模因硬币的热条纹在Q1 2025中急剧冷却

这种急剧下降发生了，因为投资者的兴趣消失了，重大丑闻袭击了高度投机的市场。

Meme coins’ hot streak cooled dramatically in Q1 2025. This sharp drop happened as investor interest faded and a major scandal hit the highly speculative market.

Meme Coins的热连胜在第1季度的2025年急剧冷却。这种急剧下降发生在投资者的兴趣逐渐消失，而一个重大丑闻袭击了高度投机的市场。

CoinGecko’s Q1 report highlighted the main trigger: LIBRA’s sudden collapse. When this political meme coin tied to Argentina’s President Milei imploded, the fallout caused activity on Solana’s Pump.fun platform to drop over 56.3% from its January high.

Coingecko的Q1报告强调了主要触发因素：天秤座的突然崩溃。当这种政治模因与阿根廷总统麦莉（Milei）融为一体时，这种影响导致索拉纳（Solana）的泵的活动。FUN平台比1月份的高点下降了56.3％。

What Fueled the Initial Meme Coin Surge?

是什么促进了最初的模因硬币激增？

Political hype fueled the early 2025 meme coin surge. Specifically, the launches of official TRUMP and MELANIA tokens created a major frenzy on Solana. This activity peaked with a record 72,000 new tokens launched daily on the Pump.fun platform.

政治炒作加剧了2025年初的模因硬币激增。具体来说，官方特朗普和梅拉尼亚代币的推出对索拉纳产生了严重的疯狂。这项活动以每天在pump.fun平台上推出的72,000个新令牌达到顶峰。

This frenzy gave birth to the “political meme coin” trend, with tokens named after politicians and countries flooding the Solana network.

这种疯狂的人诞生了“政治模因硬币”趋势，代币以政治家和淹没索拉纳网络的国家命名。

Related: Price Action for TRUMP, PEPE Defies Logic After Large On-Chain Moves

相关：特朗普的价格行动，佩佩在大链移动后违反逻辑

How Did the LIBRA Token Collapse?

天秤座令牌是如何崩溃的？

But the trend died quickly when LIBRA collapsed, just hours after a tweet from President Milei. Its market cap crashed hard from $4.6 billion down to $221 million as insiders allegedly rug-pulled over $107 million in liquidity.

但是当天秤座倒塌时，趋势很快就消失了，仅在米利总统的推文中几个小时后。由于内部人士据称地毯超过1.07亿美元的流动性，其市值从46亿美元下降到2.21亿美元。

The fallout was brutal: meme coins lost their luster, and trust in new launches evaporated. As a result, by Q1’s end, daily Pump.fun token creation fell to just 31,000 – far below the January peak.

辐射是残酷的：模因硬币失去了光泽，对新发布的信任蒸发了。结果，到第1季度的结尾，每日泵。fun代币的创建仅降至31,000，远低于一月份的山峰。

The percentage of tokens that “graduated,” that is, gained traction and traded beyond the Pump.fun environment, also halved, dropping from 1.4% to just 0.7%.

“毕业”的代币百分比（即获得了吸引力并超越泵）的百分比。FUN环境也减半，从1.4％下降到仅0.7％。

Related: SHIB Holds #2 Meme Rank, But Can It Survive This Critical Support Test?

相关：Shib拥有＃2模因等级，但是它可以在这个关键的支持测试中生存吗？

The LIBRA incident didn’t just curtail the momentum of political meme coins, it also marked the end of what many are now calling the “meme coin supercycle.” While speculation still persists among crypto’s most aggressive traders, the wider market has clearly cooled.

天秤座事件不仅削弱了政治模因硬币的势头，还标志着许多人现在称之为“模因硬币超级循环”的终结。虽然猜测仍然存在于加密货币最激进的交易员之中，但更广泛的市场显然已经冷却了。

Where Did Investor Interest Go?

投资者的兴趣去了哪里？

As meme coin interest faded, attention shifted. CoinGecko data shows AI tokens surpassed meme coins in Q1 interest – a first. AI captured 35.7% interest vs 27.1% for memes.

随着模因硬币的兴趣消失，注意力也会改变。 Coingecko数据显示，AI令牌超过了Q1利息的模因硬币 - 第一个。 AI捕获了35.7％的利息，而模因占27.1％。

That's my short take on this Q1 report. There are 50 slides with so much more data that I don't have the chance to share so go give it a read and share with me what data that you found most interesting! https://t.co/yAalPdKPZ9

那是我对这份第一季度报告的简短看法。有50张幻灯片，还有更多的数据，我没有机会分享，因此请阅读并与我分享您发现最有趣的数据！ https://t.co/yaalpdkpz9

— Bobby Ong (@bobby_sparks) April 10, 2025

- Bobby Ong（@bobby_sparks）2025年4月10日

CoinGecko co-founder Bobby Ong elaborated in a recent X post, saying,

Coingecko联合创始人Bobby Ong在最近的X帖子中阐述了，说，

“Seems like we have yet to see another new narrative emerge and we are still following past quarters’ trends. I guess we are all tired from the same old trends repeating themselves.”

“似乎我们还没有看到另一个新的叙述出现，我们仍在追随过去的趋势。我想我们都因为同样的旧趋势而感到疲倦。”

Still, meme coins haven’t vanished. Six of CoinGecko’s top 20 Q1 narratives involved meme coins, even as market fatigue set in.

尽管如此，模因硬币还是没有消失。 Coingecko的前20个Q1叙述中有六个涉及模因硬币，即使市场疲劳开始。