狗狗币：好模因的持久力量

尽管狗狗币作为模因币已有 11 年的历史，但它已成为今年表现最好的数字资产之一 (+93%)，其价值超过了其他山寨币。它的吸引力源于其固有的趣味性和模因的持久力量。狗狗币还受益于埃隆·马斯克的支持和 2024 年 memecoin 的上涨，推动其市值超过 600 亿美元。

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.

狗狗币一直是一个笑话，但它是一个持续不断的笑话。尽管 Doge 是已有 11 年历史的 memecoin，但它是迄今为止表现最好的主要数字资产之一（+93%），拥有 Doge 的人比任何其他时候都多，并且由于 2024 年 memecoin 现象，Doge 正在主导加密货币对话。纬。

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.

好模因的力量狗狗币最初是作为一个笑话而推出的，是对比特币的讽刺漫画。 Doge 以 Doge meme 为基础，其中的日本犬种柴犬正在做鬼脸。

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.

尽管 Doge 的起源故事并不严肃，但它却拥有令人惊讶的持久力——吸引了一群忠实的追随者，并随着时间的推移价值不断增长。在很大程度上，这要归功于 meme 社区、Twitter 用户和 Reddit。这些粉丝共同组成了加密货币领域最大、最忠诚的社区之一。众所周知，狗狗币得到了世界首富埃隆·马斯克的支持，他声称有一天用户将能够用狗狗币购买特斯拉汽车。粉丝目前可以使用狗狗币购买特斯拉商品。

Source: Tesla

来源：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.

狗狗币的持久吸引力在于其固有的奇思妙想和乐趣。狗狗币在其官方网站上被描述为“一种开源的点对点数字货币，受到全球柴犬的青睐”，它与其他数字资产项目的区别在于它不做作地拥抱其有趣的本质。

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.

与许多拥护彻底改变世界的宏伟愿景的加密货币不同，狗狗币保持了一种令人耳目一新的简单方法。没有关于改变历史进程的崇高宣言；相反，狗狗币仍然忠于其起源，以类似于比特币诞生的方式公平发布。这意味着没有代币预售、预挖或风险投资融资，确保所有参与者都有一个公平的竞争环境。

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.

狗狗币缺乏加密货币领域常见的复杂的业务开发和营销机制，避开内部利益，转而支持更平等的精神。作为比特币的一个分支，狗狗币受益于成熟的技术，尽管缺乏新颖性，但仍提供可靠性。值得注意的是，狗狗币甚至早于以太坊，使其成为现存最古老的山寨币之一。

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.

尽管它已经存在了很长时间，但狗狗币仍然以其不羁的魅力和包容性的社区吸引着市场。虽然它的创始人可能已经淡出人们的视线，但狗狗币的遗产却经久不衰，证明了模因的持久力量。

Source: Google Trends

来源：谷歌趋势

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.

事实上，正如上面的谷歌趋势图所示，2024 年是狗狗币突破的一年，全球谷歌对狗狗币（蓝线）的搜索兴趣在 2 月和 3 月经历了急剧上升，远远超过了它的代币莱特币（红色）。分叉自 2024 年另一个重大模因币故事 DogWifHat。原因是什么？无论听起来多么不可能，2024 年第一季度，加密货币中表现最好的领域是模因币。狗狗币已有 11 年历史，被视为模因币中的比特币。

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 狂热 2024 比特币引领了加密货币市场进入牛市领域，但今年抓住了山寨币时代精神的是 Meme 币。虽然比特币的表现明显优于山寨币市场，但也有一些例外。大多数例外都是模因币。今年令人惊讶的模因币反弹有力地证明了模因捕捉文化时代精神的力量，并且它们已经主导了当前的加密货币周期。

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 是加密货币市场中非常受欢迎且不稳定的子集。 Memecoin 是基于区块链的代币，以流行的互联网文化为基础。它们的一般特点是效用最小且波动性极大。如果您认同可爱的狗、前卫的佩佩青蛙或特朗普总统，那么就有适合您部落的模因币。

Top crypto narratives in Q1 2024. Source: CoinGecko

2024 年第一季度最热门的加密货币故事。来源：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.

