狗父归来：埃隆·马斯克和唐纳德·特朗普如何复兴模因币狗狗币

经过三年的暴跌后，狗狗币再次爆发，自唐纳德·特朗普当选以来上涨了 250%，这是该行业更广泛的乐观浪潮的一部分

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

埃隆·马斯克不仅仅是将火箭送入平流层。

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.

经过三年的暴跌后，狗狗币再次爆发，自唐纳德·特朗普当选以来上涨了 250%——由于特朗普在竞选期间讨好加密货币拥护者，这是该行业更广泛的乐观浪潮的一部分。

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.

特朗普非正式任命马斯克担任他所谓的政府效率部（简称 DOGE），这也有助于推高以狗为主题的模因币。

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

这并不是自称为“狗父”的马斯克第一次激发人们对狗狗币的兴趣。

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，由于马斯克客串《周六夜现场》，其价格飙升。在一个短剧中，马斯克扮演一名金融分析师，与周末更新主持人交谈，主持人反复问他：“什么是狗狗币？”经过一番困惑之后，马斯克的性格终于承认这是一场骗局。代币的价格直线下跌。仅仅一年多后，它的价值就下跌了超过峰值的 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.

损失对小投资者造成了沉重打击。 2022 年，其中一人对马斯克提起集体诉讼，指控其操纵市场和内幕交易，但该案于 2024 年 8 月被驳回。

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

为什么狗狗币（一种从未被认真对待作为投资的模因币）的价值会出现如此极端的波动？

We're all in this together

我们都在一起

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."

狗狗币于 2013 年推出，旨在模仿比特币和许多其他加密货币，声称会颠覆传统金融世界。来自世界各地的两个陌生人在网上认识，复制了一枚现有硬币的代码，并在其上贴上已经流行的 Doge 网络迷因——一张柴犬的照片，周围环绕着蹩脚的英语片段：“哇，多硬币。”

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.

尽管他们的主要目标是让这种硬币变得毫无意义和不受欢迎，但它成为市场上最受欢迎和最持久的加密货币之一。

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.

继狗狗币在 2021 年飙升之后，我研究了其热情的影响者网络和日常投资者如何共同努力，为这种玩笑货币吸引巨大的关注和资本。

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.

要了解这些荒谬投资的吸引力，您必须了解用户在这些网络上投入的时间和精力以及他们获得的财务和社会回报。

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 币是协作企业。这些在线社区的成员有经济动机成为直言不讳的支持者：狗狗币的价值上涨得越多，他们的投资增长就越大。但当他们炒币时，他们也会得到其他模因币投资者的社会认可。

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

换句话说，每一枚表情包背后都有一群陌生人，他们肩负着赚更多钱的共同使命。

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.

狗狗币及其模仿者被其领导者描述为加密货币运动、共享旅程和社区拥有的项目。除了用具有文化共鸣​​的形象来标记资产之外，无论是柴犬还是佩佩青蛙，成功的加密货币企业的特点是复杂的信任网络。相信技术。相信其未来升值的潜力。并相信那些在网络中掌握权力的人不会利用其他人。

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.

这种忠诚度交织在全球用户网络中，他们昼夜不停地合作推广他们的代币，并展示他们对其成功的坚定承诺。

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

在价格上涨的时期，集体欢欣鼓舞。

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.

在价格下跌期间，社区成员相互强化他们的同志和他们自己的信念，即这只是道路上的一个坎坷，他们的集体努力最终将带来丰厚的回报。即使在最寒冷的加密冬天，这种仪式行为也能帮助这些投机社区生存。社区可以替代经济损失。

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.

这些社区的投资策略及其回报的信念包括重复和转发其他人所说的话，就像任何传统的互联网迷因一样。

Trolling traditional valuation

破坏传统估值

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.

模因币的真正价值不能像股票和实物商品等传统资产一样被理解。这些类型的资产具有基本面，例如公司的财务报表或公众对从咖啡到石油等基本​​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，模因币的基本面反映在其网络活动中，例如每日活跃用户，以及不太具体的指标，例如社会情绪和思想份额——与竞争对手相比，一种币产生了多少公众意识。

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.

当然，传统资产的估值也受到这些社会因素的影响。不同之处在于，模因币提供的生产活动很少。它们对经济没有任何贡献。有时，他们的领导层会围绕他们建立金融服务，但这些服务通常是事后才添加的，特别是作为一种激发更多投机兴奋的方式。

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

模因币破坏了传统的估值惯例，嘲笑了主流投资者的法令和教条。

And that's exactly the point.

这正是重点。

Participation in meme coin communities—or any crypto

参与模因币社区——或任何加密货币