BSC連鎖模因項目的爆發與市場差異化之間的矛盾

BSC鏈上的模因令牌繼續吸引投機資金。例如，CZ提到的測試令牌TST曾經飆升至4100萬美元

The cryptocurrency market in 2025 is a strange sight. On the one hand, the outbreak of several BSC chain MEME projects has pushed the total market value to a high of over US$2 trillion, while the market differentiation is becoming increasingly apparent. Several hot MEME tokens, such as TST and CaptainBNB, have risen sharply due to community speculation and institutional attention. For example, test token TST, which was once mentioned by CZ, soared to US$41 million due to community speculation, and CaptainBNB rose by more than 13,000% in 6 hours after its launch. These projects have become the focus of retail investors with their “zero value support + social media fission” model.

2025年的加密貨幣市場是一個奇怪的景象。一方面，幾個BSC連鎖模因項目的爆發將總市場價值提高到了2萬億美元以上的高度，而市場差異越來越明顯。由於社區的推測和機構關注，TST和CaptainBnB等幾個熱模因令牌都大幅上升。例如，CZ曾經提到的Token Token TST由於社區猜測而飆升至4,100萬美元，而Captainbnb在推出後6小時內上漲了13,000％以上。這些項目已成為散戶投資者的“零價值支持 +社交媒體裂變”模型的重點。

However, most of these projects lack sustainable use cases or technological support, and their prices have plummeged after the hype died down. For example, TST was denied listing by Binance, leading to a decline of more than 90% from its peak. Moreover, the market funds have been diverted from mainstream tracks, such as Bitcoin and Layer2, to MEME coins, reflecting investors’ short-term gaming mentality during periods of policy uncertainty.

但是，這些項目中的大多數都缺乏可持續的用例或技術支持，並且在炒作消失後，它們的價格暴跌。例如，TST被二錢拒絕上市，導致其峰值下降了90％以上。此外，市場資金已從比特幣和第2層等主流軌道轉移到模因硬幣，反映了投資者在政策不確定性時期的短期遊戲心態。

On the other hand, the market’s expectations for Trump’s policies have not been fully met, especially in terms of promoting Bitcoin and reducing the SEC’s role. The market value of TRUMP coin, issued by the Trump family, once exceeded US$12 billion, but it was later questioned as a “disguised corruption tool” by the media, and the “First Lady Coin” issued by his wife Melania further dispersed market funds, causing the price to fall sharply.

另一方面，市場對特朗普政策的期望尚未得到完全滿足，尤其是在促進比特幣和減少SEC的角色方面。特朗普家族發行的特朗普硬幣的市場價值曾經超過120億美元，但後來被媒體質疑為“偽裝的腐敗工具”，而他的妻子梅拉尼亞（Melania）發行的“第一夫人硬幣”進一步分散了市場資金，從而使價格大幅下跌。

Although Trump promised to replace the SEC chairman and promote the strategic reserve of Bitcoin, the policy has been slow to be implemented, and the market’s optimism about “deregulation” has gradually faded. This has also affected the investment direction of institutional funds. For example, despite BlackRock’s application for an IBIT ETF, which is expected to be approved in the third quarter, most of the funds are still concentrated in Bitcoin ETFs, while the altcoin market lacks incremental funds. The MEME craze is more of an internal rotation of existing funds.

儘管特朗普答應取代SEC主席並促進比特幣的戰略儲備，但該政策的實施緩慢，市場對“放鬆管制”的樂觀情緒逐漸消失。這也影響了機構資金的投資方向。例如，儘管貝萊德（BlackRock）應用了IBIT ETF（預計將在第三季度批准），但大多數資金仍集中在比特幣ETF上，而Altcoin Market缺乏增量資金。模因熱潮更像是現有資金的內部輪換。

The short-term nature of liquidity release and the imbalance of market structure are the core contradictions behind the cold market. The U.S. Treasury released about $150-250 billion in liquidity through the TGA account, which drove a short-term rise in risk assets, but such operations are temporary and difficult to support a long-term bull market.