目前围绕 memecoin 的热潮让人想起 2017 年 ICO 泡沫，只不过这一次，不再有任何价值幻觉——门槛从未如此低过。 Memecoin 代表了加密货币世界中贪婪和娱乐的缩影。

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).

根据 CoinGecko 最近的一份报告，模因币领域已成为今年迄今为止最赚钱的行业。该报告显示，按市值计算，顶级 memecoin 的平均回报率高达 1,312.6%。值得注意的是，三月份推出的 memecoin 迅速攀升，到本季度末成为市值最大的货币之一。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 年第一季度末，BRETT 的回报率最高，达到 7,727.6%，紧随其后的是 Dogwifhat (WIF)，该公司在基于 Solana 的 memecoin 热潮期间受到欢迎，今年迄今增长了 2,721.2%。推动BONK创历史新高。

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 分析师 Lim Yu Qi 评论道：“事实证明，memecoin 叙事比其他加密叙事（包括代币化现实世界资产 (RWA) 和 Layer 2 解决方案）更有利可图，第一季度的回报率分别高出 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 数据显示，截至目前，memecoin 行业总市值为 609.3 亿美元，约占加密货币总市值的 2.32%。这意味着季度环比增长了 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，这个市值超过了几个拥有大量资本和机构参与的主流行业，例如去中心化物理基础设施网络（DePINs）为 299.8 亿美元，第 2 层解决方案为 323.9 亿美元，零知识证明为 180 亿美元，以及代币化的现实 -世界资产（RWA）为 85 亿美元。

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.

狗狗币是最初的模因币。事实上，它已有 11 年历史，现在是市值第八大的加密货币，这一事实足以证明任何人都需要证明一个好的模因的持久力。

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 的历史 2013 年，Adobe Systems 营销团队成员 Jackson Palmer 和 IBM 软件工程师 Billy Markus 联手创建了 Dogecoin。他们的灵感？当时的网络轰动：“Doge”模因。该表情包以一只好奇的柴犬为特色，上面装饰着表达其内心想法的彩色 Comic Sans 文字，俘获了全世界网友的心。

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.”

狗狗币的起源可以追溯到 2013 年 11 月 28 日，当时杰克逊·帕尔默 (Jackson Palmer) 在 Twitter 上发表了一段看似半开玩笑的声明：“投资狗狗币，很确定这是下一件大事。”

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.

尽管起源很幽默，但这条推文标志着狗狗币作为一种具有潜力的加密货币的公开出现。发布这条推文后，帕尔默于 2013 年 12 月 4 日迅速获得了 www.dogecoin.com 域名，为日后成为一种文化现象奠定了基础。

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.

两天后，即 12 月 6 日，狗狗币创世区块被开采，正式使加密货币诞生。没过多久，狗狗币就找到了它的第一次估值，2014年1月23日DOGE的价格定为0.001540753美元，标志着它在数字资产世界的旅程的开始。

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 社区不断扩张 r/Dogecoin Reddit 子版块于 2013 年 12 月 8 日成立，标志着以受人喜爱的加密货币为中心的充满活力的在线社区的开始。第一篇文章“在这里发布地址以分享和请求狗狗币”为爱好者们可以聚集在一起交流技巧并参与有关狗狗币的讨论的空间定下了基调。到 2014 年，即创世区块发布后几个月，Reddit 子版块已拥有超过 35,000 名会员，反映出狗狗币追随者的快速增长。如今，r/Dogecoin 拥有超过 160 万订阅者，这证明了其经久不衰的受欢迎程度。

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，狗狗币社区因其慈善事业而闻名，体现了给予和友情的精神。一个值得注意的例子发生在 2014 年，当时牙买加雪橇队在中断十年之后获得了参加冬季奥运会的资格，但缺乏参加比赛所需的资金。受到描述牙买加雪橇队奥运之旅的电影《酷跑》的启发，狗狗币社区团结起来，在短短几个小时内筹集了价值 30,000 美元的 DOGE，以确保该队参加奥运会。

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.

这种慷慨行为只是狗狗币社区发起的众多慈善举措之一。从支持柬埔寨初等教育到为贫困地区提供清洁水源，狗狗币爱好者始终如一地展现了他们对世界产生积极影响的承诺。对于创始人杰克逊·帕尔默和比利·马库斯来说，狗狗币从来不是为了个人利益，而是为了培养社区意识、幽默感和利他主义。在早期，狗狗币体现了加密货币作为一种善良力量的精神，其驱动力是改变他人生活的集体愿望。

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.”

