Altcoin市場一直是影響最大的細分市場之一

山寨幣市場一直是加密貨幣行業最受影響的細分市場之一，這種不確定性使全球金融市場蒙上陰影

The altcoin market has been one of the most-affected segments of the crypto industry by the uncertainty that has clouded the global financial markets in the past few months. For instance, Dogecoin — the largest meme coin by market capitalization — lost over 55% of its value in the first quarter of 2025.

由於不確定性在過去幾個月中蒙蔽了全球金融市場，因此Altcoin市場一直是加密貨幣行業最受影響的領域之一。例如，Dogecoin（按市值計算的最大模因硬幣）在2025年第一季度損失了其價值的55％以上。

However, things seem to be looking up for the DOGE token, as its price jumped by nearly 15% in the past week. According to the latest on-chain observation, this recent rally might just be the beginning of another leg up for the meme coin over the coming weeks.

但是，由於過去一周的價格上漲了近15％，因此事情似乎正在尋找Doge代幣。根據最新的鍊鍊觀察，最近的集會可能只是未來幾週內模因硬幣的另一支腿的開始。

Is A Sustained Bull Run On The Cards For DOGE?

Doge的卡片上是否持續牛？

In an April 26 post on the X platform, pseudonymous crypto analyst Cryptollica posited that the price of Dogecoin could be gearing up for an extended bullish period over the next few weeks. This projection is based on the changes in the MVRV metric, which tracks the ratio of a coin’s market cap to its realized cap.

在4月26日在X平台上的一篇文章中，化名加密分析師Cryptollica認為，Dogecoin的價格可能會在接下來的幾週內為延長的看漲時期做好準備。該預測基於MVRV度量的變化，該指標跟踪了硬幣的市值與已實現的上限的比率。

The MVRV ratio basically tells how much value the investors hold (the market cap) against the value they put in (the realized cap). Hence, when the value of this metric is greater than 1, it means that more investors are in profit at the moment. Meanwhile, a less-than-one value implies that most of the market is in the red.

MVRV的比率基本上說明了投資者擁有的價值（市值）與他們投入的價值（已實現的上限）。因此，當該指標的價值大於1時，這意味著目前有更多的投資者正在獲利。同時，一個不太比一項的價值意味著大多數市場都處於紅色狀態。

As such, a high MVRV ratio is generally viewed as a price top signal because investors show more propensity to offload their assets when they are in profit. On the flip side, when the metric is below the “1” threshold, it suggests that the market might be bottoming out.

因此，高度MVRV比率通常被視為價格最高信號，因為投資者在獲利時表現出更多的傾向，可以卸載其資產。另一方面，當指標低於“ 1”閾值時，這表明市場可能正在觸底。

As observed in the chart above, the Dogecoin MVRV ratio seems to be thickening in and around the “1” threshold level. Besides its on-chain significance, this level has proven pivotal in certain trend reversals seen in the past, with the DOGE price bouncing back to a new local high each time the MVRV ratio persists around this mark.

如上圖所示，在“ 1”閾值水平上，Dogecoin MVRV比率似乎正在增厚。除了其鏈上的意義外，這一水平在過去所見的某些趨勢逆轉中已證明了關鍵，每次MVRV比率持續到此商標時，Doge的價格都會恢復到新的本地高位。

The price of Dogecoin surged by 1,900% and 2,200% in August 2017 and August 2020, respectively, when the MVRV ratio was at its current level. The last time it was around this level in August 2024, the DOGE price rallied by more than 400% to surpass $0.5.

Dogecoin的價格分別在2017年8月和2020年8月，當MVRV比率達到目前的水平時，分別飆升了1,900％和2,200％。最後一次是2024年8月的這個水平，總督價格上漲了400％以上，超過$ 0.5。

Going by the historical precedent, there is a likelihood that the DOGE price could be preparing for a significant upward movement. Considering the improving market climate, a sustained bullish run might not seem completely out of the question anymore at this point.

從歷史先例來看，道門價格可能有可能為重大的向上運動做準備。考慮到市場的改善，此時，持續的看漲奔跑似乎不再完全不可能了。

Dogecoin Price At A Glance

一目了然

After briefly touching the $0.19 mark in the early hours of Saturday, April 19, the DOGE price appears to have cooled off. As of this writing, the price of DOGE is hovering around $0.18, reflecting a 0.3% decline in the past 24 hours.

在4月19日（星期六）凌晨短暫觸及了0.19美元的成績之後，總督價格似乎已經降溫了。截至撰寫本文時，Doge的價格徘徊在0.18美元左右，反映了過去24小時內下降0.3％。