為什麼加密貨幣令牌在達到歷史高點後會崩潰？新研究闡明了常見現象

該研究確定了促進比特幣（BTC），以太坊（ETH）和Dogecoin（Doge）（Doge）等流行數字資產的上升和隨後下跌的關鍵因素。

Cryptocurrency tokens often experience sharp price declines after reaching all-time highs (ATHs). A recent study has identified several key factors that contribute to both the rise and subsequent fall of popular digital assets, such as Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE).

加密貨幣令牌在達到歷史高（ATH）後通常會急劇下降。最近的一項研究確定了幾個關鍵因素，這些因素導致流行數字資產的上升和隨後跌倒，例如比特幣（BTC），以太坊（ETH）和Dogecoin（Doge）。

According to the research, conducted by Casinoenligne-guru.com, profit-taking, fading interest, regulatory changes and speculative hype are the primary drivers of post-ATH downturns.

根據Casineenligne-guru.com進行的研究，獲利，淡出的利益，監管變化和投機性炒作是後衰退後的主要驅動力。

Among other factors highlighted in the study, exchange listings can have a significant impact on token prices. For example, Solana (SOL) hit $260 in November 2021 after being listed on Binance, greatly increasing its visibility.

在研究中強調的其他因素中，交流清單可能會對令牌價格產生重大影響。例如，Solana（Sol）在二手賽上列出後，在2021年11月達到260美元，大大提高了其可見性。

Social media influence also plays a role in driving price spikes. Dogecoin surged to $0.73 in May 2021, largely fueled by viral support from figures such as Elon Musk.

社交媒體影響力在推動價格峰值方面也起著作用。 Dogecoin在2021年5月飆升至0.73美元，這在很大程度上受到了埃隆·馬斯克（Elon Musk）等數字的病毒支持。

Ethereum's ATH of $4,878 in November 2021 was attributed to the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs).

2021年11月，以太坊的ATH $ 4,878歸因於分散的金融（DEFI）和無遺體代幣（NFTS）的興起。

Moreover, market-wide bull runs, such as the one in 2021, also contribute to token price surges. Bitcoin reached $64,000 in April 2021 as institutional interest soared.

此外，整個市場的公牛運行，例如2021年的公牛，也有助於代幣的價格飆升。隨著機構利益飆升，比特幣在2021年4月達到64,000美元。

The report further explains that the most common reason for sharp declines is profit-taking. Investors seeking to secure gains often sell large portions of their holdings, leading to a rapid price correction.

該報告進一步解釋說，急劇下降的最常見原因是獲利。尋求獲得收益的投資者經常出售其大部分持股，從而迅速更正。

In 2021, Bitcoin's price fell from $64,000 to $30,000 in just two months due to such selling pressure.

2021年，由於這種銷售壓力，比特幣的價格從64,000美元下降到短短兩個月的$ 30,000。

Fading demand after hype-driven peaks can contribute to further price declines, as can unfavorable regulation. Shiba Inu (SHIB) lost 80% of its value after reaching its ATH in 2021, as excitement around the token diminished without new developments.

炒作驅動的峰值之後的需求逐漸降低，可能會導致進一步的價格下降，而不利的監管也可能導致價格下降。 Shiba Inu（Shib）在2021年到達ATH後損失了80％的價值，因為在沒有新事態發展的情況下，令牌上的興奮會減少。

The study also notes that speculative pump-and-dump cycles accelerate losses.

該研究還指出，投機性的泵送循環加速了損失。

“Tokens that rise rapidly due to hype often face extreme volatility when investor enthusiasm fades,” the research states.

研究指出：“由於投資者熱情逐漸消失，由於炒作而迅速上升的代幣通常會面臨極端波動。”

Importantly, the study concludes that ATHs are often unsustainable without long-term adoption and real-world utility.

重要的是，研究得出的結論是，沒有長期採用和現實世界實用性，ATHS通常是不可持續的。

While social media hype and exchange listings may fuel short-term gains, the true test of a token's value lies in its ability to maintain investor interest and innovation.

儘管社交媒體炒作和交流清單可能會促進短期收益，但對代幣價值的真實測試在於其維持投資者的興趣和創新的能力。

“Crypto investors need to distinguish between temporary market excitement and sustainable growth,” the study states. “Without strong fundamentals, most tokens fail to hold onto their peak valuations.”

研究指出：“加密投資者需要區分臨時市場興奮和可持續增長。” “沒有強大的基本原理，大多數代幣都無法保持其高峰估值。”