投机开始狗狗币在加密货币领域的关键时刻首次亮相，恰逢比特币在 2017 年扩张之前的牛市周期中迅速上涨至历史新高。 2013 年 11 月 30 日，比特币达到 1,156.14 美元的峰值，就在杰克逊·帕尔默 (Jackson Palmer) 发布著名推文宣称狗狗币是“下一个大事件”的两天后。

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).

随着狗狗币越来越受欢迎，交易所迅速采取行动以适应其日益普及的需求。到狗狗币推出第一年年底，数量惊人的 33 家交易所已将 DOGE 交易纳入其平台。然而，最近的一项调查表明，其中只有五个交易所目前仍在运营。这些交易所按 DOGE 上市顺序列出，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.

尽管最初取得了成功，但狗狗币的创始人很快发现自己对加密货币的发展方向感到失望。狗狗币最初的目的是作为一个轻松的项目，但现在已经演变成一种投机资产，偏离了它作为“傻瓜”加密货币的根源。比利·马库斯 (Billy Markus) 对大量投资的涌入感到不安，他表达了他的不安，他说：“当有人投入 2 万美元时……这让我真的非常不舒服。我不想成为邪教的领袖。”同样，杰克逊·帕尔默 (Jackson Palmer) 也与该项目保持了距离，并于 2014 年 6 月 24 日取消了 r/Dogecoin Reddit 子版块的订阅。随后，帕尔默于 2015 年宣布完全退出加密货币社区，理由是该生态系统具有毒性。随后，他删除了自己的 YouTube 和 Twitter 帐户，完全断绝了与数字领域的联系。

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.

开发狗狗币（Dogecoin），被亲切地称为 DOGE，通过一系列源自比特币的分叉来追踪其血统。最初，它是幸运币的一个分叉，而幸运币本身是垃圾币的分叉，而垃圾币又衍生自比特币的分叉莱特币。

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.

狗狗币最初采用 Scrypt 哈希函数作为其工作量证明共识算法，允许矿工验证网络上的交易。然而，在 2014 年底，狗狗币转变为与莱特币合并挖矿，使莱特币 Scrypt 矿工能够同时开采狗狗币，无需额外费用。虽然对大多数人来说开采比特币是不可能的，但今天个人仍然有可能开采 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.

尽管起源很幽默，但狗狗币的核心架构很大程度上借鉴了比特币，继承了脚本语言和未使用交易输出（UTXO）的利用等关键功能。在早期阶段，狗狗币独立运营，采用 Scrypt 挖矿，并具有继承自 Luckycoin 的随机区块奖励。

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

但为了增强安全性和稳定性，狗狗币后来与莱特币实现了联合挖矿，采用固定区块奖励。

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.

虽然比特币仍然是加密货币领域的主导力量，但狗狗币具有明显的优势。与需要大量计算能力并在需求高峰期间产生高额交易费用的比特币不同，狗狗币需要较少的挖矿资源，从而更容易为更广泛的用户群所使用。

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，狗狗币拥有加密货币中最大的流通供应量，其初始供应量为 1.27 亿枚，随着时间的推移不断增加。这种大规模分发策略最初被认为是一个笑话，但它促进了狗狗币的广泛采用和流行，尽管它的价格仍然低于 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.

狗狗币的成功超出了传统预期，体现了加密货币领域幽默和社区的力量。虽然狗狗币最初是为了模仿，但由于其包容性的精神和广泛的吸引力，狗狗币已成为一个强大的竞争者。

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.

莱特币：狗狗币的支柱莱特币于 2011 年诞生于比特币的克隆，通过一种称为“合并挖矿”的机制在保护狗狗币方面发挥着至关重要的作用。狗狗币区块链最初被认为是一种有趣的尝试，但由于其快速的货币发行速度，在 2014 年面临迫在眉睫的危险，危及其安全。认识到这一威胁后，莱特币背后的架构师查理·李（Charlie Lee）提出了合并挖矿的方案，让狗狗币能够利用莱特币强大的网络安全性，最终拯救陷入困境的加密货币。

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.