流動性釋放的短期性質和市場結構的不平衡是寒冷市場背後的核心矛盾。美國財政部通過TGA帳戶發布了約150-25億美元的流動性，該帳戶的風險資產短期增加，但此類運營是暫時的，難以支持長期的牛市。

Moreover, the macroeconomic and policy uncertainty is still present. Trump’s trade protectionism policy pushes up supply chain costs, and core inflation may rebound to 2.8%-3%, forcing the Federal Reserve to maintain high interest rates and suppress risk appetite.

此外，宏觀經濟和政策不確定性仍然存在。特朗普的貿易保護主義政策提高了供應鏈成本，核心通貨膨脹率可能會反彈至2.8％-3％，迫使美聯儲保持高利率並抑制風險食慾。

Furthermore, political risks are increasing. The U.S. Congress has debated the legality of politicians issuing tokens, and if legislation restricts it, the MEME track will face systemic risks.

此外，政治風險正在增加。美國國會辯論了發行代幣的政治家的合法性，如果立法限制了這一數字，模因軌道將面臨系統性風險。

In summary, the current crypto market is in a state of upheaval, with several contradictions and uncertainties needing to be resolved. The market differentiation is intensifying, and only a few projects may survive in the reshuffle.

總而言之，當前的加密市場處於動盪狀態，需要解決一些矛盾和不確定性。市場差異正在加劇，只有少數項目可以在改組中生存。

As the world economy enters a new stage of transformation, macroeconomic stability and technological innovation will be the key drivers of market trends. Among them, the U.S. inflation rate and the Federal Reserve’s policy adjustments are still the focus of attention. If inflation falls below 2.5% in the second half of 2025, rising expectations of rate cuts may trigger a general rise in the crypto market, and Bitcoin is expected to hit $250,000 (Nexo forecast).

隨著世界經濟進入轉型的新階段，宏觀經濟穩定和技術創新將成為市場趨勢的關鍵動力。其中，美國通貨膨脹率和美聯儲的政策調整仍然是關注的重點。如果通貨膨脹在2025年下半年下半年低於2.5％，那麼對降低降低的預期可能會引發加密貨幣市場的總體上升，而比特幣預計將達到25萬美元（NEXO預測）。

Moreover, as the dollar strengthens, investors in Latin America and Southeast Asia may increase their holdings of cryptocurrencies to hedge against the risk of currency depreciation, driving up demand for BTC, XRP, etc. This will also affect the investment strategy.

此外，隨著美元的增強，拉丁美洲和東南亞的投資者可能會增加其加密貨幣的持股，以防對抗貨幣貶值的風險，提高對BTC，XRP等的需求。這也會影響投資策略。

In the short term, it is recommended to reduce leverage and increase the proportion of stablecoins to cope with market fluctuations. In the mid- to long term, continue to invest in Bitcoin and Layer2 tokens, such as OP and ARB, which have good fundamentals and liquidity. However, set a strict stop loss for MEME coins and pay attention to the changes in trading volume and community activity.output:

在短期內，建議降低杠桿作用並增加穩定劑的比例來應對市場波動。從長期到長期中，繼續投資於具有良好基本原理和流動性的OP和ARB等比特幣和第2代價。但是，為模因硬幣設定嚴格的停止損失，並註意交易量和社區活動的變化。

The U.S. Treasury’s liquidity release through the TGA account is expected to reach about $150-250 billion, which will provide short-term support for the crypto market. However, this operation is temporary and began in the fourth quarter of 2024, aiming to support government operations and maintain cash flow.

美國財政部通過TGA帳戶的流動性發布預計將達到約1.50-25億美元，這將為加密市場提供短期支持。但是，這項行動是暫時的，始於2024年第四季度，旨在支持政府運營並維持現金流。

The U.S. Treasury’s liquidity injection will affect the crypto market in several ways. First, it will increase the overall liquidity in the market, which may lead to a rise in risk assets, such as cryptocurrencies and stocks. Second, it

美國財政部的流動性注入將以多種方式影響加密貨幣市場。首先，它將增加市場流動性，這可能導致風險資產增加，例如加密貨幣和股票。第二，它