Memecoins的時代一直在重寫，而Dogecoin仍然是它的臉。

雖然Solana和Cardano同時將自己固定為功能豐富的一層網絡。

The era of memecoins keeps rewriting itself, and Dogecoin remains its face. While Solana and Cardano are meanwhile solidifying themselves as feature-rich layer-one networks.

Memecoins的時代一直在重寫，而Dogecoin仍然是它的臉。雖然Solana和Cardano同時將自己固定為功能豐富的一層網絡。

As both now each set out after their own unique portion of the market, analysts are asking an uncomfortable question: whether a community token with modest on-chain usage can eventually surpass two technically sophisticated chains combined in value. To react, we need to level catalysts across all three fronts and pit our best bets against the data in the field.

由於現在每個人都在自己獨特的市場部分出現時，分析師都在問一個不舒服的問題：具有適度鏈使用情況的社區是否最終可以超過兩個技術上複雜的鏈條，並有價值。為了做出反應，我們需要將催化劑在所有三個方面都放置，並將我們對現場數據的最佳下注。

Dogecoin: Mining Marriage, Exchange Mania, Social Velocity

Dogecoin：採礦婚姻，交換躁狂症，社會速度

Dogecoin’s recent uptrend gained traction following Bitget listing a new campaign offering volume-rewarding for top trending alts, which included DOGE once again — an initiative that the exchange showcases in its “Diamond Thursday”

Dogecoin最近的上升趨勢在BITGET列出了一項新的廣告系列後獲得了吸引力

Much more significant is the merger of Z Squared–Coeptis, taking nine-thousand DOGE mining rigs public during Q3 2025. By the joint release link, public listing of the new company should enable lower-cost capital to come in, with hash-rate expansion no longer involving perpetual selling of tokens.

更重要的是Z平方與食飲，在第3季度2025年期間將公開的九千個門檻開採鑽機公開。通過聯合發布鏈接，新公司的公開上市應使低成本資本能夠進入，而不再涉及將代幣的銷售永久銷售。

Precedents in Bitcoin mining remind us that institutional holding of mining stock tightens exchange supply and adds torque as sentiment reverses to become bullish.

比特幣開采的先例提醒我們，機構持有採礦庫存會收緊匯率供應，並增加了扭矩，因為情緒逆轉變得看漲。

Traders in on-chain action notice that DOGE is up by some fifteen percent over the last week amid surging social sentiment. However, it must break the resistance level of $0.19–$0.21 in order to demonstrate a structural adjustment.

在社交情緒激增的情況下，在鏈上行動通知中，Doge的交易者在上週增長了約15％。但是，它必須打破0.19-0.21美元的電阻水平，以證明結構性調整。

Until and unless such a breakout occurs, Dogecoin’s flippening thesis takes a greater help of network influences of the meme economy and is weaker on the fundamentals.

在此之前，除非發生這種突破，否則Dogecoin的動盪論文對模因經濟的網絡影響更大，並且對基本面的影響較弱。

Solana: Institutional Wallets and Validator Economics

索拉納：機構錢包和驗證者經濟學

Solana’s pullback to the high-$140s coincides with 4-hour chart oversold readings when the relative-strength index dipped below thirty. But the macro climate is anything but weak.DeFi Development Corp. just filed a $1 billion shelf offering with the SEC in an effort to accumulate SOL and rev up validators, a strategy detailed in its treasury-reserve plan.

當相對強度索引下降到30以下時，索拉納（Solana）的回調與4小時的讀數相吻合。但是宏觀的氣候並不是弱者。

The firm has already raised $42 million in convertible notes, which makes Solana a balance-sheet asset similar to MicroStrategy’s Bitcoin war chest.

該公司已經籌集了4200萬美元的可轉換票據，這使Solana成為與Microstrategy的比特幣戰爭箱相似的資產負債表。

Every corporate tranche staked removes circulating supply from circulation and allocates yield, facilitating a virtuous feedback loop: higher price → higher staking return in dollar terms → more incentive for institutions to join.

每個公司批准都可以從循環和分配收益率中刪除流通的供應，從而促進了良性的反饋迴路：更高的價格→以美元計算以美元歸還率更高的股票回報→更多的動機使機構加入。

Meanwhile, Solana’s meme-coin ecosystem is rejuvenating NFT trading volume. Pudgy Penguins–associated PENGU token sales propelled overall meme-coin capitalization on Solana past ten billion dollars, which means that cultural traction can reinforce institutional capital linkage.

