The environment that produced the major price spikes in both Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB) can be described as a speculative frenzy.

在Dogecoin（Crypto：Doge）和Shiba Inu（Crypto：Shib）中產生主要價格峰值的環境可以描述為投機性瘋狂。

That's a bit of a tautology though, as super-speculative and ultra-risky investments in valueless meme coins simply do not happen at large scale outside of such conditions. But what causes those extremely speculative periods that tend to pump up the riskiest of risk assets?

但是，這是一種重言式，因為對無價值的模因硬幣的超規範和超風險的投資根本不會在這種情況以外的大規模上發生。但是，是什麼原因導致那些傾向於提高風險資產風險的極端投機期？

In a word, liquidity, which is to say the amount of money circulating in the cryptocurrency markets and also in traditional markets.

總而言之，流動性是說在加密貨幣市場以及傳統市場中流通的資金數量。

Liquidity as it pertains to meme coins has a couple of components. The factor that most investors will be the most familiar with is simply how much money potential speculators have in their pockets and in their investment accounts on average. When people are being given money actively, like with the pandemic-era economic stimulus policies, it directly frees up more of their capital to be allocated to investments.

與模因硬幣有關的流動性具有幾個組成部分。大多數投資者最熟悉的因素僅僅是潛在投機者在口袋里和投資賬戶中擁有多少錢。當人們積極地賺錢時，就像大流行時期的經濟刺激政策一樣，它直接釋放了更多的資本，可以分配給投資。

If they are already feeling like their standard and less-risky set of investments are sufficiently supplied with capital, it's natural for people to look further out on the risk curve, smaller growth stocks and cryptocurrencies. With enough slack, some people may be willing to take outright gambles in (misguided) hopes of leveraging their disposable income into a dramatically larger amount of money.

如果他們已經覺得自己的標準和不太風險的投資已經充分提供了資本，那麼人們自然而然地在風險曲線，較小的增長庫存和加密貨幣上遠遠旅行。有了足夠的懈怠，有些人可能願意徹底賭博（誤導）將其可支配收入利用為大量的錢。

The other key factor is the cost of borrowing money, as determined by the Federal Reserve's prime interest rate. That cost is largely incurred by banks and institutional investors, but it trickles down to consumer borrowing costs as well. When holders of massive sums of capital can take out cheaper loans, their appetite for risky plays increases, as the required rate of return on their investments to cover their borrowing fees and turn a profit becomes lower. The big players are probably not ever going to be buying Dogecoin or Shiba Inu directly, but they will doubtlessly invest in risky growth stocks once again, pumping the prices of those assets, and thereby creating a wealth effect that makes smaller holders feel richer, and thus more confident in taking on riskier plays themselves.

另一個關鍵因素是由美聯儲的主要利率確定的借貸成本。銀行和機構投資者在很大程度上產生了這一成本，但也降低了消費者藉貸成本。當大量資本的持有人可以利用較便宜的貸款時，他們對風險戲劇的需求就會增加，因為所需的投資回報率以支付其借貸費用並將利潤變成較低。大玩家可能永遠不會直接購買Dogecoin或Shiba Inu，但毫無疑問，他們會再次投資於風險的增長股票，傾斜這些資產的價格，從而產生財富效應，從而使較小的持有人變得更加富有，從而更有信心，從而更有自信地承擔風險更高的遊戲。

Both Dogecoin and Shiba Inu saw their prices explode most recently during the pandemic period, specifically in late 2021. People's disposable incomes were supplemented by the government, and liquidity was extremely easy to come by for consumers as well as for financial institutions. In other words, the conditions were perfect for a meme stock surge.

Dogecoin和Shiba Inu都看到他們的價格最近在大流行時期，特別是在2021年底。政府補充了人們的一次性收入，對於消費者以及金融機構來說，流動性非常容易獲得。換句話說，這些條件非常適合模因庫存激增。

Take a look at this chart:

看一下此圖表：

Of course, the fact that both of these coins rose so sharply and rapidly is also a testament to the speculative crowd's boundless creativity in crafting new ways to wring gains out of the riskiest assets. But even the most creative minds need some raw material to work with, and that's liquidity.

當然，這兩種硬幣都如此迅速而迅速地升起的事實也證明了投機性人群無限的創造力，在製定新的方式以擺脫最風險的資產中的新方法。但是，即使是最具創造力的頭腦也需要一些原材料才能使用，這就是流動性。

As you can see, while it didn't result in breaching the all-time highs, all it took to send Dogecoin sharply upward more recently was the mere anticipation of interest rates falling further.

如您所見，雖然這並沒有導致違反歷史最高的高點，但最近將Dogecoin急劇向上發送的只是預期利率進一步下降。

And while there wasn't another meme coin that has reached multi-billion heights in the same way as either Dogecoin or Shiba Inu, on a long enough timescale, it's inevitable so long as there are additional periods of increasing liquidity and personal income. During that same period, these two established coins will almost certainly rise significantly.

儘管沒有其他模因硬幣以與Dogecoin或Shiba Inu相同的方式達到數十億個高度，但在足夠長的時間表上，只要有更多的流動性和個人收入增加，這是不可避免的。在同一時期，這兩個已建立的硬幣幾乎肯定會顯著上升。

Resist the urge to gamble when you have more money than usual

抵制比平常更多的錢時賭博的衝動

Now, considering that these gambles or others like them tend to flourish in times when you're likely to have a little bit more cash on hand, a far smarter move is to keep an eye on liquidity conditions and be mindful of what your own inclinations are likely to be. Resist the urge to take gambles when you have more money than usual, especially if your portfolio is already doing well. The better option here is to shore up your safer plays rather than to throw your money away.

現在，考慮到這些賭博或其他類似他們的賭博往往會在您可能擁有更多現金的時候蓬勃發展，因此更聰明的舉動是關注流動性條件，並註意自己的傾向。當您比平時多的錢時，請抵制去賭博的衝動，尤其是如果您的投資組合已經做得很好。這裡更好的選擇是提高您的更安全的戲劇，而不是扔掉您的錢。

Finally, do not give in to the fear of missing out (FOMO) with Shiba Inu, Dogecoin, or any other meme coin that seems like it won't stop going up. The party always ends eventually, and by the time you hear about these coins, the odds are very good that it's closer to being the end than the start.

最後，不要屈服於害怕錯過shiba inu，dogecoin或其他任何似乎不會停止上升的模因硬幣（FOMO）。聚會總是最終結束了，當您聽到這些硬幣時，這種情況非常好，它比起點更接近結局。