模因硬幣市場已成為騙局和猜測的集市

模因硬幣貿易已經變成了一些奇怪的東西。即使對於初學者，加密貨幣市場的曾經觀察到的角也很難忽略。

The meme coin trade has morphed into something bizarre. Even for the uninitiated, the once-obscure corner of the crypto market has become hard to ignore. Often with no actual use case and values derived from speculation, meme coins have gone mainstream, for better or worse.

模因硬幣貿易已經變成了一些奇怪的東西。即使對於初學者，加密貨幣市場的曾經觀察到的角也很難忽略。通常，模因硬幣沒有實際的用例和從投機中得出的值，無論好壞，都會成為主流。

The tokens have been generating baffling headlines and lots of frustration. This week, Argentine President Javier Milei was in hot water after promoting Libra, a meme coin that tanked seismically soon after. Nansen Research found that 86% of investors lost $251 million, a scandal that's left Milei facing impeachment calls for his role in what critics describe as a fraud.

令牌一直在引起令人困惑的頭條新聞和許多挫敗感。本週，阿根廷總統賈維爾·米利（Javier Milei）在宣傳天秤座後，在熱水中，這是一種模因硬幣，不久之後就在地震中受到了打擊。 Nansen Research發現，有86％的投資者損失了2.51億美元，這一丑聞使Milei面臨彈each的醜聞要求他在批評家所說的欺詐行為中的作用。

Milei denied any involvement with the coin or its developers and deleted his post. Regardless, the whole affair had the look of a rug-pull to frustrated crypto players.

麥莉否認與硬幣或其開發商的任何參與並刪除了他的職位。無論如何，整個事件對沮喪的加密玩家的外觀具有地毯扣的外觀。

Scams are a regular occurrence in the meme coin universe, and its reputation for fraud has grown alongside the market, experts told Business Insider.

專家告訴Business Insider，騙局是Meme Coin Universe的定期發生，其欺詐聲譽已與市場一起增長。

“Everyone's sick and tired of the memecoins,” said Nic Puckrin, founder of The Coin Bureau.

硬幣局的創始人尼克·普克林（Nic Puckrin）說：“每個人都厭倦了成人。”

“Sentiment now is probably as low, or probably lower than the FTX collapse,” he said. “It's just every single day there's a new meme coin launch with some new celebrities pumping and dumping some stuff.”

他說：“現在的情緒可能低於FTX崩潰。” “每天都有一個新的模因硬幣發布，一些新的名人抽水並傾倒了一些東西。”

It wasn't always this way.

並不總是這樣。

When meme coins started edging into crypto consciousness around 2014, they were mainly community-building projects, Puckrin told BI.

Puckrin告訴BI時，當Meme硬幣在2014年左右開始融入加密意識時，主要是社區建設項目。

“The initial concept was fun assets that communities could be part of, and the whole memetic culture of memes in general on the internet could now be encapsulated in a shared token, right?” he said. Add to that their low valuations, and the memecoin market became something of a haven for retail investors.

“最初的概念是社區可以成為一部分的有趣資產，現在可以將整個模因的整個模因文化現在可以封裝在共享的令牌中，對嗎？”他說。除此之外，他們的估值低，而Memecoin市場成為散戶投資者的天堂。

Even as momentum stalled amid crypto winter in 2022, Vic Laranja, a content creator and meme coin trader, said the market was still trafficked mainly by crypto enthusiasts who believed in the technology.

即使動量在2022年的加密冬季停滯時，內容創建者兼Meme Coin Coin Trader Vic Laranja表示，該市場仍然主要由信任這項技術的加密愛好者販運。

That was before last year.

那是去年之前。

“There's been just a drastic emergence of retail investors who see meme coin trading almost as a new form of gambling.”

“散戶投資者的出現只是劇烈的出現，他們將Meme Coin幾乎是一種新的賭博形式交易。”

Puckin also lamented the state of the market.

Puckin還感嘆市場狀況。

“Memecoins are no longer about community, no longer about fair launches, no longer about aspects against the [venture capitalists].” he said. “The memecoin industrial complex developed to be able to extract as much as possible, as quickly as possible, for those who invest in it, which is not what the idea was.”

