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月份开始的0.166级级别的$ 0.166级别。实际上，这一水平仍然是一个积极的抵抗水平，大公公牛队在4月13日面临拒绝。

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

在过去的几个月中，Memecoin一直处于相当大的下降趋势。

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.

长期支持（0.143美元）的价格反弹是一个较小的发展。然而，链链指标表明，马诺可能已经被高估了。

Signs that Dogecoin may be trading at a premium

迹象表明狗狗币可能以溢价交易

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.

交易信号的网络值（NVTS）是使用NVT度量的修改版本，该版本使用交易量的90天移动平均值，而不是每日传输量。

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.

这个想法是在其市值增长迅速黯然失色（90天的转移量）时，使该比率更快地响应了过度扩张的资产。因此，NVTS的上升趋势意味着投资者可能会以溢价估值。

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.

在过去的四年中，有一些时期的价格趋向于南或侧面，而NVT趋势更高。它反映了在发稿时为狗狗蛋白的链链活动抑郁症。简而言之，这不是投资者在价格下跌期间想要看到的东西。

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.

在发稿时，180天的MVRV也深深地负面，显示了过去六个月的持有者，损失很大。在过去的六个星期中，交易数量和每日主动地址计数也有些下降。

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.

交易数量下降也可能有助于解释NVT的上升。休眠的循环在4月9日至15日发生了几个尖峰，显示了当地的多尔多格低点附近的一连串象征性运动。这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的上升和下降的转移量和计数，也是长期投资者的看跌信号。对纪念因素和持有人的需求减少了，损失很大，反映了道门背后的浓厚的看跌情绪。即使它试图超越当地的阻力水平。