Meme 币死了吗？

模因币行业曾经是加密生态系统中蓬勃发展的组成部分，但最近其市值骤降至 400 亿美元以下。

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.

根据 CoinGecko 的数据，meme 币市值已跌至 400 亿美元以下，显示过去 24 小时内下跌 3%，上周下跌超过 12%。这标志着与之前的快速增长和投资者热情的明显逆转。

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

根据行业资深人士 Ran Neuner 的说法，由于市场过度饱和，模因币市场已经“死亡”。

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

“当硬币很少时，你赚钱的可能性实际上会稍微对你有利，”诺伊纳说。

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.

正如现已解散的三箭资本联合创始人朱舒所强调的那样，这种下降还归因于模因币的过多。他引用了大量涌入的 Neiro meme 硬币的例子。

"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.

“这是一次伟大的清理。有太多的项目和堕落。平衡正在恢复。接受它，变得更好，并生存，”加密货币分析师 Crash 说。

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.

尽管市场低迷，诺伊纳还是概述了两种可能的交易策略。第一个涉及加入“阴谋集团”——早期投资的内部团体。根据 Neuner 的说法，如果投资者能够以较低的市值进入并在内部人士抛售代币之前退出，那么这是一个有趣的游戏。

"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.

“但你需要知道规则，规则是阴谋集团会在你上升的过程中把他们的硬币扔给你，你只是希望他们会负责任地这样做，这样他们就不会破坏他们的信誉，他们可以不断重复同样的剧本，”诺伊纳说。

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 提出的第二个策略侧重于仍然具有市场影响力和社区支持的旧模因币。这种方法可以在动荡的市场中提供更稳定的投资途径。

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 的数据显示，顶级 Meme 币的价格急剧下跌，较峰值平均下跌 63.73%。值得注意的是，狗狗币（DOGE）和柴犬（SHIB）分别下跌了57.93%和70.86%。这种下跌全面蔓延，表明投资者普遍撤出这些资产。

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.

批评者指出 Pump.fun 是一个已经推出了超过 200 万个 Meme 币的平台。据加密社区成员称，该平台应该为过度饱和导致该行业盈利能力受到侵蚀负责。尽管如此，Pump.fun 自推出以来已实现超过 1 亿美元的收入，这一数字与其帮助创造的代币的财富形成鲜明对比。