场流动性。但是，尚无批准的案件，未来的发展仍需要观察监管环境的变化。

$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具有短期投机价值和长期应用程序的潜力，从长远来看，其价格与Musk高度相关。 X正在积极探索支付系统的集成。如果X支付系统中包括$ DOGE，则将是自2021年以来最大的市场催化剂。

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

未来的开发方向将取决于三个关键变量：付款应用程序，机构投资和芯片移动。

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仍然是社区驱动的投机资产。如果X或Tesla扩展其付款应用程序，则可能会带来新的市场需求。此外，ETF应用和监管政策的进展也将影响机构资金的流入，并进一步改变DOGE的市场结构。本文将通过历史审查，叙事经济学和芯片结构的深入分析来评估$ DOGE的当前定位和未来潜在机会。

Historical Overview

历史概述

$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于2013年创建的，以讽刺加密货币市场的泡沫，但意外地逐渐发展成为世界上最大的模因硬币。 $ DOGE的历史发展可以分为几个主要阶段：

2013 - 2017: Community Driven and Charitable Culture

2013 - 2017年：社区驱动和慈善文化

2018 - 2020: Low liquidity and market marginalization

2018 - 2020年：流动性和市场边缘化低

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：机构资本进入和支付过程

Narrative Economy

叙事经济

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的市场价值主要由叙事驱动。这些叙述决定了$ DOGE的未来发展和流动性来源，还影响了机构和散户投资者的资本轮换模式。以下是当前影响市场的叙述：

Memecoin faucet and POW mechanism

Memecoin水龙头和POW机制

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的出生以来，Reddit社区主要促进它成为在线奖励功能。自牛市上一轮以来，由于马斯克，它已成为具有最大市场价值的模因硬币的领导者。尽管它主要受整体市场趋势的影响，但长期以来它与其他模因硬币相关，并催化了其他模因硬币的诞生。

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出生于2021年，$ babydoge当时是最受欢迎的。值得一提的是，与公共连锁店上其他兼容/现有的“模因令牌”相比，$ DOGE是最大的市场价值的Pow“ Meme Coin”（仅次于$ BTC），第三个是$ 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:

在最后一轮中，我们经常听到“比特币黄金，莱特币银，杜格铜”一词，因为他们的技术架构都是战俘，它们的代码相似。 $ DOGE和它们之间的最大差异来自通货膨胀机制，固定增加了50亿件。另外两个具有最大供应帽。下表比较了三个的信息和机制：

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，当$ LTC的计算能力高达600GH/s时，$ DOGE小于40GH/s，这导致了对Doge的网络攻击成本较低。它受到采矿池的攻击，狗狗钱包被黑客入侵，而且价格迅速倒塌了95.26％。为了提高安全性，LTC创始人查尔斯·李（Charles Lee）建议，$ DOGE社区与$ LTC进行联合采矿（Auxpow）。这一建议引起了激烈的辩论，最后社区选择与$ LTC结合。

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

通过共享的计算能力，$ DOGE的整个网络的计算能力继续增长，这增加了攻击Doge的成本并确保链条的安全性。另外，