教父歸來：伊隆馬斯克和唐納德川普如何將迷因幣推向新高度

經過三年的暴跌後，狗狗幣再次爆發，自唐納德·川普當選以來上漲了 250%——這是該行業更廣泛的樂觀浪潮的一部分

After a three-year downturn, dogecoin is surging again, gaining 250% since Donald Trump's election - part of a broader wave of optimism in the industry, thanks to Trump's courting of crypto proponents during his campaign.

經過三年的低迷之後，狗狗幣再次飆升，自唐納德·川普當選以來上漲了250%，這是該行業更廣泛的樂觀浪潮的一部分，這要歸功於川普在競選期間討好加密貨幣支持者。

Trump's informal appointment of Elon Musk to what he calls the Department of Government Efficiency - D.O.G.E for short - also helped propel the dog-themed meme coin.

川普非正式任命伊隆馬斯克(Elon Musk)擔任他所謂的政府效率部（簡稱DOGE）也有助於推動以狗為主題的迷因硬幣的發展。

This isn't the first time Musk, who styles himself as "the Dogefather," has sparked interest in dogecoin.

這並不是自稱為「狗父」的馬斯克第一次引發人們對狗狗幣的興趣。

In May 2021, its price soared ahead of Musk's guest appearance on "Saturday Night Live." During a skit, Musk played a financial analyst chatting with a Weekend Update host, who kept asking him, "What is dogecoin?" After some evasiveness, Musk's character finally admitted that it was a hustle. The coin's price then went into a tailspin. Just over a year later, it had lost over 90% of its peak value.

2021 年 5 月，在馬斯克客串《週六夜現場》之前，其價格飆升。在一個短劇中，馬斯克扮演一名金融分析師，與週末更新主持人聊天，主持人不斷問他：“什麼是狗狗幣？”經過一番迴避，馬斯克的性格終於承認這是一場騙局。隨後，硬幣的價格陷入混亂。僅僅一年多後，它就已經損失了高峰的 90% 以上。

The losses hit small investors hard. In 2022, one of them filed a class action lawsuit against Musk for market manipulation and insider trading, though the case was dismissed in August 2024.

損失對小投資者造成了沉重打擊。 2022 年，其中一人對馬斯克提起集體訴訟，指控其操縱市場和內線交易，但該案於 2024 年 8 月被駁回。

So why has dogecoin - a meme coin that was never meant to be taken seriously as an investment - seen such wild swings in value?

那麼，為什麼狗狗幣——一種從未被認真對待的投資品——的價值會出現如此劇烈的波動呢？

We're all in this together

我們都在一起

Dogecoin was launched in 2013 to poke fun at bitcoin and a host of other cryptocurrencies that were claiming to disrupt the traditional world of finance. Two strangers from opposite sides of the globe met online, copied the code of an existing coin, and slapped on it the already-popular Doge internet meme - a picture of a Shiba Inu dog surrounded by fragments of broken English: "wow much coin."

狗狗幣於 2013 年推出，旨在嘲笑比特幣和許多其他聲稱顛覆傳統金融世界的加密貨幣。來自地球兩端的兩個陌生人在網路上相遇，複製了一枚現有硬幣的代碼，並在上面加上了已經流行的Doge 網路迷因——一張柴犬的照片，周圍環繞著蹩腳的英語片段： “哇，好多硬幣。”

Even though their main goal was to make the coin pointless and undesirable, it became one of the most popular and enduring cryptocurrencies on the market.

儘管他們的主要目標是讓硬幣變得毫無意義和不受歡迎，但它成為市場上最受歡迎和最持久的加密貨幣之一。

After dogecoin's previous surge in 2021, I examined how its fervent network of influencers and everyday investors worked together to bring a huge amount of attention - and capital - to the joke currency.

在狗狗幣於 2021 年飆升之後，我研究了其熱情的影響者網絡和日常投資者如何共同努力，為這種玩笑貨幣帶來了大量的關注和資本。

To understand the appeal of these absurd investments, you have to look at the time and energy that users put into these networks and the rewards, both financial and social, that they get in return.

要了解這些荒謬投資的吸引力，您必須了解用戶在這些網路中投入的時間和精力以及他們獲得的財務和社會回報。

Meme coins are collaborative ventures. Members of these online communities have a financial incentive to become outspoken boosters: The more dogecoin's value rises, the bigger their investments grow. But they also get social validation from other meme coin investors when they hype up the coin.

