Memecoins的时代一直在重写，而Dogecoin仍然是它的脸。

虽然Solana和Cardano同时将自己固定为功能丰富的一层网络。

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的时代一直在重写，而Dogecoin仍然是它的脸。虽然Solana和Cardano同时将自己固定为功能丰富的一层网络。

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.

由于现在每个人都在自己独特的市场部分出现时，分析师都在问一个不舒服的问题：具有适度链使用情况的社区是否最终可以超过两个技术上复杂的链条，并有价值。为了做出反应，我们需要将催化剂在所有三个方面都放置，并将我们对现场数据的最佳下注。

Dogecoin: Mining Marriage, Exchange Mania, Social Velocity

Dogecoin：采矿婚姻，交换躁狂症，社会速度

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最近的上升趋势在BITGET列出了一项新的广告系列后获得了吸引力

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平方与食饮，在第3季度2025年期间将公开的九千个门槛开采钻机公开。通过联合发布链接，新公司的公开上市应使低成本资本能够进入，而不再涉及将代币的销售永久销售。

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

比特币开采的先例提醒我们，机构持有采矿库存会收紧汇率供应，并增加了扭矩，因为情绪逆转变得看涨。

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.

在社交情绪激增的情况下，在链上行动通知中，Doge的交易者在上周增长了约15％。但是，它必须打破0.19-0.21美元的电阻水平，以证明结构性调整。

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，除非发生这种突破，否则Dogecoin的动荡论文对模因经济的网络影响更大，并且对基本面的影响较弱。

Solana: Institutional Wallets and Validator Economics

索拉纳：机构钱包和验证者经济学

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.

当相对强度索引下降到30以下时，索拉纳（Solana）的回调与4小时的读数相吻合。但是宏观的气候并不是弱者。

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

该公司已经筹集了4200万美元的可转换票据，这使Solana成为与Microstrategy的比特币战争箱相似的资产负债表。

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.

每个公司批准都可以从循环和分配收益率中删除流通的供应，从而促进了良性的反馈回路：更高的价格→以美元计算以美元归还率更高的股票回报→更多的动机使机构加入。

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.

同时，Solana的Meme-Coin生态系统正在恢复NFT交易量。矮胖的企鹅相关的Pengu代币销售推动了超过一亿美元的整体模因资本化，这意味着文化吸引力可以加强机构资本联系。

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

如果连锁店能够保持这两种叙述，那么与狗狗币相比，索拉纳的市值短缺可能会增加。

Cardano: Yield Innovation and Liquidity Constriction

Cardano：产生创新和流动性收缩

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不会设定速度记录，但是它的稳定速度与她的开发终于获得了可见的回报。接下来是Minataur协议，该协议将允许用户在链上存放Stablecoins，并添加了低挥发性收入流Charles Hoskinson所描述的是Cardano有史以来最安全的收益率。

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.

同时，Begin Wallet增加了对Liqwid Labs贷款的支持，使用户可以在USDT，USDC或Cardano-Native djed链接上赚取多达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.

这些代币消除了将资产从卡尔巴诺（Cardano）中弥合的需求，在系统中锁定价值并最大程度地减少了浮点。链上的数据已经显示出ADA提取的增加，这是供应收紧的早期迹象。

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.

从技术上讲，ADA的4小时收盘价超过$ 0.7185是一个特色的突破链接。高于0.618的斐波那契回收额为$ 0.699的低点将使$ 0.80的中途开放。

Could DOGE Plausibly Flip Either Chain?

Doge可以合理地翻转任何一条链吗？

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.

市场上帽数学指出，狗狗币必须三倍才能拿出卡尔达诺（Cardano）和几乎三倍，才能以目前的价格超过索拉纳（Solana）。只有在同时出现两件事时，才能发生这种情况：改变模因的催化剂事件将零售疯狂的零售业重定向到Doge，而Solana和Cardano的基本路线图也被破坏了。

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.

所有目前的证据都暗示了另外。索拉纳（Solana）正在诱使十亿美元的国债，而卡达诺（Cardano）正在以真实，可捍卫的收益率变成一个链上储蓄帐户。两条尾风吸引了粘性资本，而不是投机性的流失。

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.

尽管所有这些，但竞争力量的唯一来源就是可选性。没有其他代币能够将笑话转换为埃隆·马斯克（Elon Musk）推文中的付款资产。

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

现在，随着Z Squared被列出，Doge至少将获得机构接受的表面光环，并稀释故事不利。尽管如此，在没有某种用途的情况下，Shorting Sol或Ada看起来不太可能