Dogecoin's (CRYPTO: DOGE) blockchain has seen a massive surge in network activity, with the cryptocurrency experiencing record highs in both active and new addresses on Thursday.

Dogecoin的（加密：Doge）區塊鏈的網絡活動激增，加密貨幣在周四的活躍和新地址都具有創紀錄的高潮。

Here's a closer look at the trends and what they could mean for the meme coin's price.

這是對趨勢的仔細研究，以及它們對模因硬幣的價格意味著什麼。

What Happened: Dogecoin's network saw 1.6 million active addresses—wallets sending or receiving DOGE—which is the highest daily figure in the network's history, according to blockchain analytics firm Santiment.

發生的事情是：根據區塊鏈分析公司Santiment的說法，Dogecoin的網絡看到了160萬個活動地址（送或接收Doge），這是該網絡歷史上最高的人物。

This shows a sudden wave of transactional engagement. In most cases, a rise in active addresses indicates increased user participation, renewed speculation or even network-level events such as airdrops or integrations.

這表明了突然的交易參與。在大多數情況下，主動地址的上升表明用戶參與，更新的投機甚至網絡級事件（例如氣滴或集成）。

However, in Dogecoin's case, the source of the spike remains unclear, which raises questions about the quality and longevity of the activity.

但是，在Dogecoin的情況下，尖峰的來源尚不清楚，這引發了有關活動的質量和壽命的疑問。

The new address count also spiked on Thursday, with over 1.2 million new wallets being created.

新的地址計數也在周四飆升，創建了超過120萬個新錢包。

"This is heating up. We haven't seen this level of new Dogecoin addresses in over a year, and it's getting close to the blow-off top in mid-2023," Santiment said in a recent note.

Santiment在最近的一份說法中說：“這正在加熱。我們一年多來還沒有看到這種新的Dogecoin地址，而且它已經接近2023年中期的吹風。”

According to the firm, new address growth of this magnitude usually coincides with bullish sentiment, as seen during Dogecoin's explosive rallies in early 2021 and mid-2023.

根據該公司的說法，這種新的地址的增長通常與看漲的情緒相吻合，如Dogecoin在2021年初和2023年中期的爆炸性集會期間所見。

But past cycles show that such bursts can also result from automated wallet generation—especially during viral campaigns or farming initiatives. Without sustained follow-through, these surges tend to fade rapidly and have a limited impact on long-term price appreciation.

但是過去的周期表明，這種爆發也可能是由於自動錢包的產生而引起的，尤其是在病毒運動或農業計劃中。如果沒有持續的跟進，這些潮流往往會迅速消失，並且對長期價格欣賞的影響有限。

Despite Dogecoin's fluctuating market value, one trend has remained constant: long-term address growth. The total number of DOGE wallets now stands at nearly 80 million, showcasing sustained adoption and on-chain expansion.

儘管Dogecoin的市場價值波動，但一種趨勢仍然持續：長期地址增長。目前，總督錢包的總數近8000萬，展示了持續採用和鏈上的擴張。

Unlike active or new address spikes, which are often volatile, the total address metric has displayed consistent growth since 2014. This signals Dogecoin's lasting appeal as a speculative asset and tipping currency, even if it remains a meme coin in the eyes of institutional investors.

與經常波動的活動或新地址峰值不同，自2014年以來，總的地址度量標準表現出一致的增長。這表明Dogecoin作為投機性資產和小費貨幣的持久吸引力，即使它仍然是機構投資者眼中的模因硬幣。

Related Link: Want to know what else is heating up in the markets? Benzinga has you covered.

相關鏈接：想知道市場上還在加熱什麼？ Benzinga讓您覆蓋。

Dogecoin Price Action: As on-chain metrics hit record highs, Dogecoin's price failed to break out meaningfully.

Dogecoin價格動作：隨著鏈量指標的創下紀錄，Dogecoin的價格未能有意義地爆發。

The meme coin was down 0.83% over the last 24 hours and traded at $0.216 at the time of writing. It pulled back from a recent local high of $0.26.

在過去24小時內，模因硬幣下跌了0.83％，在撰寫本文時以0.216美元的價格交易。它從最近的0.26美元當地高點退回。

The 4-hour chart showed a recent descending triangle breakout, which is typically a continuation pattern and a bullish signal. However, the breakout lacked strong volume support and lost momentum quickly. The Relative Strength Index was at 45, which could be seen as weak buying pressure and pointed to indecision.

4小時的圖表顯示了最近的下降三角突破，這通常是持續模式和看漲信號。但是，突破缺乏強大的體積支持和迅速失去動力。相對強度指數為45，可以看作是弱購買壓力，並指出了猶豫不決。

This isn't the first time Dogecoin's network usage has outpaced its price performance. In 2021 and 2023, similar spikes in address activity were later followed by either sideways trading or minor corrections.

這不是Dogecoin的網絡使用率首次超過其價格性能。在2021年和2023年，地址活動中的類似峰值隨後進行了側向交易或較小的校正。

One possible explanation for the lack of price response might be that high address counts don't necessarily translate to market conviction. Many newly created addresses could hold negligible balances or engage in one-off transactions. Without substantial capital inflow or demand-side catalysts, price might lag behind network expansion.

缺乏價格響應的一種可能解釋可能是，高地址數量不一定會轉化為市場定罪。許多新創建的地址可以保持可忽略的餘額或進行一次性交易。沒有大量資本流入或需求側催化劑，價格可能會落後於網絡擴展。

Also, DOGE's inflationary supply model—with 10,000 new coins being minted every minute—could exert constant sell pressure, making it harder for price to respond positively unless offset by sustained demand.

此外，Doge的通貨膨脹供應模型（每分鐘都會鑄造出10,000個新硬幣）可能會施加持續的賣壓力，除非持續需求抵消，否則價格更難做出積極的響應。