数量危机：硬币太多，价值太少

自Nakamoto Satoshi Nakamoto于2009年推出比特币（BTC）以来，加密货币行业就不断发展。诞生比特币的革命创新也为无数的山寨币铺平了道路。

The crypto industry has evolved significantly since Satoshi Nakamoto introduced Bitcoin (BTC) in 2009. This revolutionary innovation also paved the way for countless altcoins. While Bitcoin has retained its dominance and uniqueness over the years, the growing number of altcoins has changed how investors view the crypto market.

自2009年Satoshi Nakamoto推出比特币（BTC）以来，加密货币行业已经显着发展。这项革命性的创新也为无数的Altcoins铺平了道路。尽管比特币多年来一直保持其优势和独特性，但越来越多的山寨币改变了投资者对加密货币市场的看法。

There was a time when altcoins felt like the next big thing. During the 2017-2018 ICO boom, developers focused on utility, and the total number of tracked altcoins hovered around 3,000. Today, data from CoinMarketCap reveals a staggering figure: over 13 million altcoins now exist.

曾经有一段时间，Altcoins感觉就像下一件大事。在2017 - 2018年ICO繁荣时期，开发人员专注于公用事业，而追踪的山寨币的总数徘徊在3,000左右。如今，CoinMarketCap的数据显示了一个惊人的数字：现在已经存在超过1300万个山寨币。

With that, established projects, like Solana (SOL), have become the go-to blockchains for memecoins, because creating a memecoin is now as simple as posting a meme. Projects once drove crypto adoption through white papers and tech promises, but now, in a crowded market, attention is the scarcest resource.

因此，诸如Solana（Sol）之类的已建立项目已成为Memecoins的首选区块链，因为创建Memecoin现在就像发布模因一样简单。项目曾经通过白皮书和技术承诺推动了加密货币的采用，但是现在，在拥挤的市场中，关注是最稀有的资源。

The quantity crisis: Too many coins, too little value

数量危机：硬币太多，价值太少

While the official altcoin count is 13.24 million, the actual figure likely exceeds 36 million. In theory, such explosive growth could signal a thriving ecosystem if these tokens delivered real value. Yet, most of the assets in circulation are born out of the lingering memecoin mania.

虽然官方的Altcoin数量为1,324万，但实际数字可能超过3600万。从理论上讲，这种爆炸性的增长可能表明，如果这些代币提供了真正的价值，则可以表明生态系统。然而，流通中的大多数资产源于挥之不去的成员狂热。

As part of the industry’s evolutionary trend, there has been a shift from a core dev focus to building new products. Today, protocols have solutions for users to launch their tokens with just a few clicks, resulting in a new wave of largely unvetted assets.

作为行业进化趋势的一部分，从核心开发人员的重点转变为构建新产品。如今，协议已经为用户提供了解决方案，只需单击几下即可启动其令牌，从而导致了一波不受欢迎的资产。

The crypto industry remains plagued by an old problem—oversaturation. Countless creators treat token launches as get-rich-quick schemes. Most tokens gain relevance based on short-lived hype and lose it shortly after launch.

加密行业仍然受到旧问题的困扰 - 过饱和。无数的创作者将令牌启动视为富裕的方案。大多数代币基于短暂的炒作获得相关性，并在发布后不久就会失去它。

Previous altcoin eras have driven technological breakthroughs, with altcoins, like Ethereum (ETH), ushering in a new generation of composable layer-1 solutions with functional smart contracts. This enabled developers to build the foundational applications that gave rise to decentralized finance and non-fungible tokens.

以前的Altcoin时代已经驱动了技术突破，替代币（例如Ethereum（ETH）），以功能性智能合约的方式迎来了新一代的可综合1层解决方案。这使开发人员能够构建产生分散的金融和无牙代币的基础应用程序。

Historically, tokens from innovative projects delivered value. This is no longer the case, as too many speculative assets have overshadowed true builders in the industry today.

从历史上看，创新项目的代币具有价值。事实并非如此，因为太多的投机资产掩盖了当今行业中的真正建筑商。

Narrative control, memes takeover

叙事控制，模因接管

The cryptocurrency ecosystem has many layers of stakeholders that keep the industry functional today. In its formative years, venture capital firms played a crucial role by selectively funding projects with strong product-market fit.

加密货币生态系统具有许多利益相关者，这些层次保持了当今行业的功能。在其成长的年份中，风险投资公司通过有选择性的产品市场贴合性资助项目发挥了至关重要的作用。

In the early days of altcoins, VC endorsement served as the gold standard for project credibility, with retail investors closely following these market movers.

