SEC、TradFi 看門人引發了數十億美元的 Memecoin 狂潮

模因幣熱潮仍在繼續，多個項目的估值突破了十億美元大關。專家將這種激增歸因於美國證券交易委員會的監管以及傳統金融領域散戶投資者的有限准入等因素。 Solana 的 Dogwifhat (WIF) 經歷了爆炸性增長，成為市值第三大 memecoin，價值超過 4 美元。 Solana 生態系統目前在 670 億美元的 memecoin 市場中佔 80 億美元，凸顯了其在該領域的主導地位。

Memecoin Frenzy: Billion-Dollar Valuations and the Influence of Regulators and Traditional Finance

Memecoin 狂熱：數十億美元的估值以及監管機構和傳統金融的影響

In the burgeoning world of cryptocurrencies, a peculiar phenomenon known as "memecoins" has emerged, defying industry norms and capturing the attention of investors and speculators alike. These memecoins, often rooted in popular internet culture and initially dismissed as mere jokes, have recently witnessed a surge in popularity and value, with several crossing the coveted billion-dollar valuation mark.

在蓬勃發展的加密貨幣世界中，出現了一種被稱為「迷因幣」的奇特現象，它違反了行業規範，吸引了投資者和投機者的注意。這些迷因幣通常植根於流行的網路文化，最初被視為純粹的笑話，但最近見證了受歡迎程度和價值的飆升，其中一些已經突破了令人垂涎的十億美元估值大關。

At the forefront of this memecoin frenzy is the Solana [SOL] ecosystem, where community-driven projects like Dogwifhat [WIF] have experienced explosive growth. At the time of writing, WIF has soared by 30% on the weekly chart, briefly touching $4 and surpassing Pepe [Pepe] to become the third largest memecoin by market capitalization. Starting as a native Solana meme, WIF now boasts a market cap of $3.6 billion.

處於這場 memecoin 熱潮最前沿的是 Solana [SOL] 生態系統，其中像 Dogwifhat [WIF] 這樣的社區驅動項目經歷了爆炸性增長。截至撰寫本文時，WIF 在周線圖上已飆升 30%，短暫觸及 4 美元，並超越 Pepe [Pepe]，成為市值第三大 memecoin。 WIF 最初是 Solana 的原生表情包，目前市值已達 36 億美元。

The Solana ecosystem has become a breeding ground for such unicorn memes, with WIF and Bonk [BONK] both surpassing the $1 billion market cap milestone. Notably, the Solana ecosystem accounts for approximately $8 billion of the $67 billion total memecoin market, representing a significant 12% stake.

Solana 生態系統已成為此類獨角獸迷因的滋生地，WIF 和 Bonk [BONK] 的市值均突破了 10 億美元的里程碑。值得注意的是，Solana 生態系統在 memecoin 市場總額 670 億美元中約佔 80 億美元，佔 12% 的份額。

This remarkable surge in memecoin valuations has prompted seasoned crypto figures to speculate about the underlying factors driving their popularity. Prominent voices in the industry have blamed the Securities and Exchange Commission (SEC) and traditional finance (TradFi) for the meme frenzy.

迷因幣估值的顯著飆升促使經驗豐富的加密貨幣人士猜測推動其受歡迎的潛在因素。業內知名人士將這種迷因狂潮歸咎於美國證券交易委員會 (SEC) 和傳統金融 (TradFi)。

Dan McArdle, Co-Founder of Messari, succinctly encapsulates this view: "The SEC makes it illegal for people who aren't already rich to try and get rich from early-stage companies and projects. Result: memecoins to billions."

Messari 聯合創始人 Dan McArdle 簡潔地概括了這一觀點：「美國證券交易委員會規定，尚未富裕的人嘗試從早期公司和專案致富是非法的。結果：模因幣價值數十億美元。”

Arthur Hayes, former CEO of BitMEX exchange, shares a similar perspective. In a recent newsletter advocating for a "Points System" for crypto projects, Hayes emphasizes how retail investors are often denied fair access to early-stage investments at more favorable prices.

BitMEX 交易所前執行長 Arthur Hayes 也持有類似的觀點。在最近的一份提倡加密貨幣項目「積分系統」的通訊中，海耶斯強調散戶投資者往往無法以更優惠的價格公平地獲得早期投資。

According to Hayes, "But without a hungry hoard of retail buyers who are excluded from investing earlier at much cheaper prices, there would be no buying pressure to create a successful IPO. That is why retail participation must be saved for the end and not the beginning of the fundraising lifecycle."

海耶斯表示，「但是，如果沒有大量飢餓的散戶買家，他們無法以更便宜的價格進行早期投資，那麼就不會產生成功IPO 的購買壓力。這就是為什麼散戶參與必須留到最後，而不是等到最後的時候。”籌款生命週期的開始。”

Traditional financial markets often exclude retail investors from discounted prices, enabling companies to unload shares at higher prices during Initial Public Offerings (IPOs). Conversely, cryptocurrency offers retail investors early access to promising projects through mechanisms such as Initial Coin Offerings (ICOs), yield farming, and points.

傳統金融市場通常將散戶投資者排除在折扣價之外，使公司能夠在首次公開發行（IPO）期間以更高的價格出售股票。相反，加密貨幣透過首次代幣發行（ICO）、流動性挖礦和積分等機制為散戶投資者提供早期參與有前途專案的機會。

However, not all industry observers share this view. One user offers a contrarian perspective: "Meme coins are really just communities of traders that have agreed to compete to take each other's money using price action."

然而，並非所有行業觀察家都同意這一觀點。一位用戶提出了相反的觀點：“Meme 幣實際上只是交易者的社區，他們同意利用價格行為競爭來獲取彼此的錢。”

Regardless of the underlying motivations, memecoins have emerged as billion-dollar gems, outperforming some established projects in the first quarter of 2024. Despite their allure, it is crucial to exercise due diligence, as these investments are not without risk.

不管潛在的動機如何，memecoin 已經成為價值數十億美元的寶石，在2024 年第一季的表現超過了一些成熟的項目。儘管它們很有吸引力，但進行盡職調查至關重要，因為這些投資並非沒有風險。

As the memecoin frenzy continues to unfold, it remains to be seen whether regulatory scrutiny or the ebb and flow of market sentiment will shape their long-term trajectory. However, one thing is clear: memecoins have firmly established themselves within the cryptocurrency landscape, capturing the imagination of investors and challenging traditional notions of asset valuation.

隨著迷因幣熱潮的持續展開，監管審查或市場情緒的起伏是否會影響其長期發展軌跡還有待觀察。然而，有一點是明確的：模因幣已經在加密貨幣領域站穩了腳跟，吸引了投資者的想像力，挑戰了傳統的資產估值概念。