Meme 幣死了嗎？

迷因幣產業曾經是加密生態系統中蓬勃發展的組成部分，但最近其市值已跌至 400 億美元以下。

The meme coin market capitalization has decreased below $40 billion, as per data from CoinGecko, showing a 3% decrease in the last 24 hours and over a 12% drop in the previous week. This marks a stark reversal from the rapid growth and investor enthusiasm seen earlier.

根據 CoinGecko 的數據，meme 幣市值已跌至 400 億美元以下，顯示過去 24 小時內下跌 3%，上週下跌超過 12%。這標誌著與先前的快速成長和投資者熱情的明顯逆轉。

According to industry veteran Ran Neuner, the meme coin market is “dead,” owing to an oversaturated market.

根據行業資深人士 Ran Neuner 的說法，由於市場過度飽和，模因幣市場已經「死亡」。

“When there were few coins, the probability of you making money was actually skewed slightly more in your favor,” Neuner said.

「當硬幣很少時，你賺錢的可能性實際上會稍微對你有利，」諾伊納說。

This decline is also attributed to an overabundance of meme coins, as highlighted by Shu Zhu, co-founder of the now-defunct Three Arrows Capital. He cites the example of the大量涌入的 Neiro meme coins.

正如現已解散的三箭資本聯合創始人朱朱所強調的那樣，這種下降也歸因於模因幣的過多。他引用了大量湧入的 Neiro meme 硬幣的例子。

"This is a great cleansing. There were way too many projects, and degeneracy. Balance is being restored. Accept it, get better, and survive,” said crypto analyst Crash.

「這是一次偉大的清理。有太多的項目和墮落。平衡正在恢復。接受它，變得更好，並生存，」加密貨幣分析師 Crash 說。

Despite the market downturn, Neuner outlines two possible trading strategies. The first involves joining the “cabal”—insider groups that invest early. According to Neuner, it's a fun game if investors can enter at a low market capitalization and exit before insiders dump their tokens.

儘管市場低迷，諾伊納還是概述了兩種可能的交易策略。第一個涉及加入「陰謀集團」——早期投資的內部團體。根據 Neuner 的說法，如果投資者能夠以較低的市值進入並在內部人士拋售代幣之前退出，那麼這是一個有趣的遊戲。

"But you need to know the rules, and the rules are that the cabal is going to dump their coins on you on the way up, and you just hope that they're going to do it responsibly so they don't ruin their credibility, that they can keep repeating the same playbook,” Neuner said.

「但你需要知道規則，規則是陰謀集團會在你上升的過程中把他們的硬幣扔給你，你只是希望他們會負責任地這樣做，這樣他們就不會破壞他們的信譽，他們可以不斷重複同樣的劇本，」諾伊納說。

The second strategy proposed by Neuner focuses on older meme coins that still have market influence and community support. This approach may offer a more stable investment avenue in a volatile market.

Neuner 提出的第二個策略著重於仍具有市場影響力和社群支持的舊迷因幣。這種方法可以在動盪的市場中提供更穩定的投資途徑。

On the other hand, data from Lookonchain reveals a steep decline for top meme coins, with average losses of 63.73% from their peak values. Notably, Dogecoin (DOGE) and Shiba Inu (SHIB) have dropped by 57.93% and 70.86%, respectively. This decline extends across the board, indicating a widespread investor retreat from these assets.

另一方面，Lookonchain 的數據顯示，頂級 Meme 幣的價格急劇下跌，較高峰平均下跌 63.73%。值得注意的是，狗狗幣（DOGE）和柴犬（SHIB）分別下跌了57.93%和70.86%。這種下跌全面蔓延，顯示投資者普遍撤出這些資產。

Critics have pointed to Pump.fun, a platform that has enabled the launch of over 2 million meme coins. According to members of the crypto community, the platform is to blame for the oversaturation that has eroded the sector's profitability. Despite this, Pump.fun has achieved over $100 million in revenue since its launch, a figure that contrasts sharply with the fortunes of the coins it helped create.

批評者指出 Pump.fun 是一個已經推出了超過 200 萬個 Meme 幣的平台。據加密社區成員稱，該平台應該為過度飽和導致該行業盈利能力受到侵蝕負責。儘管如此，Pump.fun 自推出以來已實現超過 1 億美元的收入，這一數字與其幫助創造的代幣的財富形成鮮明對比。