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Over the past year, the digital asset markets experienced a significant rally following the approval of Bitcoin ETFs and Donald Trump’s victory in the U.S. Presidential election. Within this period, all of the top 10 cryptocurrencies by market capitalization hit new peaks. However, Dogecoin , once a sensation, did not follow the same trajectory.

在过去的一年中，在比特币ETF和唐纳德·特朗普在美国总统大选中的胜利之后，数字资产市场经历了重大集会。在此期间，市值的所有十大加密货币都达到了新的高峰。但是，狗狗币曾经是一种感觉，没有遵循相同的轨迹。

Why Did Dogecoin Fall Behind?

为什么狗狗币落后？

Despite Bitcoin, Solana , BNB, and XRP reaching new highs, Elon Musk’s preferred meme coin, DOGE, remains over 70% below its all-time high of $0.73, achieved in 2021. According to CoinGecko data, Dogecoin recently traded slightly above $0.21. Although it showed recovery when Musk attended Trump’s campaign rally, it peaked at around $0.48 in December and has not surpassed $0.40 since January.

尽管比特币，Solana，BNB和XRP达到了新的高点，但埃隆·马斯克（Elon Musk）的首选模因硬币Doge仍低于其历史高度0.73美元以上，在2021年达到了0.73美元。尽管在马斯克参加特朗普的竞选集会时，它显示出恢复，但自1月以来，它的峰值达到了12月的0.48美元左右，尚未超过0.40美元。

Grayscale’s Research Director, Zach Pandl, suggests that investors are currently interested in digital assets with real utility. Meme coins, famous for their lack of utility, are thus less attractive in the market. While Bitcoin is promoted as a long-term store of value, Ethereum’s network is viewed as useful for applications like stablecoins, desired by companies from JP Morgan to Meta.

Grayscale的研究总监Zach Pandl建议投资者目前对具有Real Utility的数字资产感兴趣。模因硬币以缺乏效用而闻名，因此在市场上的吸引力较低。尽管比特币被促进了价值的长期存储，但以太坊的网络被视为对诸如stablecoins之类的应用程序，这是由JP Morgan到Meta的公司所希望的。

Initially created as a joke to satirize the crypto world, Dogecoin achieved unexpected popularity when Elon Musk began sharing memes about it. While demand for the coin seemed apparent, its origins and purpose remained primarily within the realms of entertainment and speculation.

Dogecoin最初是为了讽刺加密世界的开玩笑而创建的，当埃隆·马斯克（Elon Musk）开始分享模因时，Dogecoin实现了意想不到的知名度。尽管对硬币的需求似乎显而易见，但其起源和目的主要依赖于娱乐和猜测的领域。

Elon Musk’s Influence

埃隆·马斯克（Elon Musk）的影响力

Elon Musk, the CEO of SpaceX and a billionaire, has publicly endorsed Dogecoin for its appealing nature “for the people” and claimed it was different from Bitcoin. His fondness for dogs and memes further strengthens his support. In the past, billionaires like Mark Cuban suggested that Dogecoin could be ideal for transactions due to its token economics.

SpaceX的首席执行官和亿万富翁的首席执行官Elon Musk已公开认可Dogecoin的“对人民”的吸引力，并声称它与比特币不同。他对狗和模因的热爱进一步增强了他的支持。过去，像马克·古巴（Mark Cuban）这样的亿万富翁提出，由于其令牌经济学，多霉素（Dogecoin）可能是交易的理想选择。

Cuban noted that DOGE’s low price per coin makes it a spendable asset, unlike Bitcoin. Nevertheless, Dogecoin has not yet become widely used for transactions and is still largely perceived as a speculative asset. Furthermore, it has not offered investors returns comparable to Bitcoin or Ethereum in recent years.

古巴指出，与比特币不同，Doge的每枚硬币价格低廉，使其成为可支出的资产。然而，Dogecoin尚未被广泛用于交易，并且仍然被视为投机性资产。此外，近年来，它没有为投资者提供与比特币或以太坊相当的回报。

Digital asset management firm Arca reports that many cryptocurrencies did not deliver strong returns this year. Specifically, 75% of the tokens observed by the firm showed negative returns since the start of the year.

数字资产管理公司ARCA报告说，今年许多加密货币没有带来丰厚的回报。具体而言，自年初以来，该公司观察到的代币中有75％的代币表现出负回报。

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