Dogecoin（Doge）和Shiba Inu（Shib）在投資者的想像中生活很大

Dogecoin（Doge 5.53％）和Shiba Inu（Shib 7.50％）的想像力很大，這要歸功於他們較早的拋物線量，使一些持有人成為百萬富翁。

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) live large in investors' imaginations thanks to their earlier parabolic run-ups that saw some holders become millionaires. Of course, both meme coins probably lost other investors vast sums of money as well. But that doesn't deter the hopeful from wondering whether another coin, or perhaps even one of these two, might reach stratospheric heights once again under the right set of conditions.

Dogecoin（Crypto：Doge）和Shiba Inu（加密：Shib）的想像力很大，這要歸功於他們較早的拋物線寄生er升級，使一些持有人成為百萬富翁。當然，這兩個模因硬幣也可能損失了其他投資者，也浪費了巨額資金。但這並不能阻止希望在正確的條件下再次達到平流層高度的其他硬幣，甚至可能再次達到平流層高度。

With that in mind, let's explore what those conditions actually are and evaluate whether another coin might one day fly to match or even surpass them -- even if it wouldn't be a good long-term investment, much like the other two.

考慮到這一點，讓我們探索這些情況的實際狀況，並評估其他硬幣是否可能有一天會匹配甚至超過它們 - 即使這不是一筆不錯的長期投資，就像其他兩個一樣。

Liquidity and speculative appetite matter a lot here

流動性和投機性食慾很大

The environment that produced the major price spikes in both Dogecoin and Shiba Inu can be described as a speculative frenzy. 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?

在Dogecoin和Shiba Inu中產生主要價格峰值的環境可以描述為投機性狂熱。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. Liquidity as it pertains to meme coins has a couple of components.

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。與模因硬幣有關的流動性具有幾個組成部分。

The factor that most investors will be the most familiar with is simply how much money potential speculators have in their potential 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.

大多數投資者最熟悉的因素僅僅是潛在投機者在潛在的潛力和投資帳戶中擁有多少錢。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, toward 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望著風險曲線，朝著較小的增長庫存和加密貨幣介紹。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 influencing liquidity 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.

影響流動性的另一個關鍵因素是藉錢的成本，取決於美聯儲的主要利率。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：

Dogecoin Price Data by YCharts

YCHARTS的Dogecoin價格數據

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。

There are better investments

有更好的投資

Waiting to buy these meme coins until the environment is right for them or one of their successors to go to the moon is not a good strategy. Both Dogecoin and Shiba Inu crashed sharply after their peaks, and there is no reason to believe that they will recover and become good investments for those who purchased them at the top, though it is technically possible.

等待購買這些模因硬幣，直到環境適合他們或他們的繼任者之一上月球並不是一個好策略。 Dogecoin和Shiba Inu達到頂峰後都急劇崩潰，沒有理由相信它們會恢復並成為那些在高層購買的人，儘管在技術上是可能的。

Given 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.

鑑於這些賭博或其他類似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，並註意自己的傾向可能是什麼。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。