“ Memecoin不再關心社區，不再關心公平發射，而不再關心對[風險投資家]的方面。”他說。 “ Memecoin工業綜合體能夠盡快提取到投資其中的人，這不是想法。”

The casino opensAccording to Laranja, the first stage of the meme coin explosion took place around the time spot bitcoin ETFs were launched at the beginning of 2024. The resulting surge in liquidity stirred up risk appetite in the crypto market.

賭場向拉蘭加（Laranja）開放，模因硬幣爆炸的第一階段是在2024年初發射的斑點比特幣ETF周圍發生的。導致的流動性激增了加密市場中的風險食慾。

The same month the ETFs debuted, traders were introduced to Pump.Fun, a Solana-based launchpad that simplified the process of minting the tokens.

同個月，ETF首次亮相，將貿易商介紹給Pump.Fun，這是一個基於Solana的發射台，簡化了造成令牌的過程。

The result? An “explosion of meme coins,” said Puckrin. According to Wired, there were nearly 6 million meme coins launched on the platform by January 2025.

結果？ Puckrin說，“模因硬幣的爆炸”。根據Wired的說法，到2025年1月，該平台上推出了近600萬個模因硬幣。

In some ways, the launchpad helped do away with some nefarious behavior. Before its existence, Laranja suspects about eight out of 10 memecoin trades were “honeypot” scams, in which a buyer cannot sell their memecoin holdings once purchased.

在某些方面，Launchpad幫助消除了一些邪惡的行為。在存在之前，拉蘭加（Laranja）懷疑在10個紀念品交易中約有8個是“ Honeypot”騙局，其中買家一旦購買，買方就無法出售其Memecoin Holdings。

“Pump.Fun came into the picture, and they standardized the contract address. They made it so you had to revoke freeze authority. You had to revoke mint authority — meaning that the developer couldn't just mint a billion more tokens and keep them for themselves.”

“ Pump.Fun進入了圖片，他們標準化了合同地址。他們做到了，因此您必須撤銷凍結權威。您不得不撤銷薄荷的權威 - 這意味著開發人員不能僅僅造成十億個代幣並保留它們。”

But the protocol's design did not curb pump-and-dump schemes or other practices that have given meme coins their reputation as essentially another way to gamble.

但是，該協議的設計並沒有遏制泵送泵送方案或其他賦予模因的實踐，而這些實踐本質上是賭博的另一種方式。

A class action lawsuit was brought against the firm last month, alleging that it is operating an “evolution of Ponzi and pump-and-dump schemes.”

上個月針對該公司提起了集體訴訟，稱其正在進行“龐氏騙局和泵送計劃的進化”。

Memecoin trading on the platform has ruffled investors in other ways. For a time, it allowed livestreaming as a way to promote tokens, but given the wild extremes users went to in order to draw attention their coins — from nudity, guns, and suicide threats — that went away in November.

該平台上的Memecoin交易以其他方式使投資者陷入困境。一段時間以來，它允許生活作為促進令牌的一種方式，但是鑑於用戶去了狂野的極端，以便引起他們在11月消失的裸露，槍支和自殺威脅的硬幣（裸體，槍支和自殺威脅） 。

“I believe that the problem in the space right now, with the insiders and the bundlers and the snipers is not so much about the bad actors in the space, but because of the way that the protocols are set up to launch these meme coins,” he said.

“我相信，現在空間中的問題，內部人士，捆綁器和狙擊手並不重要，而是在空間中的壞演員，而是因為設置了協議來啟動這些模因硬幣的方式，他說。

A need for changeWhen the Trump Organization launched its own meme token just before the inauguration, some say the dramatic price swings blew the doors open for imitators.

當特朗普組織在就職典禮前推出自己的模因令牌時，需要改變，有人說，戲劇性的價格波動吹開了為模仿者開放的大門。

“[Investors] would have been somewhat apprehensive to launch a meme coin just because of the regulatory risk, the risk of getting sued and whatnot,” BCA Research associate strategist Juan Correa said. “Well, now the president has done it. It's okay to

BCA研究助理策略師胡安·科雷亞（Juan Correa）說：“僅僅因為監管風險，被起訴和其他方面的風險，[投資者]將有些擔心發起模因硬幣。” “好吧，現在總統已經做到了。沒關係