同時，Solana的Meme-Coin生態系統正在恢復NFT交易量。矮胖的企鵝相關的Pengu代幣銷售推動了超過一億美元的整體模因資本化，這意味著文化吸引力可以加強機構資本聯繫。

Should the chain be able to keep both narratives going, Solana’s market cap shortfall compared to Dogecoin could increase before turning around.

如果連鎖店能夠保持這兩種敘述，那麼與狗狗幣相比，索拉納的市值短缺可能會增加。

Cardano: Yield Innovation and Liquidity Constriction

Cardano：產生創新和流動性收縮

Cardano isn’t going to be setting speed records, but its steady-as-she-goes development is finally paying off with user-visible returns. Coming next is the Minataur protocol, which will allow users to stake stablecoins on-chain, adding a low-volatility revenue stream Charles Hoskinson describes as the safest yield Cardano has ever made.

Cardano不會設定速度記錄，但是它的穩定速度與她的開發終於獲得了可見的回報。接下來是Minataur協議，該協議將允許用戶在鏈上存放Stablecoins，並添加了低揮發性收入流Charles Hoskinson所描述的是Cardano有史以來最安全的收益率。

Meanwhile, Begin Wallet has added support for Liqwid Labs lending, allowing users to earn up to twenty-one percent APY on USDT, USDC, or Cardano-native DJED link.

同時，Begin Wallet增加了對Liqwid Labs貸款的支持，使用戶可以在USDT，USDC或Cardano-Native djed鏈接上賺取多達21％的APY。

These tokens eliminate the need to bridge assets out of Cardano, locking value in the system and minimizing exchange float. On-chain data already shows a jump in ADA withdrawals, an early sign of tightening supply.

這些代幣消除了將資產從卡爾巴諾（Cardano）中彌合的需求，在系統中鎖定價值並最大程度地減少了浮點。鏈上的數據已經顯示出ADA提取的增加，這是供應收緊的早期跡象。

Technically, ADA’s 4-hour close over $0.7185 was a change-of-character breakout link. A higher low over the 0.618 Fibonacci retracement at $0.699 would leave the way open to the mid-$0.80s.

從技術上講，ADA的4小時收盤價超過$ 0.7185是一個特色的突破鏈接。高於0.618的斐波那契回收額為$ 0.699的低點將使$ 0.80的中途開放。

Could DOGE Plausibly Flip Either Chain?

Doge可以合理地翻轉任何一條鏈嗎？

Market-cap math states that Dogecoin must triple in order to take out Cardano and nearly triple yet again to overtake Solana at present prices. This can only happen if two things occur in tandem: a meme-altering catalyst event redirects retail craziness into DOGE, and the underlying roadmaps of Solana and Cardano are disrupted.

市場上帽數學指出，狗狗幣必須三倍才能拿出卡爾達諾（Cardano）和幾乎三倍，才能以目前的價格超過索拉納（Solana）。只有在同時出現兩件事時，才能發生這種情況：改變模因的催化劑事件將零售瘋狂的零售業重定向到Doge，而Solana和Cardano的基本路線圖也被破壞了。

All present evidence suggests otherwise. Solana is luring billion-dollar treasuries, and Cardano is turning into an on-chain savings account with real, defendable yield. Both tailwinds attract sticky capital, not speculative churn.

所有目前的證據都暗示了另外。索拉納（Solana）正在誘使十億美元的國債，而卡達諾（Cardano）正在以真實，可捍衛的收益率變成一個鏈上儲蓄帳戶。兩條尾風吸引了粘性資本，而不是投機性的流失。

All of that notwithstanding, the only source of competitive strength Dogecoin possesses is optionality. No other token has the capability of converting a joke to payment asset within an Elon Musk tweet.

儘管所有這些，但競爭力量的唯一來源就是可選性。沒有其他代幣能夠將笑話轉換為埃隆·馬斯克（Elon Musk）推文中的付款資產。

Now with Z Squared getting listed, DOGE will at least receive a superficial halo of institutional acceptance and dilute the story disadvantage. Still, shorting SOL or ADA looks unlikely without some sort of use

現在，隨著Z Squared被列出，Doge至少將獲得機構接受的表面光環，並稀釋故事不利。儘管如此，在沒有某種用途的情況下，Shorting Sol或Ada看起來不太可能