比特幣和 Meme 幣違反市場規範，讓分析師在「最奇怪」的多頭市場中感到困惑

加密貨幣市場正在經歷非典型的牛市軌跡，比特幣早期飆升至歷史新高，迷因幣的突然熱潮繞過了傳統的流動性流動。以基於 Solana 的代幣為首的 meme 代幣市場表現強勁，但分析師警告其波動性。

Atypical Bull Market Baffles Analysts as Bitcoin and Meme Coins Deviate from Traditional Market Dynamics

由於比特幣和 Meme 幣偏離傳統市場動態，非典型牛市令分析師感到困惑

Amidst the heightened anticipation surrounding the impending Bitcoin halving and the volatility that has become synonymous with the cryptocurrency market, Bitcoin remains a focal point of attention. However, the recent surge of Bitcoin to all-time highs and the meteoric rise of meme coins have left analysts scratching their heads, labeling this period as the "weirdest" bull market in history.

在人們對即將到來的比特幣減半的預期越來越高以及加密貨幣市場的波動性越來越高的情況下，比特幣仍然是人們關注的焦點。然而，最近比特幣飆升至歷史新高，以及迷因幣的迅速崛起，讓分析師們摸不著頭腦，將這段時期稱為歷史上「最奇怪」的牛市。

Zach Rynes, a prominent figure in the Chainlink community known as 'ChainLinkGod,' succinctly encapsulates the sentiment: "I think most people would agree this bull market has been weird." Rynes further elaborates: "The market skipped a couple steps that we have seen with previous cycles, BTC -> straight to memecoins is a bit unusual."

Zach Rynes 是 Chainlink 社區中被稱為“ChainLinkGod”的知名人士，他簡潔地概括了這種觀點：“我認為大多數人都會同意這次牛市很奇怪。” Rynes 進一步闡述：“市場跳過了我們在之前週期中看到的幾個步驟，從 BTC 直接轉向 memecoin，這有點不尋常。”

This observation underscores a significant departure from previous bull markets. Instead of capital flowing through established altcoins such as Ethereum, this cycle has witnessed funds bypassing them and flowing directly from Bitcoin into meme coins.

這項觀察結果凸顯了與先前牛市的顯著背離。這個週期見證了資金繞過它們並直接從比特幣流向模因幣，而不是透過以太坊等成熟的山寨幣流動。

The craze for meme coins has been particularly evident in the Solana ecosystem, with Solana-based meme coins such as dogwifhat [WIF] and Book of Meme [BOME] outperforming their counterparts on other blockchains. This phenomenon has propelled the total capitalization of meme coins to an astounding $70 billion as of April 1st. Notably, dogwifhat [WIF] has surpassed the market capitalization of Ethereum-based meme coin PEPE, reaching $4.48 billion compared to $3.45 billion.

對 Meme 幣的熱潮在 Solana 生態系統中尤其明顯，基於 Solana 的 meme 幣（例如 Dogwifhat [WIF] 和 Book of Meme [BOME]）的表現優於其他區塊鏈上的同類幣。截至 4 月 1 日，這一現像已將 Meme 幣的總市值推至驚人的 700 億美元。值得注意的是，dogwifhat [WIF] 的市值已超過基於以太坊的 meme 幣 PEPE，達到 44.8 億美元，而後者為 34.5 億美元。

Despite the euphoric frenzy surrounding meme coins, industry analysts remain cautious. @MooseCryptos cautions: "I feel like cheap blockspace on Solana and Base has incentivized memecoin trading, but the memecoin narrative can flip on a dime." He further adds: "If we have a longer-drawn pullback (1-3 months), they will get hit hard." This underscores the volatility and vulnerability of the memecoin market to shifts in sentiment and market conditions.

儘管人們對迷因幣感到欣喜若狂，但產業分析師仍然保持謹慎態度。 @MooseCryptos 警告：“我覺得 Solana 和 Base 上的廉價區塊空間刺激了 memecoin 交易，但 memecoin 的敘述可能會瞬間發生逆轉。”他進一步補充說：“如果我們進行長期回調（1-3 個月），他們將受到沉重打擊。”這凸顯了迷因幣市場對情緒和市場條件變化的波動性和脆弱性。

Ethereum educator Anthony Sassano provides further perspective on this unusual market trend: "I won't really believe that 'retail' is here in any meaningful way until we see the entire market going up together – not these isolated 'sector specific' pumps that are very obviously pushed by crypto natives and just involve a hot ball of money rotating around."

以太坊教育家Anthony Sassano 對這一不尋常的市場趨勢提供了進一步的看法：「在我們看到整個市場一起上漲之前，我不會真正相信『零售』會以任何有意義的方式出現——而不是這些孤立的'特定行業'泵。很明顯是由加密貨幣本地人推動的，並且涉及到熱錢的旋轉。”

The current cryptocurrency market landscape presents a unique and enigmatic picture. Bitcoin's early surge to all-time highs and the unprecedented popularity of meme coins have defied traditional market dynamics. As we approach the Bitcoin halving, it will be fascinating to observe how Bitcoin and meme coins continue to navigate this atypical bull market.

當前的加密貨幣市場格局呈現出獨特而神秘的景象。比特幣早期飆升至歷史新高，以及迷因幣的空前流行，違背了傳統的市場動態。當我們接近比特幣減半時，觀察比特幣和迷因幣如何繼續駕馭這個非典型的牛市將會很有趣。