The loose regulatory nature of the cryptocurrency market has led to an influx of meme coins, cryptocurrencies that lack meaningful real-world utility but can attract investors due to their appeal as a joke, because they are affiliated with someone or something popular, or for some other superficial reason.

加密货币市场的监管性质松散导致了模因硬币的涌入，缺乏有意义的现实世界实用程序的加密货币，但由于笑话的吸引力，可以吸引投资者，因为它们隶属于某人或某些人，或者出于某些其他肤浅的理由。

Dogecoin (DOGE 2.92%) is the original meme coin. It was created as a joke, but Dogecoin's price has risen by more than 50,000% since 2014. Those returns are no joke.

Dogecoin（Doge 2.92％）是原始的模因硬币。它是开玩笑的，但是自2014年以来，Dogecoin的价格上涨了50,000％。这些回报不是开玩笑。

It's been a volatile journey, though. Dogecoin is currently on a slide, having dropped to less than $0.20 after soaring to more than $0.46 in late 2024. With Bitcoin setting new highs recently, should investors buy Dogecoin at less than $0.25 and ride the train?

不过，这是一个动荡的旅程。 Dogecoin目前正在幻灯片上，在2024年末飙升至超过0.46美元后，跌至0.20美元。最近，随着比特币的新高点，投资者是否应该以低于0.25美元的价格购买Dogecoin并乘坐火车？

Here is what you need to know.

这是您需要知道的。

Image source: Getty Images.

图像来源：盖蒂图像。

Dogecoin has surpassed $0.25 several times before

Dogecoin之前已经超过了0.25美元

Dogecoin was around for a while before its popularity exploded in 2021. The meme coin has a large and supportive community and is a fully functioning cryptocurrency -- meaning people can use it as a digital currency at the few places where it's accepted.

Dogecoin在2021年爆发之前已经存在了一段时间。MemeCoin拥有一个庞大而支持的社区，并且是一种功能齐全的加密货币 - 这意味着人们可以在被接受的几个地方将其用作数字货币。

During the past five years, Dogecoin's price has surged to $0.25 or higher a number of times. However, it has struggled to stay there. Previous rallies occurred during periods of high cryptocurrency optimism, such as 2020-2021, and immediately after the 2024 election, when investors cheered an incoming president who had campaigned on a pro-cryptocurrency message.

在过去的五年中，Dogecoin的价格已飙升至0.25美元或更高次。但是，它一直在努力呆在那里。以前的集会发生在高加密货币乐观时期，例如2020-2021，以及2024年大选之后，当时投资者欢呼了一位接任的总统，该总统曾竞选了亲密货币信息。

Remember, investor sentiment is crucial to Dogecoin's price because cryptocurrencies lack underlying earnings or tangible assets to support their value. Their prices depend on the market's willingness to pay more for tokens.

请记住，投资者的情绪对Dogecoin的价格至关重要，因为加密货币缺乏基本收益或有形资产来支持其价值。他们的价格取决于市场为代币支付更多费用的意愿。

Three factors working against Dogecoin's long-term price potential

针对Dogecoin的长期价格潜力的三个因素

That willingness, or the demand for the cryptocurrency, stems from three key factors: utility, tokenomics, and competition.

这种意愿或对加密货币的需求源于三个关键因素：公用事业，代币学和竞争。

Dogecoin has problems in all three areas, which could continue to work against it over time.

Dogecoin在这三个领域都有问题，随着时间的流逝，这可能会继续与之抗衡。

First, Dogecoin lacks significant utility. Its popularity has resulted in some adoption: For example, some investment firms hope to launch Dogecoin exchange-traded funds (ETFs), which is a step in the right direction, and some merchants will accept it as payment. Still, Dogecoin is used for trades, tips, and donations primarily within its community. Meme coins generally aren't intended for much else.

首先，Dogecoin缺乏明显的效用。它的受欢迎程度引起了一些采用：例如，一些投资公司希望推出Dogecoin Exchange Frade Fachs（ETFS），这是朝着正确方向迈出的一步，一些商人会接受它作为付款。尽管如此，Dogecoin仍用于社区中的交易，技巧和捐赠。模因硬币通常并不是其他意图。

Second is Dogecoin's tokenomics. Many view Bitcoin as an anti-inflationary digital asset due to its increasing adoption and capped supply. But Dogecoin has an unlimited maximum supply, and miners earn about 10,000 tokens per minute. This ever-increasing supply has much the same effect on Dogecoin's price that share dilution has on a company's stock.

第二是Dogecoin的标记学。许多人认为比特币是一种反向通货膨胀的数字资产，因为其采用量不断增加和供应量。但是Dogecoin具有无限的最大供应量，矿工每分钟赚取约10,000个令牌。这种不断增加的供应对Dogecoin的价格具有与股票稀释对公司股票的影响。

Third, there is competition from newer meme coins. Many investors invest small sums in meme coins for fun. They typically aren't a serious component of a portfolio. Dogecoin's name recognition helps it, but investors may opt for different meme coins when newer, hotter tokens go viral. Less investor interest means lower prices.

第三，较新的模因硬币竞争。许多投资者将少量款项投资于Meme Coins，以娱乐。它们通常不是投资组合的严重组成部分。 Dogecoin的名称识别对此有所帮助，但是当新的，更热的令牌传播时，投资者可能会选择不同的模因硬币。较少的投资者利息意味着较低的价格。

Should you buy Dogecoin at less than $0.25?

您应该以不到$ 0.25的价格购买Dogecoin吗？

The main points of Dogecoin and other meme coins are to have fun and build community around your favorite tokens. So it's perfectly fine to buy Dogecoin today, as long you're not spending a meaningful amount of money or seriously expecting a profit.

Dogecoin和其他模因硬币的要点是在您喜欢的令牌周围获得乐趣并建立社区。因此，今天购买Dogecoin是完全可以的，只要您就不会花费有意义的钱或认真期望获得利润。

Of course, Dogecoin could spike and go to $0.25 and beyond, just as it has before. And if you buy Dogecoin and it happens to make you money, then that's great! Just don't count on it.

当然，Dogecoin可以像以前一样飙升，跌至0.25美元及以上。而且，如果您购买Dogecoin，并且恰好赚钱，那就太好了！只是不要指望它。

Dogecoin, like other meme coins, should not be considered a bigger deal than it is. It's all about going in with the proper expectations.

与其他模因硬币一样，Dogecoin不应被认为是比以前更大的。这一切都是关于适当的期望。