Memecoins的市場一直是投機者的一個

對於投機者來說，Memecoins的市場一直是交易者希望快速從波動性和基於Meme代幣的瘋狂價格波動中獲利的投機者。但是有趣的轉變似乎正在進行中。

The market for memecoins has always been one for speculators, with traders hoping to make a quick profit off the volatility and the mad price swings of meme-based tokens. But an interesting shift seems to be underway.

Memecoins的市場一直是投機者的市場，而交易員希望能夠快速從波動性和基於Meme代幣的瘋狂價格波動中獲利。但是有趣的轉變似乎正在進行中。

On March 31, 2025, on-chain data showed that the so-called “smart money”—more experienced and presumably more knowledgeable investors—has significantly increased its participation in the memecoin market. This is particularly strange, considering the memecoin sector is still one of the most unpredictable in all of crypto.

2025年3月31日，鍊鍊數據顯示，所謂的“智能貨幣”（更有經驗和大概是知識淵博的投資者）大大提高了其在Memecoin市場的參與。考慮到Memecoin部門仍然是所有加密貨幣中最不可預測的部門之一，這一點尤其奇怪。

Memecoin Market: Inflows Surpass Outflows

Memecoin市場：流入超過流出

On March 31, 2025, the memecoin market had a total trade volume of 4.94 million dollars. This volume was mostly driven by net inflows, meaning that more capital is entering the memecoin market than exiting it.

2025年3月31日，Memecoin市場的總貿易量為494萬美元。這一卷主要是由淨流入驅動的，這意味著比退出更多的資本進入了紀念市場。

To be exact, on this day, we saw capital inflows of 2.59 million dollars and outflows of 2.35 million dollars. Altogether, this results in a positive net inflow of 239 thousand dollars, giving us a memecoin market that still net gains capital despite some recent volatility.

確切地說，在這一天，我們看到資本流入259萬美元，流出為235萬美元。總的來說，這導致淨流入量為23.9萬美元，這給了我們一個成熟的市場，儘管最近有一些波動，但仍然淨獲得資本。

When we examine the tokens involved more closely, we see an intriguing pattern of capital allocation by investors. Several meme-based tokens, for example, received significant inflows, quite in keeping with the tokenomics of past meme coins, signaling that investors still believe in the potential that these tokens have to make them money.

當我們更仔細地研究代幣時，我們會看到投資者的重要資本分配模式。例如，幾個基於模因的令牌與過去的模因硬幣的令牌學相符，這表明投資者仍然相信這些令牌必須賺錢的潛力。

FARTCOIN, VINE, JUP, YOUSIM, and FAT were among the top five tokens with the highest inflows.

Fartcoin，Vine，Jup，Yousim和Fat是流入最高的前五名。

$FARTCOIN had the most notable inflow of cash, bringing in 814K, which is kind of an absurd amount for a memecoin. It’s now our most prominent memecoin in the capital inflow department, kind of a status light that makes it a beacon for retail and probably some institutional traders who are looking for speculative opportunities in this volatile memecoin market. FARTCOIN’s absurdity is only matched by the seriousness with which we all have to take the SEC now. That’s a pretty wild ride even by, you know, memecoin standards.

$ FARTCOIN具有最著名的現金流入，帶來了814K，這對於Memecoin來說是荒謬的。現在，這是我們在資本流入部門中最傑出的紀念品，一種狀態燈，使其成為零售業的燈塔，也可能是一些機構商人，他們正在這個波動性的紀念市場中尋找投機機會。 Fartcoin的荒謬性僅與我們現在所有人都必須接受SEC的嚴重性相匹配。即使您知道，這也是一個非常瘋狂的旅程。

Following closely behind in terms of inflows were $VINE, with 144K, and $JUP, with 119K. These tokens have been gaining traction with the memecoin community and seem to be benefiting from the recent increase in trading activity.

