Dogecoin [DOGE] was slowly climbing back towards the $0.166-level that it began the month of April at, at the time of writing. In fact, this level is still an active resistance level, with DOGE bulls facing rejection on 13 April.

Dogecoin [Doge]正在慢慢爬上4月份開始的0.166級級別的$ 0.166級別。實際上，這一水平仍然是一個積極的抵抗水平，大公公牛隊在4月13日面臨拒絕。

The memecoin has been on a sizeable downtrend over the past few months.

在過去的幾個月中，Memecoin一直處於相當大的下降趨勢。

The price bounce from the long-term support at $0.143 was a minor development. And yet, on-chain metrics suggested that DOGE might be overvalued already.

長期支持（0.143美元）的價格反彈是一個較小的發展。然而，鍊鍊指標表明，馬諾可能已經被高估了。

Signs that Dogecoin may be trading at a premium

跡象表明狗狗幣可能以溢價交易

The Network Value to Transactions Signal (NVTS) is a modified version of the NVT metric that uses the 90-day moving average of the transaction volume, instead of the daily transfer volume.

交易信號的網絡值（NVTS）是使用NVT度量的修改版本，該版本使用交易量的90天移動平均值，而不是每日傳輸量。

The idea is to make the ratio more responsive to an overextended asset when its market cap growth rapidly eclipses the asset’s utility (the 90-day transfer volume). Hence, an uptrend in the NVTS means that investors may be valuing DOGE at a premium.

這個想法是在其市值增長迅速黯然失色（90天的轉移量）時，使該比率更快地響應了過度擴張的資產。因此，NVTS的上升趨勢意味著投資者可能會以溢價估值。

In the past four years, there have been periods when the price has trended south or sideways, and the NVTS trended higher. It reflected depressed on-chain activity for Dogecoin at press time. To put it simply, it is not something investors would want to see during a price downtrend.

在過去的四年中，有一些時期的價格趨勢向南或側面趨勢，而NVT趨勢更高。它反映了在發稿時為狗狗蛋白的鍊鍊活動抑鬱症。簡而言之，這不是投資者在價格下跌期間想要看到的東西。

At press time, the 180-day MVRV was deeply negative too, showing holders of the past six months at a sizeable loss. Over the past six weeks, both the transaction count and the daily active addresses count dropped slightly too.

在發稿時，180天的MVRV也深深地負面，顯示了過去六個月的持有者，損失很大。在過去的六個星期中，交易數量和每日主動地址計數也有些下降。

The falling transaction count might also help explain the rising NVTS. The dormant circulation saw a couple of spikes on 9 and 15 April, showing a flurry of token movement near the local DOGE lows. This likely hinted at capitulation from holders.

交易數量下降也可能有助於解釋NVT的上升。休眠的循環在4月9日至15日發生了幾個尖峰，顯示了當地的多爾多格低點附近的一連串象徵性運動。這可能暗示了持有人的投降。

The rising NVTS and falling transfer volume and count, together, are a bearish sign for long-term investors. Reduced demand for the memecoin and holders at a high loss reflected the deep bearish sentiment behind DOGE. Even as it tried to break past its local resistance levels.

NVT的上升和下降的轉移量和計數，也是長期投資者的看跌信號。對紀念因素和持有人的需求減少了，損失很大，反映了道門背後的濃厚的看跌情緒。即使它試圖超越當地的阻力水平。