當加密貨幣交易所列出其第一個Altcoin時，它將為啟動Memecoins的無盡週期設置

“交易所增加了一個非競爭代幣的那一刻，他們正在簽約以成為Memecoins的永遠倉鼠之輪，” River Financial Ceo Alex Leishman

An executive at a Bitcoin-only institution has warned that cryptocurrency exchanges set themselves up for an endless cycle of launching memecoins when they list their first altcoin.

僅比特幣機構的一名高管警告說，當他們列出第一個Altcoin時，加密貨幣交流使自己啟動Memecoins的無盡循環。

“The minute an exchange adds one non-Bitcoin token they are signing up to be on the forever hamster wheel of memecoins,” River Financial CEO Alex Leishman said in a March 29 X post.

河金融首席執行官亞歷克斯·萊什曼（Alex Leishman）在3月29日x帖子中說：“交易所增加一個非比幣代幣的那一刻，他們正在註冊以成為Memecoins的永遠倉鼠之輪。”

“It makes no sense to list ETH if you don’t list the tokens issued on ETH, and the same goes for Solana,” Leishman said.

萊什曼說：“如果您不列出ETH上的令牌，那麼列出ETH是沒有意義的，而Solana也是如此。”

River has no interest in building a ‘successful crypto casino’

河沒有興趣建造“成功的加密賭場”

Leishman said that while there are many “successful crypto casinos,” he has no interest in building one. River Financial is a Bitcoin-only financial institution focusing on buying and selling Bitcoin (BTC). Several companies have opted for the Bitcoin-only approach, including Swan Bitcoin, Bull Bitcoin and decentralized exchange Bisq.

利甚曼說，儘管有許多“成功的加密賭場”，但他對建造一個賭場毫無興趣。 River Financial是一家僅比特幣金融機構，專注於買賣比特幣（BTC）。幾家公司選擇了僅比特幣的方法，包括天鵝比特幣，公牛比特幣和分散的交易所BISQ。

Leishman claimed that multi-asset trading platforms prioritize short-term speculation over wealth accumulation:

利甚曼（Leishman）聲稱，多資產交易平台優先考慮短期投機而不是財富積累：

“They are in the business of providing a vehicle for short-term crypto speculation. At best, it looks like a risky casino, an endeavor that fundamentally misaligns incentives with long-term wealth accumulation.”

“他們從事短期加密猜測的工具。充其量看起來像是一家危險的賭場，這是一項努力，從根本上講，它將長期財富積累的激勵措施誤導了。”

Critics have made this point before, even during the memecoin uptrend in early 2024. In April 2024, A16z chief technology officer Eddy Lazzarin said that memecoins hamper the long-term vision of crypto that has kept so many of the original builders in the space.

批評者以前也提出了這一點，即使在2024年初的Memecoin上升趨勢期間。 2024年4月，A16Z首席技術官Eddy Lazzarin表示，Memecoins障礙物障礙了加密貨幣的長期願景，該願景使許多原始的建築商保持了空間。

“At best, it looks like a risky casino,” Lazzarin said.

Lazzarin說：“充其量看起來像是一個危險的賭場。”

The memecoin market cap is down 27.94% over the past 12 months. Source: CoinMarketCap

在過去的12個月中，Memecoin市值下降了27.94％。資料來源：CoinMarketCap

The overall memecoin market cap has taken a significant downturn since the beginning of 2025. Since Jan. 1, the memecoin market cap has slumped almost 49% to $48.49 billion at the time of publication, according to CoinMarketCap data.

自2025年初以來，整體紀念品市場上限已大幅下滑。自1月1日以來，紀念貨幣市場上限在出版時已下跌近49％至484.9億美元。

However, while altcoins have historically been more volatile than Bitcoin, offering them alongside Bitcoin has been a lucrative move for crypto exchanges and brokers.

但是，儘管山寨幣歷史上比比特幣更加波動，但與比特幣一起提供了它們，這是加密交易所和經紀人的一項利潤豐厚的舉動。

Related: Waiting for altcoin season? Data suggests it’s already here

相關：等待Altcoin季節？數據表明它已經在這裡

On Feb. 12, Robinhood — which offers several cryptocurrencies to its customers — reported a 700% year-over-year surge in Q4 2024 cryptocurrency revenue.

2月12日，Robinhood向其客戶提供了幾種加密貨幣 - 報告了第四季度2024年加密貨幣收入的同比增長700％。

Some traders seem to interpret a memecoin listing on an exchange as validation of its credibility. Among the 15 memecoins listed by crypto exchange Binance in 2024, 12 saw significant increases in value after going live on the exchange, pseudonymous onchain analyst Ai_9684xtpa said in November.

一些交易者似乎將在交易所上的模因上市解釋為驗證其信譽。 Pseudonymous Onchain分析師AI_9684XTPA在11月說，在Crypto Exchange Binance在2024年列出的15個模因中，價值有顯著提高。

CoinGecko founder Bobby Ong recently speculated that the memecoin market might be headed toward an “extreme case of power law,” where 99.99% fail and a few rise to the top and endure.

Coingecko創始人Bobby Ong最近推測，Memecoin市場可能會朝著“極端的權力法案”邁進，其中99.99％的失敗了，有些人升至頂部並持久。