虽然有些人可能认为莱特币是一条缺乏创新的“幽灵链”，但它对狗狗币的支持意义不容低估。莱特币背后的大脑，在麻省理工学院接受培训的计算机科学家查理·李（Charlie Lee）通过克隆比特币的原始代码构建了该网络，为狗狗币等后续项目奠定了基础。

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.

狗狗币由软件工程师比利·马库斯（Billy Markus）和杰克逊·帕尔默（Jackson Palmer）构想，它面临着因其发行模式的偏差而带来的挑战，偏离了比特币的既定参数。所有三个区块链，包括比特币、莱特币和狗狗币，都依赖于工作量证明系统，激励矿工保护网络以换取区块奖励。然而，狗狗币2015年之前的发行模式，以快速减半和区块奖励递减为特点，损害了其网络安全，使其容易受到攻击。

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.

为了应对迫在眉睫的威胁，狗狗币在 2014 年进行了重大转型，与莱特币实施了合并挖矿或辅助工作量证明 (AuxPoW)。这种创新方法允许矿工同时保护两个区块链，增强狗狗币的安全基础设施并确保其生存。

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.

合并挖矿使矿工能够同时保护多个网络，在不影响性能的情况下从每个网络获得奖励。通过利用莱特币既定的安全性，狗狗币加强了对潜在攻击的防御，保障了其在加密领域的生存能力。

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，狗狗币继续以 10,000 DOGE 的固定区块奖励和一分钟的区块时间运行，并且对创建的硬币总数没有上限。由于与莱特币的合并挖矿，狗狗币享有更高的安全性和稳定性，确保其在不断发展的加密货币世界中的长久存在。

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 狗狗币的基本面值得关注。该网络的哈希率已飙升至前所未有的水平，达到 724 TH/s，这表明人们对挖掘 DOGE 的兴趣日益浓厚，并加强了对网络的支持。

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

目前，几乎所有莱特币矿工也都从事 DOGE 挖矿，这从两个网络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.

在之前的牛市周期中，合并挖矿 DOGE 的收入仅为莱特币矿工提供边际补充收入。然而，情况已经发生了巨大的变化。如今，与 LTC 相比，挖矿 DOGE 产生的收入高出近 4.5 倍，并且自 2021 年末 DOGE 在牛市达到顶峰以来，它已经产生了至少 1.5 倍的收入。这种收入上的巨大差异极大地激励了矿工优先进行 DOGE 挖矿，从而有助于增强网络的稳定性和安全性。

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.

狗狗币每天为矿工带来约 100 万美元的收入，2021 年 5 月每日收入达到峰值 960 万美元。这一巨大的收入流凸显了 DOGE 挖矿业务的稳健性，并凸显了其在维持网络完整性和功能方面的关键作用。

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 狗狗币网络上引入 DRC-20 代币进一步推动了这些趋势。 2023 年初，随着链上第一个铭文的出现，比特币也出现了类似的趋势。在接下来的 11 个月里，比特币的每日交易数量和平均区块大小达到历史新高，并一直保持在较高水平。这种激增增加了矿工的收入，增强了网络的整体经济稳健性，并引发了人们对生态系统的巨大兴趣。

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，狗狗币在这些指标上尚未达到与比特币相同水平的一致性。这可以归因于对狗狗币链上活动的认识有限，以及钱包和市场等支持基础设施的相对新生状态。尽管如此，“Doginals”这一独特现象的出现有可能刺激对 DOGE 的需求和网络的利用。

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 标准的运作方式类似于通过比特币上的 Ordinals 协议铸造和转移可替代代币。然而，人们承认这个代币标准可能效率低下，并且人为地夸大了交易计数和区块大小等指标。

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.

结论虽然Doge现在已经非常成熟，市值太大，无法看到新发布的memecoin有时可以实现的那种收益，但Doge现在已经证明了持久力，在高层的朋友，以及一个尚未实现的最后预言。总督兑一美元。 Doge 的历史最高价为 0.7316 美元，是在 2021 年创下的。

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，社区内有一种信念，即本周期可以实现 1 美元，正如下面受欢迎的 X 交易员 Angelo 所提到的那样。预言能应验吗？我们很快就会知道。好多哇。纬。

Source: X

来源：X