受特朗普风格的狗狗（Doge）集会很快揭开

迄今为止，价格下跌47％，狗狗币（1.09％）特朗普启发的拉力赛很快就会出现。

Dogecoin (CRYPTO: DOGE) has dropped sharply after enjoying a Trump-fueled rally earlier this year. While this meme coin is known for its extreme volatility, it has also lagged behind many of its peers, which could be continuing to put pressure on the token.

Dogecoin（Crypto：Doge）在今年早些时候享受了一场特朗普举行的集会后，急剧下降。尽管这种模因硬币以其极端波动而闻名，但它也落后于许多同龄人，这可能会继续对令牌施加压力。

Is this dip a buying opportunity or a signal for investors to run for the hills? Let's dig deeper to find out what the next 12 months could have in store.

这是购买机会还是供投资者竞选山丘的信号？让我们更深入地了解接下来的12个月可能会有什么。

Extreme volatility

极端波动

A rising tide can lift all boats, and the cryptocurrency industry is no exception. However, while digital asset prices tend to be highly correlated in the short term, over the long term, some patterns begin to emerge. Meme coins like Dogecoin have historically posted explosive gains when market sentiment is positive but collapsed rapidly when the outlook soured.

上升的潮流可以抬起所有船只，加密货币行业也不例外。但是，尽管数字资产价格在短期内往往高度相关，但从长远来看，一些模式开始出现。像Dogecoin这样的模因硬币历史上已经爆发了爆炸性的收益，当市场情绪积极时，但是当外观酸痛时迅速崩溃。

Dogecoin Price data by YCharts

YCHARTS的Dogecoin价格数据

It isn't easy to pinpoint precisely why this occurs. But it likely has something to do with the asset's investment community and its goals. When it was launched in 2013, Dogecoin was intended to satirize the cryptocurrency industry, not solve any particular problem. This somewhat unserious perspective has become part of its brand, potentially influencing the type of investors willing to buy the asset.

确切地确定发生这种情况并不容易。但这可能与资产的投资界及其目标有关。当它于2013年推出时，Dogecoin旨在讽刺加密货币行业，而不是解决任何特定问题。这种毫无疑问的观点已成为其品牌的一部分，有可能影响愿意购买资产的投资者类型。

Lagging institutional acceptance

滞后的机构接受

Unlike Dogecoin, other early cryptocurrencies like Bitcoin (launched in 2009) and Ethereum (launched in 2015) have attracted growing mainstream acceptance. Both assets have been approved for exchange-traded funds (ETFs), which has opened the door for institutional investors like pension funds, university endowments, and even national governments to add them to their portfolios.

与Dogecoin不同，其他早期的加密货币（如比特币）（2009年推出）和以太坊（于2015年推出）吸引了不断增长的主流接受。这两种资产均已批准用于交易所交易基金（ETF），该资金为养老基金，大学捐赠甚至国家政府等机构投资者打开了大门，将其添加到其投资组合中。

These deep-pocketed organizations can have a stabilizing effect on crypto prices because they tend to hold for the long haul instead of panic-selling to take profits or pay for real-life emergencies.

这些耗费的组织可能会对加密货币价格产生稳定的影响，因为它们倾向于长期持续使用，而不是为了获得利润或支付现实生活中的紧急情况。

On the other hand, Dogecoin attracts a more retail-oriented crowd that is easily swayed by statements from influencers like Tesla CEO Elon Musk, who has frequently promoted Dogecoin to his 220 million followers on X (formerly Twitter). While positive posts can boost an asset's price in the short term, they aren't enough to create sustainable value.

另一方面，Dogecoin吸引了一个更加零售业的人群，这很容易受到特斯拉首席执行官Elon Musk等影响者的言论，后者经常将Dogecoin晋升为X（以前是Twitter）的2.2亿追随者。尽管正面帖子可以在短期内提高资产的价格，但它们不足以创造可持续价值。

Furthermore, Dogecoin's history of price booms and busts has likely become a negative feedback loop, scaring away long-term investors and attracting even more short-term speculators looking for a quick buck.

此外，Dogecoin的价格繁荣和萧条的历史可能已成为一个负面的反馈循环，吓跑了长期投资者，并吸引了更多的短期投机者，他们希望快速寻求赚钱。

What about the fundamentals?

基本面呢？

While cryptocurrencies can't be valued based on traditional stock market metrics like revenue or earnings growth, that doesn't mean they don't have fundamentals. Unfortunately for Dogecoin investors, this volatile meme coin wasn't designed to be a good store of value.

尽管基于传统的股票市场指标，例如收入或收益增长，这并不意味着它们没有基本面。不幸的是，对于Dogecoin投资者来说，这种挥发性的模因硬币并不是一个良好的价值存储。

The number of Dogecoin in circulation is programmed to increase by 5 billion units annually. With roughly 148.5 billion units in circulation, that's an inflation rate of 3.3%, which is higher than the U.S. dollar right now. While that number looks small (and will actually shrink over time), the number of coins will pile up over the long term, making Dogecoin less attractive than alternative cryptocurrencies with deflationary designs.

流通中的狗狗数量每年增加50亿个单位。流通量约为1485亿台，通货膨胀率为3.3％，高于目前的美元。虽然这个数字看起来很小（并且随着时间的流逝实际上会收缩），但长期的硬币数量将堆积起来，这使得多霉素的吸引力低于带有放气设计的替代加密货币。

Image source: Getty Images.

图像来源：盖蒂图像。

Dogecoin also isn't optimized for smart contracts, which are applications built on top of a blockchain network. And with a transaction speed of around one minute, it may beat Bitcoin but it's still significantly slower than newer alternatives like Solana, which can process transactions in seconds.

Dogecoin还没有针对智能合约进行优化，这些应用程序是在区块链网络之上构建的应用程序。而且，交易速度约为一分钟，它可能会击败比特币，但是​​它仍然比Solana这样的新替代方案要慢得多，Solana可以在几秒钟内处理交易。

What could the next year have in store?

第二年可能会有什么？

While Dogecoin can outperform other cryptocurrencies during a bull market, its speculative community, inflationary design, and lack of real-world utility will cause it to lag when hype fades. With industry excitement starting to die down after Trump's election, investors should expect Dogecoin to continue declining over the coming months.

尽管Dogecoin在牛市期间可以胜过其他加密货币，但其投机性社区，通货膨胀设计和缺乏现实世界的实用程序将在炒作淡出时会滞后。随着特朗普当选后的行业兴奋开始消失，投资者应该期望Dogecoin在未来几个月内继续下降。