隨著美元削弱，流動性指標的反彈和通貨膨脹數據顯示出微不足道的改善。儘管發生了這些積極的變化，Meme Coin曾經是這個牛市中最強大的敘述之一，但表現不佳，似乎沒有恢復的跡象。

美國勞動力市場的加強導致2024年12月上旬的替代幣市場達到頂峰。在20024年12月中旬，在美聯儲主席鮑威爾表示，由於特朗普政府關稅政策的通貨膨脹壓力可能保持不變，BTC進入了合併階段。

As the dollar weakens, liquidity indicators rebound, and inflation data shows minimal improvement, MEME Coin, which was once a major force in this bull market, continues to perform poorly, with no signs of recovery in sight.

隨著美元削弱，流動性指標的反彈和通貨膨脹數據顯示，Meme Coin曾經是該牛市的主要力量，它的表現較差，並且沒有恢復的跡象。

Inflation Pressures Lead to Global Market Reactions

通貨膨脹壓力導致全球市場反應

The strengthening of the U.S. labor market led to a peak in the altcoin market in early December. After Federal Reserve Chairman Powell hinted at the possibility of interest rates remaining unchanged due to inflation pressures from the Trump administration's tariff policies, BTC entered a consolidation phase in mid-December. While the Fed anticipates some inflationary impact from tariffs, the rapid and aggressive implementation of tariffs by Trump exceeded the expectations of most economists, setting off a chain reaction in both the stock and crypto markets.

美國勞動力市場的加強導致了12月初的Altcoin市場達到頂峰。在美聯儲董事長鮑威爾暗示由於特朗普政府的關稅政策的通貨膨脹壓力而導致利率保持不變的可能性之後，BTC在12月中旬進入合併階段。儘管美聯儲預計關稅會產生一定的通貨膨脹影響，但特朗普對關稅的迅速和積極的實施超出了大多數經濟學家的期望，從而引發了股票和加密貨幣市場的連鎖反應。

Despite this week's U.S. inflation report showing a slight improvement over expectations, it failed to provide much comfort. The ongoing uncertainty surrounding trade policies continues to make the market pessimistic about the Fed taking any easing measures in the near term.

儘管本週的美國通貨膨脹報告顯示出對預期的略有改善，但它未能提供很多舒適感。圍繞貿易政策的持續不確定性繼續使市場對美聯儲在短期內採取任何緩解措施的市場感到悲觀。

Clear Consolidation for MEME Coin, Significant Decline in Pump.fun Revenue

模因硬幣的清晰合併，泵的大幅下降。

For MEME Coin, signs of consolidation are very evident. Since February, the price of Raydium (a liquidity provider for the Solana-based automated market maker and Serum decentralized trading platform) has plummeted by 71%, while Solana itself has dropped by 37%.

對於模因硬幣，合併的跡象非常明顯。自2月以來，Raydium的價格（基於Solana的自動營銷商和血清分散交易平台的流動性提供商）下降了71％，而Solana本身已下降了37％。

Pump.fun is a decentralized trading platform (DEX) based on the Solana blockchain, which has become a popular platform for traders to quickly launch, discover, and speculate on meme coins. The platform supports the rapid creation and trading of tokens, often leading to extremely volatile market activity. Over the past 12 months, the Pump.fun platform has generated over $582 million in revenue, making it one of the most profitable crypto projects of this cycle. However, its revenue growth has recently declined sharply.

Pump.Fun是基於Solana區塊鏈的分散交易平台（DEX），該平台已成為交易者快速推出，發現和推測Meme Coins上的流行平台。該平台支持代幣的快速創建和交易，通常會導致市場活動極為動盪。在過去的12個月中，pump.Fun平台的收入超過5.82億美元，使其成為該週期中最有利可圖的加密項目之一。但是，其收入增長最近急劇下降。

Weakness in the Altcoin Market, Market Funds Become More Cautious

Altcoin市場的弱點，市場資金變得更加謹慎

The weak momentum in the altcoin market in December, together with the burst of the MEME Coin bubble in January, has seen the cryptocurrency market capitalization decrease by $1 trillion, moving from $3.6 trillion to $2.6 trillion. This redistribution of wealth may cause investors to become more cautious about making further investments, which could limit the rebound potential despite the better-than-expected inflation data.

12月，Altcoin市場的弱勢勢力以及1月的Meme Coin Bubble的爆發已經使加密貨幣市值減少了1萬億美元，從3.6萬億美元轉移到2.26萬億美元。財富的這種重新分配可能會導致投資者對進行進一步的投資變得更加謹慎，這可能會限制超過預期的通貨膨脹數據，這可能會限制反彈的潛力。

The closure of fully realized arbitrage positions by hedge funds has been a major driver of the recent selling pressure. This anticipated selling has largely been completed and may now be approaching its peak intensity.

對沖基金完全實現的套利立場是最近銷售壓力的主要驅動力。這種預期的銷售已在很大程度上完成，現在可能正在接近其峰值強度。