现在是时候在Dogecoin（Doge）购买蘸酱了吗？

股票市场在2025年开始艰难。截至3月4日，标准普尔500指数和纳斯达克综合材料分别下降了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.

股票市场在2025年开始艰难。截至3月4日，标准普尔500指数和纳斯达克综合材料分别下降了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.

从广义上讲，当股市的表现不佳时，投资者可能会将其资金转移到商品或加密货币等替代资产中。但是，今年到目前为止，加密货币市场也没有太郁郁葱葱。前两次加密货币（比特币和以太坊）分别下降了7％和36％，而其他人则遵循。

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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）加入加密货币抛售的同伙。在2024年飙升251％之后，今年到目前为止，其价格上涨了36％。

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

但是，现在在Dogecoin中购买蘸酱是一个聪明的主意吗？

What fueled Dogecoin in the first place?

最初是什么燃料的狗霉素？

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的价格显着上涨，但下面的图表也应有助于对加密货币的真正发生的情况进行更清晰的画面。如您所见，2024年的绝大多数Dogecoin的收益发生在一年中的最后两个月。

Dogecoin Price Data by YCharts.

YCHARTS的Dogecoin价格数据。

Dogecoin's rising price action can be traced to the presidential election. During then-candidate Donald Trump's campaign, Tesla (NASDAQ:TSLA) CEO Elon Musk emerged as a major surrogate and massive donor for 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的价格上涨可以追溯到总统大选。在当时的唐纳德·特朗普（Donald Trump）的竞选活动中，特斯拉（NASDAQ：TSLA）首席执行官埃隆·马斯克（Elon Musk）成为共和党提名人的主要代理人和大量捐助者。影响马斯克与特朗普的关系的因素之一是他们共同认为联邦预算变得过于肿。结果，马斯克提出了创建一个专注于识别可能削减的浪费支出的团队的想法。

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

他和特朗普在该倡议上赋予的名字：政府效率部（Doge）。

Is Now a Good Time to Buy Dogecoin?

现在是购买Dogecoin的好时机吗？

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 December 1st.

如果您仔细观察其价格表，您会注意到Dogecoin的价格实际上开始落到2024年底。自12月1日以来，它的价格下降了53％。

Dogecoin Price Data by YCharts.

YCHARTS的Dogecoin价格数据。

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.

如果您在选举之前完全关注了马斯克，那么您可能会知道企业家过去多次开玩笑地认可了Dogecoin。当马斯克（Musk）对它的可笑亲和力在削减成本倡议中被挑选时发挥了作用。但是归根结底，Doge不过是一个聪明的首字母缩写词。它与加密货币没有明显的关系。

Furthermore, 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仍然是模因硬币，在真实或数字世界中几乎没有效用。我认为，从12月开始的抛售是第一个丢弃的多米诺骨牌。随着投资者开始反思这一事实，即硬币已经与任何有价值的催化剂无关的纯炒作兴起，其泡沫开始降低。

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.

我认为，狗狗币的下降是不可避免的 - 这可能还没有结束。 Dogecoin一直是在已经挥发的加密环境中的高度投机投资。聪明的投资者可能应该完全避免它。由于这些原因，我不建议在Dogecoin中购买蘸酱，因为我认为它的价格会继续轨迹。