模因幣是合作企業。這些線上社群的成員有經濟動機成為直言不諱的支持者：狗狗幣的價值上漲得越多，他們的投資成長就越大。但當他們炒作這種代幣時，他們也會得到其他迷因代幣投資者的社會認可。

In other words, behind every meme coin is a collective of strangers on a shared mission to make a lot of money.

換句話說，每一枚迷因幣的背後都是一群陌生人，他們的共同使命就是賺大錢。

Dogecoin and its copycats have been described by their leaders as crypto movements, shared journeys, and community-owned projects. Beyond branding the assets with culturally resonant images, whether it's a Shiba Inu dog or Pepe the Frog, successful crypto ventures are marked by intricate webs of trust. Trust in the technology. Trust in its potential for future appreciation. And trust that those in power in the networks won't fleece the rest.

狗狗幣及其模仿者被其領導人描述為加密貨幣運動、共享旅程和社區擁有的項目。除了用具有文化共鳴的形象來標記資產之外，無論是柴犬還是佩佩青蛙，成功的加密貨幣企業都以錯綜複雜的信任網絡為標誌。相信技術。相信其未來升值的潛力。並相信網路中的掌權者不會欺騙其他人。

This allegiance is woven among a global network of users who collaborate around the clock to promote their coin and demonstrate their unwavering commitment to its success.

這種忠誠度交織在全球用戶網路中，他們晝夜不停地合作推廣他們的代幣，並展示他們對其成功的堅定承諾。

During times of price appreciation, the collective buzzes with elation.

在物價上漲的時期，集體歡欣鼓舞。

Throughout price dips, community members mutually reinforce their comrades' - and their own - beliefs that this is just a bump in the road and that their collective efforts will ultimately lead to a handsome payoff. Even in the coldest of crypto winters, this ritualistic behavior helps these speculative communities persist. Community serves as a salve for financial loss.

在價格下跌的整個過程中，社區成員相互強化了他們的同志和他們自己的信念，即這只是道路上的一個坎坷，他們的集體努力最終將帶來豐厚的回報。即使在最寒冷的加密冬天，這種儀式行為也有助於這些投機社群的持續存在。社區可以作為經濟損失的補救措施。

The investment strategies in these communities - and the belief in their payoff - involve repeating and reposting what others have said, like any traditional internet meme.

這些社群的投資策略——以及對其回報的信念——包括重複和轉發其他人所說的話，就像任何傳統的網路迷因一樣。

Trolling traditional valuation

破壞傳統估值

The intrinsic value of meme coins can't be understood in the same way as traditional assets, like stocks and physical commodities. These types of assets have fundamentals, such as a company's financial statements, or public demand for basic goods, from coffee to oil.

模因幣的內在價值不能像股票和實體商品等傳統資產一樣來理解。這些類型的資產具有基本面，例如公司的財務報表或公眾對從咖啡到石油等基本​​商品的需求。

By contrast, the fundamentals of meme coins are reflected in their network activity, such as daily active users, and less tangible metrics, such as social sentiment and mindshare - how much public awareness a coin has generated relative to its competitors.

相較之下，迷因幣的基本面反映在其網路活動中，例如每日活躍用戶，以及不太有形的指標，例如社會情緒和思想份額——一種幣相對於其競爭對手產生了多少公眾意識。

Of course, the valuations of traditional assets are also influenced by these social factors. The difference is that meme coins offer little in the way of productive activity. They add nothing to the economy. Sometimes their leaders will build financial services around them, but these are usually added as afterthoughts, mainly as a way to drum up more speculative excitement.

當然，傳統資產的估值也受到這些社會因素的影響。不同之處在於，模因幣幾乎無法提供生產活動。它們對經濟沒有任何貢獻。有時，他們的領導人會圍繞他們建立金融服務，但這些服務通常是事後才添加的，主要是為了激發更多的投機興奮。

Meme coins troll the traditional conventions of valuation and flout the edicts and dogmas of mainstream investors.

Meme 幣違反了傳統的估值慣例，藐視主流投資者的法令和教條。

And that's precisely the point.

這正是重點。

Participation in meme coin communities - or any crypto community,

參與模因幣社區 - 或任何加密社區，