Alpha（$ alpha）火箭升至新的歷史最高，但審查遍布令牌的分佈和價格操縱問題

隨著Alpha（$ Alpha）上升到新的高度，超出了2億美元的市值。

The cryptocurrency $ALPHA has seen an astronomical rise in recent times, with a new all-time high and a market cap now exceeding $200 million. According to CoinMarketCap, the token has experienced an impressive 4000% surge over the last 30 days.

加密貨幣$ Alpha最近的天文數字上升了，新歷史上的高位和市值現在超過2億美元。根據CoinMarketCap的數據，在過去的30天內，令牌經歷了令人印象深刻的4000％的激增。

However, this rapid growth has also sparked scrutiny, with questions arising about the token’s distribution and the possibility of price manipulation.

但是，這種快速的增長也引發了審查，對令牌的分佈和價格操縱的可能性引起了疑問。

Rapid Growth Raises Questions

快速增長提出問題

快速增長提出問題

Alpha’s爆発的な急上昇 has made it one of the most talked-about assets in Solana’s ecosystem. Such explosive growth over such a short period of time is enjoyed by very few tokens, attracting both speculative traders and serious long-term investors who believe that Alpha’s momentum can carry it much higher. A lot of this talk has been pretty positive, for obvious reasons. But as Alpha breaks record after record, the assets-powered growth engine behind it is coming under increasing scrutiny.

Alpha's爆発的な急上升使其成為Solana生態系統中最受關注的資產之一。很少有代幣在如此短的時間內享受這種爆炸性的增長，吸引了投機性交易者和認真的長期投資者，他們認為Alpha的勢頭可以提高它。出於明顯的原因，這次演講的很多是非常積極的。但是，隨著Alpha在記錄下打破記錄，其背後的資產增長引擎正受到越來越多的審查。

Potential problems with Alpha’s supply being concentrated in a limited number of wallets were flagged by crypto analyst @cryptorugmunch. He suspects that the inflation in prices may not be due to natural market forces.

Crypto分析師@CryPtorugMunch標記了Alpha供應集中在有限數量的錢包中的潛在問題。他懷疑價格的通貨膨脹可能不是由於自然市場力量。

Suspicious Wallet Activity and Centralization Risks

可疑的錢包活動和集中化風險

可疑的錢包活動和集中化風險

An in-depth analysis of the largest 100 wallets holding Alpha reveals a worrisome pattern. Most of the addresses are newly created, just funded with Solana, and immediately used to acquire Alpha on Raydium. This makes it look like a not very well concealed coordinated effort to amass a huge portion of the token’s supply, which could serve as a cover for pumping its price.

對擁有Alpha的最大100個錢包的深入分析顯示出令人擔憂的模式。大多數地址是新創建的，剛剛由Solana資助，並立即用於在Raydium上獲取Alpha。這使得它看起來像是一項不太隱藏的協調努力，以積累代幣供應的很大一部分，這可以作為降價其價格的封面。

The issue with so much centralization is that it enables a tiny group of investors to control the token’s price in a way that’s not at all democratic or fair. These folks—often called “whales”—can, and do, sell their big chunks of tokens whenever they feel the time is right. So, if you’re a small retail investor and you couldn’t see that the Whales were about to hit the Sell button, you got hit with a “dump” that might have made you part of a “recurring issue” that some folks around here don’t like to talk about.

這麼多集中化的問題是，它使一小撮投資者能夠以根本不是民主或公平的方式控制代幣的價格。這些人通常被稱為“鯨魚” - 每當他們覺得時機是正確的時，都可以和這樣做出售他們的大塊代幣。因此，如果您是一個小型零售投資者，而您看不到鯨魚即將按下賣出按鈕，那麼您就會被“轉儲”擊中，這可能使您成為某些人的“經常性問題”在這裡不喜歡談論。

In addition to being a potential tool for manipulating prices, the concentration of too many tokens in too few hands is a cause for concern about a project’s long-term viability. If we look at the handful of wallets that control the majority of tokens, we see that almost all of them are centralized and, in some cases, appear to be state-owned. That is not the architecture of a secure and decentralized project.

