Dogecoin價格動作的真實故事

儘管價格幾乎沒有動動，但主要的投資者和日常交易者一直在悄悄地加載了流行的加密貨幣硬幣。

In the dynamic world of cryptocurrency, dramatic price swings often grab the headlines. However, the real story sometimes lies beneath the surface—and Dogecoin is the latest example. Despite its price remaining largely stagnant, major investors and everyday traders have been quietly loading up on the popular cryptocurrency coin. Over the past week alone, whales and spot traders collectively purchased more than $64 million worth of DOGE. The question now is: why hasn’t the price reacted, and what could happen next?

在加密貨幣的充滿活力的世界中，戲劇性的價格波動經常抓住頭條新聞。但是，真實的故事有時位於表面之下，而Dogecoin是最新的例子。儘管其價格仍然在很大程度上停滯不前，但主要的投資者和日常交易者一直在悄悄地加載了流行的加密貨幣硬幣。僅在過去的一周中，鯨魚和現場交易者共同購買了價值超過6400萬美元的大門。現在的問題是：為什麼價格沒有反應，接下來會發生什麼？

For a coin known for its volatility and internet-fueled hype, Dogecoin’s price has been surprisingly stable. In the last 24 hours, the price rose a mere 0.17%. Over the past week, the gain has been a modest 1.13%, and over the past month, just over 3%. These numbers don’t usually signal excitement in the crypto world. But at the same time, accumulation trends suggest a different story—one that suggests growing interest and long-term optimism.

對於以波動性和互聯網式炒作而聞名的硬幣，Dogecoin的價格令人驚訝地穩定。在過去的24小時內，價格僅上漲了0.17％。在過去的一周中，收益佔1.13％，在過去的一個月中，收益剛剛超過3％。這些數字通常不會在加密世界中表示興奮。但是與此同時，積累趨勢暗示了一個不同的故事，這表明了日益增長的興趣和長期樂觀。

Whale wallets, which are typically used by large investors or institutions, purchased approximately 100 million DOGE this past week. That’s worth around $17.5 million at current prices. More notably, spot traders—individuals or entities buying actual DOGE instead of futures or options—outpaced the whales, picking up about $46.5 million worth of the token. This wave of purchases represents more than just casual interest; it reflects a strategic accumulation phase by both retail and institutional players.

大型投資者或機構通常使用的鯨魚錢包在過去一周購買了約1億個門檻。目前的價格價值約為1750萬美元。更值得注意的是，現場交易者（個人或實體購買實際的門檻而不是期貨或期權）使鯨魚占據了鯨魚，獲得了價值約4650萬美元的代幣。這種購買浪潮不僅代表了偶然的興趣。它反映了零售和機構參與者的戰略積累階段。

One of the strongest indicators of bullish sentiment is the movement of tokens off of exchanges. Data shows a negative exchange netflow over the week, meaning more DOGE was withdrawn from exchanges than deposited. This typically suggests that investors are holding onto their coins in private wallets instead of keeping them on exchanges for immediate selling. It’s a classic sign that buyers are preparing for long-term gains rather than short-term trades.

看漲情緒最強烈的指標之一是代幣從交流中移動。數據顯示了一周內的負面交換NetFlow，這意味著從交換中撤出更多的Doge而不是沉積。這通常表明，投資者正在用私人錢包中堅持自己的硬幣，而不是將它們保留在交易所進行立即銷售的交易所。這是買家為長期收益而不是短期交易做準備的經典跡象。

The optimism isn’t limited to spot trading. In the derivatives market, funding rates and open interest have shown a sharp increase. One key indicator, the open interest-weighted funding rate, jumped more than tenfold—from 0.0004% to 0.0044%. This surge indicates that a significant number of traders are betting on a price increase by opening long positions. In simpler terms, they’re paying more to hold their bets that DOGE will go up.

樂觀不限於現場交易。在衍生品市場中，資金率和開放利息顯示出急劇上升。一個關鍵指標是開放利息加權的融資率，增長了十倍以上，從0.0004％到0.0044％。這次激增表明，大量的交易者通過開放長位置押注了價格上漲。從更簡單的角度來看，他們要付出更多的錢來舉行賭注，而Doge將會上升。

At the same time, buyer activity is dominating the market on top exchanges. Data from Binance and OKX shows that the taker buy/sell ratio is well above the neutral level of 1. On Binance, the ratio reached 2.56, and on OKX it climbed to 2.65. These numbers reveal that aggressive buying is outweighing selling pressure, another signal that traders expect upward movement.

同時，買方的活動在頂級交易所中占主導地位。來自Binance和OKX的數據表明，Taker的買賣比率遠高於1的中性水平。在Binance時，該比率達到2.56，而OKX在OKX上升至2.65。這些數字表明，積極的購買超過了銷售壓力，這是交易者期望向上移動的另一個信號。

But despite these bullish indicators, DOGE’s price remains largely stagnant. One explanation for this disconnect is the recent losses suffered by long traders. In the past 24 hours alone, they have lost about $4.5 million. These losses suggest that bears—those betting against the coin—are still active and strong enough to resist upward pressure, at least for now.

但是，儘管有這些看漲的指標，但Doge的價格仍然在很大程度上停滯不前。這種脫節的一種解釋是長期交易者最近遭受的損失。僅在過去的24小時內，他們就損失了約450萬美元。這些損失表明，至少目前，熊（對硬幣的投注仍然足以抵抗向上的壓力）。

Still, many see this phase as an opportunity rather than a setback. The longer Dogecoin’s price holds steady while accumulation continues, the more likely it becomes that the coin is gearing up for a breakout. In fact, this period of quiet accumulation may be laying the groundwork for a major rally. If bearish momentum weakens and demand remains strong, it could trigger a sudden surge as short-sellers rush to cover their positions.

儘管如此，許多人仍然將此階段視為機會，而不是挫折。在積累持續的同時，狗狗幣的價格穩定穩定，硬幣越有可能準備突破。實際上，這個安靜的積累時期可能是為重大集會奠定了基礎。如果看跌勢頭減弱和需求仍然強勁，那可能會引發突然的激增，因為賣空者急於掩蓋其位置。

Looking ahead, several catalysts could push Dogecoin higher. Broader movements in the crypto market, especially a rally in Bitcoin or Ethereum, could lift DOGE alongside them. Any public support or integration news from Elon Musk, who has historically boosted Dogecoin with a single tweet, could also provide the fuel needed to ignite a price surge.

展望未來，一些催化劑可以將多黴素提高。加密市場中的更廣泛的運動，尤其是比特幣或以太坊的集會，可以與他們一起抬起頭目。埃隆·馬斯克（Elon Musk）的任何公共支持或整合新聞都以歷史上的一條推文增強了多黴素，也可以提供點燃價格上漲所需的燃料。

For now, Dogecoin remains in a holding pattern. But the signals behind the scenes suggest that something bigger may be on the horizon. Investors accumulating at these levels appear to be betting that when the next move comes, it’ll be worth the wait.

目前，Dogecoin仍然處於固定狀態。但是幕後的信號表明，更大的東西可能會出現。積累這些級別的投資者似乎押注，當下一步行動到來時，值得等待。