Billionaire Elon Musk is well-known for his association with meme coin Dogecoin (DOGE). In 2019, he revealed that it was his favorite cryptocurrency.

億萬富翁埃隆·馬斯克（Elon Musk）以與模因硬幣狗幣（Doge）的聯繫而聞名。在2019年，他透露這是他最喜歡的加密貨幣。

Over the years, multiple Musk tweets and actions led to powerful DOGE rallies, with the biggest one - that led to the $0.7316 all-time high (ATH) - coming near the day he was the host of Saturday Night Live (SNL).

多年來，多個麝香的推文和動作導致了強大的Doge集會，其中最大的推文 - 導致了$ 0.7316的歷史最高水平（ATH） - 接近他是周六夜現場（SNL）的主持人。

Dogecoin might be my fav cryptocurrency. It’s pretty cool.

Dogecoin可能是我最喜歡的加密貨幣。很酷。

Dogecoin likewise reacted positively to Donald Trump's re-election as the cycle was closely linked with Elon Musk, given his endorsement of the Republican, and his role in the new administration.

狗狗幣同樣對唐納德·特朗普（Donald Trump）的連任做出了積極的反應，因為周期與埃隆·馬斯克（Elon Musk）緊密相關，因為他對共和黨人的認可以及他在新政府中的作用。

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Between November 5 and December 19 - the final day before a major correction - DOGE rallied 174.12% from $0.17 to $0.47. Furthermore, the price action ensured that the number of Dogecoin millionaires soared by 40% by November 7.

在11月5日至12月19日（重大更正的最後一天）之間，Doge從0.17美元升至174.12％，至$ 0.47。此外，價格行動確保了Dogecoin百萬富翁的數量在11月7日之前飆升了40％。

DOGE records massive losses in 2025

Doge記錄2025年的巨大損失

The second Trump presidency has not been nearly as bullish for Dogecoin, as well as most cryptocurrencies and stocks, as his second election victory.

第二任特朗普總統在他的第二次選舉勝利中，對狗狗幣以及大多數加密貨幣和股票的看法都沒有。

Since January 20 - inauguration day - DOGE has dropped 51.43% from $0.35 to $0.17. Numerous assets have experienced a similar phenomenon, leading to speculation that the U.S. may, in fact, already be in a recession.

自1月20日（就職日）以來，總督已從0.35美元下降到0.17美元。許多資產經歷了類似的現象，導致猜測美國實際上已經處於衰退中。

While most of the turbulence has been linked to the fallout of Trump's tariff program and often inflammatory rhetoric, Dogecoin's violent reaction may be more closely related to Elon Musk.

儘管大部分動盪與特朗普關稅計劃的後果和炎症性言論有關，但Dogecoin的暴力反應可能與埃隆·馬斯克（Elon Musk）緊密相關。

Is Musk to blame for Dogecoin’s collapse?

馬斯克是狗狗崩潰的責備嗎？

Specifically, with the Republican's re-entry into the White House, the South African-Canadian-American billionaire became the head of the Department of Government Efficiency - D.O.G.E or, plainly, DOGE, depending on the formatting.

具體而言，隨著共和黨的重新進入白宮，南非加拿大裔美國人的億萬富翁成為政府效率部的負責人 - 根據格式，總督或很明顯的是多吉。

Though many Americans believe the Department's mission - reducing government expenditures to contain the ballooning national debt - is not only positive but necessary, execution has been more controversial.

儘管許多美國人認為該部門的任務 - 減少政府支出以遏制封閉的國家債務 - 不僅是積極的，而且是必要的，而且執行更具爭議性。

D.O.G.E. has, so far, made multiple errors when firing federal employees, with the quick axing and rehiring of hundreds of nuclear engineers - critical for America's nuclear arsenal - becoming a stark example.

到目前為止，Doge在解僱聯邦僱員時犯了多個錯誤，數百名核工程師的迅速削減和重新培養 - 對美國的核武庫至關重要 - 成為一個鮮明的例子。

The Department's operations have also been marred by privacy and security concerns. At the same time, multiple outlets claim that it is heavily and continuously misrepresenting the savings it achieved by vastly inflating numbers.

該部門的運營也因隱私和安全問題而受到破壞。同時，多個媒體聲稱，它正在大量歪曲大量膨脹數字所獲得的節省。

Though none of this activity is linked to Dogecoin, another asset closely linked with Musk - albeit more directly than the meme coin - has been suffering from blowback: Tesla (NASDAQ:TSLA).

儘管這項活動都沒有與Dogecoin有關，但與Musk緊密相關的另一項資產（儘管比模因硬幣更直接）一直遭受反擊：Tesla（Nasdaq：TSLA）。

As a result of Musk's actions and statements, Tesla's cars have become targets of vandalism and boycotts, and TSLA shares have collapsed 41.52% since January 20 to their March 14 price of $249.42.

由於馬斯克的行動和陳述，特斯拉的汽車已成為故意破壞和抵制的目標，自1月20日以來，TSLA股票已崩潰了41.52％，至3月14日的價格為249.42美元。

It is likely that a similar phenomenon has contributed to Dogecoin's price collapse.

類似的現象可能導致了多黴素的價格崩潰。