在Altcoins的早期，VC认可是项目信誉的黄金标准，零售投资者紧随这些市场推动者。

Today, the crypto industry is undergoing a major shift—away from purely technical development and toward influencer-driven marketing and community-led growth. Now, projects often skip traditional VC funding and go straight to communities via DAOs and viral Telegram or Discord groups.

如今，加密货币行业正在经历重大转变，这是从纯技术发展和影响者驱动的营销和社区主导的增长方面的转变。现在，项目经常跳过传统的风险投资，并通过Daos和病毒电报或Discord群体直接进入社区。

There’s no denying that this trend creates a major concern for the industry, as altcoins hold a distinct position in web3. This year, as much as $70 billion is set to be unlocked from vested altcoins, further diluting the market valuation. In contrast, Bitcoin ETF inflows have reached just $40 billion, a classic case of massive supply and weak demand.

不可否认的是，由于Altcoins在Web3中的地位独特，因此这一趋势对该行业产生了主要关注。今年，多达700亿美元将从既得山寨币中解锁，从而进一步稀释了市场估值。相比之下，比特币ETF流入仅达到400亿美元，这是一个大量供应和需求疲软的经典案例。

Since most technical advancements target mainstream crypto users, it becomes challenging for altcoins with strong fundamentals to compete against memecoins offering instant gains. One may argue that unless meme coins stop consistently outperforming utility-driven altcoins, the market’s true valuation will be dominated by unsustainable assets with fleeting lifespans.

由于大多数技术进步目标都是主流加密用户，因此对于具有强大基础知识的山寨币与提供即时收益的成员竞争变得具有挑战性。有人可能会争辩说，除非模因硬币停止持续超过公用事业驱动的山寨币，否则市场的真正估值将由不可持续的资产占主导地位。

With influencers—with their engaged audiences—cutting through the noise faster than any code commit, it’s easy to dismiss this as a distraction, a sign that crypto has lost its way. But what if the opposite is true? What if the hype isn’t replacing development—it’s funding it by bringing liquidity, users, and attention?

由于有影响力的人（与他们参与的观众）相比，通过噪音比任何代码提交的噪音都更快，因此很容易将其视为分散注意力，这是加密货币迷失方向的信号。但是，如果恰恰相反，该怎么办？如果炒作不取代开发，该怎么办，它通过引起流动性，用户和关注来资助它怎么办？

Influencers will claim the market soon

有影响力的人很快就会要求市场

Indeed, any enduring innovation must be built on strong fundamentals, and crypto is no exception. Despite the observable trend of altcoin dominance, the ETH/BTC ratio signals a shift worthy of note.

确实，任何持久的创新都必须基于强大的基本面，而加密也不例外。尽管AltCoin优势的可观察到的趋势，但ETH/BTC比率标志着值得注意的转变。

This ratio is a multi-year low, indicating low confidence in altcoins compared to Bitcoin. This signals a broader retreat from risk assets and a return to fundamentals. As altcoins gradually lose relevance, the entire ecosystem—including builders and investors—needs to adapt strategies accordingly.

该比率为多年低，表明与比特币相比，对山寨币的信心较低。这标志着风险资产的更广泛的撤退和基本面的回报。随着Altcoins逐渐失去相关性，包括建筑商和投资者在内的整个生态系统都需要相应地调整策略。

As key drivers of crypto’s evolution, altcoins will ultimately see a focus shift to projects with sustainable revenue models and engaged communities.

作为加密货币进化的主要驱动力，Altcoins最终将重点转移到具有可持续收入模型和订婚社区的项目。

Attention is becoming as important as the tech itself. Projects can’t just build in a vacuum anymore—if they want to last, they need to figure out how to connect with people and grow real followings around what they are doing to keep them invested, both literally and emotionally.

注意与技术本身一样重要。项目不再仅仅建立真空 - 如果他们想持续下去，他们需要弄清楚如何与人建立联系，并围绕着他们所做的事情进行真实的追随者，以使他们在字面上和情感上进行投资。

Builders who leverage this transition—shifting dominance from traditional VCs and exchanges to those who shape narratives and mobilize supporters—effectively, will find themselves operating in a

利用这种过渡的建筑商（从传统的风险投资和交流到塑造叙事和动员支持者的人）的主导地位，有效地会发现自己在一个