Altcoin市场一直是影响最大的细分市场之一

山寨币市场一直是加密货币行业最受影响的细分市场之一，这种不确定性使全球金融市场蒙上阴影

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.

由于不确定性在过去几个月中蒙蔽了全球金融市场，因此Altcoin市场一直是加密货币行业最受影响的领域之一。例如，Dogecoin（按市值计算的最大模因硬币）在2025年第一季度损失了其价值的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，由于过去一周的价格上涨了近15％，因此事情似乎正在寻找Doge代币。根据最新的链链观察，最近的集会可能只是未来几周内模因硬币的另一支腿的开始。

Is A Sustained Bull Run On The Cards For DOGE?

Doge的卡片上是否持续牛？

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，化名加密分析师Cryptollica认为，Dogecoin的价格可能会在接下来的几周内为延长的看涨时期做好准备。该预测基于MVRV度量的变化，该指标跟踪了硬币的市值与已实现的上限的比率。

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的比率基本上说明了投资者拥有的价值（市值）与他们投入的价值（已实现的上限）。因此，当该指标的价值大于1时，这意味着目前有更多的投资者正在获利。同时，一个不太比一项的价值意味着大多数市场都处于红色状态。

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比率通常被视为价格最高信号，因为投资者在获利时表现出更多的倾向，可以卸载其资产。另一方面，当指标低于“ 1”阈值时，这表明市场可能正在触底。

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.

如上图所示，在“ 1”阈值水平上，Dogecoin MVRV比率似乎正在增厚。除了其链上的意义外，这一水平在过去所见的某些趋势逆转中已证明了关键，每次MVRV比率持续到此商标时，Doge的价格都会恢复到新的本地高位。

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的价格分别在2017年8月和2020年8月，当MVRV比率达到目前的水平时，分别飙升了1,900％和2,200％。最后一次是2024年8月的这个水平，总督价格上涨了400％以上，超过$ 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.

从历史先例来看，道门价格可能有可能为重大的向上运动做准备。考虑到市场的改善，此时，持续的看涨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）凌晨短暂触及了0.19美元的成绩之后，总督价格似乎已经降温了。截至撰写本文时，Doge的价格徘徊在0.18美元左右，反映了过去24小时内下降0.3％。