在流入方面緊隨其後的是$ Vine，擁有144K和$ JUP，有119K。這些令牌一直在與Memecoin社區的吸引力，並且似乎從最近的交易活動中受益。

Meanwhile, $YOUSIM and $FAT each attracted smaller, but still notable, inflows of 100K and 99K, respectively. These tokens’ movements suggest a steady level of interest in a variety of memecoin projects, with no single asset dominating the market.

同時，$ yousim和$ fat分別吸引了較小但仍然值得注意的，分別吸引了100k和99k。這些令牌的動作表明，對各種成員項目都有穩定的興趣，沒有單一資產主導著市場。

Outflows from Established Memecoins

來自已建立的模因的流出

Conversely, some of the more established memecoins, like $ARC, $FWOG, $POPCAT, $TRUMP, and $WBTC, saw significant outflow. One memecoin of concern—$ARC—had an outflow of half a million dollars! $ARC has one of the larger market caps among memecoins, so this outflow raises EVEREST-like questions: Is investor confidence collapsing? Are we witnessing the ascent of $ARC’s rivals? Is the outflow a reprisal of the one that we noted last week for the same memecoins?

相反，一些更具成熟的成員，例如$弧，$ fwog，$ popcat，$ trump和$ wbtc，都看到了大量流出。一個令人關注的模因 - $弧 - 流出了50萬美元！ $ ARC在Memecoin中具有較大的市值之一，因此此流出引起了類似珠穆朗瑪峰的問題：投資者的信心是否崩潰了？我們是否正在目睹$ Arc的競爭對手的上升？流出是否是我們上週對同一模因的報復？

$FWOG had an outflow of 71K, while $POPCAT saw 110K leave the market. These smaller outflows may be indicative of typical profit-taking behavior, where traders cash out after a period of growth or favorable market conditions.

$ fwog的流出量為71k，而$ popcat看到110k離開了市場。這些較小的流出可能表明了典型的利潤行為，在一段時間內或有利的市場狀況下，交易者會兌現。

$TRUMP, another memecoin that had garnered attention during its peak moments, also saw an outflow of 73K, which suggests that its recent price action may not be as enticing to investors looking for the next big trade.

$特朗普（Trump）是另一個在高峰時刻引起人們關注的紀念物，也看到了73K的流出，這表明其最近的價格行動可能不那麼吸引尋求下一個大型貿易的投資者。

One of the most unexpected withdrawals was from $WBTC, a token closely tied to the bigger crypto world. With 372K taken out of the market, it makes you think. Not really a memecoin, WBTC has attracted all sorts of traders as they dart between various blockchain ecosystems. So, what’s behind the outflow? My guess is that it has something to do with bigger players moving into more speculative assets, like the newer and emerging memecoins that have been raking in the inflows.

最出乎意料的提款之一是來自$ WBTC，這是與更大的加密貨幣世界緊密相關的令牌。隨著372K的流出市場，您可以思考。 WBTC並不是真正的模因，在各種區塊鏈生態系統之間飛鏢時吸引了各種交易者。那麼，流出背後是什麼？我的猜測是，這與更大的球員進入更具投機性資產有關，例如在流入中一直在流入的新成員。

Market Sentiment and Investor Behavior

市場情緒和投資者行為

There is still a chance for growth in the memecoin market, if the overall positive net inflow of 239K is any indication. That seems to be the takeaway from the latest report by Delphi Labs, which uncovered quite a bit of capital being poured into relatively small and mostly unknown tokens. The scene remains volatile; the nature of the market is still very much in the speculation zone. And yet, here we are, with some people still putting some of their memecosmo coins on the down low.

如果有任何跡象表明，如果總體淨流入23.9 k，則仍然有可能在Memecoin市場增長。這似乎是Delphi Labs的最新報告的收穫，該報告發現了很多資本被倒入相對較小的，大多數是未知的令牌中。場景保持波動。市場的性質在投機區仍然非常重要。然而，我們在這裡，有些人仍將他們的一些memecosmo硬幣放在低谷中。

Particularly, the substantial amounts of money flowing into tokens such as $FARTCOIN indicate

特別是，流入$ fartcoin等代幣的大量資金表明