除了是操縱價格的潛在工具之外，太多的代幣集中精力是對項目的長期生存能力的關注。如果我們看一下控制大多數代幣的少數錢包，我們會看到幾乎所有的錢包都是集中的，在某些情況下似乎是國有的。那不是安全和分散項目的架構。

Investors Urged to Proceed with Caution}

投資者敦促謹慎行事}

投資者敦促謹慎行事}

In light of these concerns, industry experts are now urging investors to be cautious about putting money into Alpha. As tempting as the recent price rise might be, it’s especially important to do your research before making any investment.

鑑於這些擔憂，行業專家現在敦促投資者謹慎地將錢投入Alpha。就像最近的價格上漲一樣誘人，在進行任何投資之前進行研究尤為重要。

The market for cryptocurrency is renowned for its volatility, and those projects that have token distribution models worthy of question pose considerable risk. Those who invest should conduct a thorough inquiry into the project’s basics; they should know far more than just the team’s name when it comes to the team itself; and they should have a grasp on not just the ideology underpinning the project but also its actual market positioning (as opposed to the positioning that it is spun to have).

加密貨幣市場以其波動性而聞名，以及那些具有值得質疑的代幣分發模型的項目帶來了相當大的風險。那些投資的人應該對該項目的基礎進行徹底詢問；在團隊本身方面，他們不僅知道球隊的名字。而且，他們不僅應該掌握該項目的意識形態，而且還應該掌握其實際市場定位（而不是旋轉的定位）。

Important red flags to look out for in any cryptocurrency endeavor consist of:

在任何加密貨幣努力中要注意的重要危險信號包括：

– A small number of wallets hold a large proportion of tokens.

- 少數錢包擁有很大一部分令牌。

– Development team is not transparent

- 開發團隊不透明

– Price increases that lack obvious fundamental reasons

- 價格上漲，缺乏明顯的基本原因

– Extraordinary on-chain activity suggesting possible coordinated market manipulation

- 非凡的鏈活動表明可能協調的市場操縱

I continue to urge caution with the project $ALPHA. Upon auditing the top 100 wallets of this project, I found that most of them were fresh wallets that had recently been funded with Solana and then used to purchase $ALPHA on Raydium in what appears to be a coordinated effort.

我繼續敦促對項目$ alpha的謹慎行事。在審核該項目的前100個錢包後，我發現其中大多數是新鮮的錢包，這些錢包最近由Solana資助，然後用來在Raydium上購買$ Alpha，這似乎是協調的工作。

我繼續敦促對項目$ alpha的謹慎行事。在審核該項目的前100個錢包後，我發現其中大多數是新鮮的錢包，這些錢包最近由Solana資助，然後用來在Raydium上購買$ Alpha，這似乎是協調的工作。

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— Crypto Rug Muncher (@CryptoRugMunch) February 4, 2025

- 加密地毯蒙克斯（@cryptorrugmmunch）2025年2月4日

The Future of Alpha: Sustainable Growth or Speculative Bubble?

Alpha的未來：可持續增長還是投機泡沫？

Alpha的未來：可持續增長還是投機泡沫？

Despite the worries, Alpha continues to gain steam. It’s not yet clear whether this is the start of a long-term success story or just another speculative bubble. If the project’s devs can tackle the criticisms about centralization of the wallets and get a lot more organic holders, then it may have something close to a clear shot at sustainable growth.

儘管擔心，Alpha仍在繼續蒸蒸日上。目前尚不清楚這是長期成功故事的開始還是另一個投機性泡沫。如果該項目的開發人員可以應對對錢包集中的批評並獲得更多的有機持有人，那麼它可能會對可持續增長的清晰射擊。

Nonetheless, history has proven that undertakings characterized by a concentrated supply and an artificially driven-up price often find it hard to sustain their achievements. When early backers start to cash out, the price can drop just as quickly as it surged up, potentially leaving their late-arriving counterparts holding the bag.

儘管如此，歷史證明，以集中供應和人為驅動的價格為特徵的事業經常發現很難維持其成就。當早期的支持者開始兌現時，價格可能會像上漲一樣迅速下降，有可能使他們的較晚同行拿著袋子。

At this time, the opportunities and risks stemming from Alpha’s sharp ascent seem to divide traders. A few see this as just another occasion to hope

目前，Alpha急劇上升的機會和風險似乎使交易員分裂了。一些人認為這只是希望的另一個場合