Dogecoin (CRYPTO: DOGE) has seen a sharp 38% decline in the past month, wiping out its annual gains despite multiple catalysts for a broader crypto market rally.

Dogecoin（Crypto：Doge）在過去一個月中的急劇下降了38％，儘管多種催化劑進行了更廣泛的加密市場集會，但仍消除了年度增長。

What Happened: Launched in March 2015, Dogecoin began its journey with relatively flat price action. Its biggest rally occurred in May 2021, following Elon Musk's appearance on Saturday Night Live, where he called it a "hustle," ultimately sending DOGE to an all-time high of $0.7376. Currently, DOGE is trading around 77% lower at $0.154.

發生的事情是：2015年3月推出，Dogecoin以相對平坦的價格行動開始了旅程。它最大的集會發生在2021年5月，之後埃隆·馬斯克（Elon Musk）在《星期六夜現場》（Saturday Night Live）露面之後，他稱其為“喧囂”，最終將Doge送至歷史最高的0.7376美元。目前，Doge的交易價格低約77％，至0.154美元。

In December 2024, Dogecoin experienced another surge, driven by a broader crypto market rally, leading to a 240% price increase from November 2024 lows. A third major rally happened in January 2025 as traders buzzed about the possibility of a new ATH.

2024年12月，Dogecoin經歷了另一次激增，這是由於更廣泛的加密市場集會的驅動，從2024年11月的低點造成240％的價格上漲。 2025年1月，交易員對新ATH的可能性嗡嗡作響，發生了第三次重大集會。

Despite these price surges, Dogecoin struggled to maintain momentum, even after the creation of the Department of Government Efficiency (D.O.G.E.), led by Elon Musk, and the meme coin's adoption in political and institutional circles.

儘管有這些價格激增，即使在由埃隆·馬斯克（Elon Musk）領導的政府效率部（DOGE）創建後，Dogecoin仍在努力保持勢頭，而模因硬幣在政治和機構圈子中的採用。

The hype surrounding Dogecoin's potential for political donations and integration into institutional investment vehicles wasn't enough to keep prices elevated.

圍繞Dogecoin進行政治捐款和整合到機構投資工具的潛力的炒作不足以使價格提高。

Also Read: Unprecedented 400% Surge In Dogecoin Network Activity: Is This A Bullish Move?

另請閱讀：Dogecoin網絡活動中空前的400％激增：這是看漲的舉動嗎？

Why It Matters: As Grayscale continues to expand its crypto offerings, the firm has also applied for approval to launch a Bitcoin ETF, further highlighting the increasing demand for institutional-grade crypto products.

為什麼它很重要：隨著灰度不斷擴大其加密產品的擴大，該公司還申請了批准來推出比特幣ETF，進一步強調了對機構級加密產品的需求不斷增長。

Grayscale’s initiative to launch a Dogecoin Trust comes amidst growing interest from institutional investors in meme coins. Earlier this year, Mike Novogratz's crypto hedge fund, Galaxy Digital, applied for approval to launch an Ethereum futures ETF.

Grayscale啟動Dogecoin Trust的倡議在Meme Coins的機構投資者越來越興趣之中。今年早些時候，邁克·諾維格拉茨（Mike Novogratz）的加密對沖基金Galaxy Digital申請了批准來推出以太坊期貨ETF。

Dogecoin, known for its widespread accessibility, affordability and rapid transaction speeds, has also managed to garner significant adoption in various parts of the world.

Dogecoin以其廣泛的可及性，可負擔性和快速交易速度而聞名，他還設法在世界各地獲得了大量採用。

Speculation about a Dogecoin ETF is heating up, as Bitwise, Rex Shares, and Osprey Funds have all filed S-1 applications for approval.

關於Dogecoin ETF的猜測正在加熱，因為Bitwise，Rex股票和魚鷹基金都提出了S-1申請供批准。

What's Next: With uncertainty still hanging over the broader crypto market, altcoins remain in limbo, waiting to rally alongside Bitcoin.

接下來是什麼：由於不確定性仍在更廣泛的加密市場上，altcoins仍然處於困境，等待與比特幣一起集會。

Crypto analyst Ali Martinez has pointed out that Dogecoin is now at a critical juncture, facing an important test: will it break out or hold firm at current levels?

加密分析師阿里·馬丁內斯（Ali Martinez）指出，Dogecoin現在正處於關鍵時刻，面臨著重要的測試：它會爆發還是在當前水平上保持公司？

#Dogecoin $DOGE at the edge, facing a big test.

#DogeCoin $ Doge在邊緣，面臨大型測試。

Will it break out or stand firm?

它會爆發還是堅定？

After a 38% correction in a month, Dogecoin is at a crucial point. Breaking the trendline could lead to further declines.

在一個月內進行了38％的糾正後，Dogecoin處於關鍵點。打破趨勢線可能會導致進一步下降。

Alternatively, if it manages to hold onto the support level (marked in blue), it could signal a potential bottom and set the stage for an ascent.

另外，如果它設法保持支持水平（以藍色為標記），則可以向潛在的底部發出信號並為上升設置階段。