Meme 幣超級週期：穆拉德·馬哈茂多夫專訪

每個時代都需要自己的精神領袖，meme領域也不例外。如果說上一輪圍繞狗狗幣世界億萬富翁馬斯克的炒作是老派迷因傳播者，那麼穆拉德就是新一代邪教文化的超級 FOMO 倡導者。

Every era needs its own spiritual leader, and the meme domain is no exception. If the last round of hype around Dogecoin's world billionaire Musk was the old-school meme evangelist, then Murad is the new generation's super FOMO advocate for cult culture.

每個時代都需要自己的精神領袖，meme領域也不例外。如果說上一輪圍繞狗狗幣世界億萬富翁馬斯克的炒作是老派迷因傳播者，那麼穆拉德就是新一代邪教文化的超級 FOMO 倡導者。

From a handful of meme coin projects in 2017 to tens of millions by 2024, a massive market has gradually formed. Meanwhile, many meme coins have seen their market capitalization exceed billions of dollars, becoming an important part of the crypto market.

從2017年的幾個米姆幣項目到2024年的數千萬個，龐大的市場逐漸形成。同時，許多迷因幣的市值已超過數十億美元，成為加密貨幣市場的重要組成部分。

Murad Mahmudov, as a witness and analyst of this trend, has proposed the concept of the "Meme Coin Super Cycle." In his view, meme coins are not just pure speculative tools but the most powerful user adoption engine in the crypto world. He has deeply analyzed the key factors behind the success of meme coins and elaborated on how to drive the growth of these projects through social media and community power.

Murad Mahmudov作為這一趨勢的見證者和分析者，提出了「Meme幣超級週期」的概念。在他看來，meme 幣不僅僅是純粹的投機工具，而且是加密世界中最強大的用戶採用引擎。他深入分析了meme幣成功背後的關鍵因素，並闡述如何透過社群媒體和社群力量推動這些項目的成長。

In this edition of "LBank Pulse Focus," we are honored to invite Murad, a leading figure in the meme coin space, to share his profound insights on the future of meme coins, especially his outlook on crypto trends in 2025 and beyond.

本期《LBank脈搏聚焦》，我們很榮幸邀請到meme幣領域的領導者Murad，分享他對meme幣未來的深刻見解，特別是對2025年及以後加密貨幣趨勢的展望。

His sharing will help us understand how the rise of meme coins is driving the global adoption of cryptocurrencies and leading the future development of the market.

他的分享將幫助我們了解迷因幣的興起如何推動加密貨幣的全球採用並引領市場的未來發展。

LBank: Could you share your career journey with us? From studying at Princeton University to working at Goldman Sachs, and then becoming a well-known figure in the cryptocurrency field, what has that experience been like?

LBank：您能跟我們分享一下您的職業歷程嗎？從普林斯頓大學學習到在高盛工作，再到成為加密貨幣領域的知名人物，那段經歷是怎麼樣的？

Murad: I come from Azerbaijan and studied in the United States, later spending a year studying in Beijing. During my time in Beijing, I met the fourth employee of OKX, who introduced me to the cryptocurrency field. After graduation, I entered the traditional finance industry, working in options trading in Hong Kong and commodity trading in Singapore.

穆拉德：我來自阿塞拜疆，在美國學習，後來在北京學習了一年。在北京期間，我認識了OKX的第四位員工，他向我介紹了加密貨幣領域。畢業後，我進入傳統金融業，在香港從事選擇交易，在新加坡從事商品交易。

From 2016 to 2017, I began participating in ICOs, cryptocurrencies, and blockchain-related work, realizing that Bitcoin could become the next wave of revolutionary change. Since then, I have devoted myself to this field, including trading, investing, on-chain analysis, asset management, and now developing in the DeFi space. Additionally, I personally actively participate in meme coin-related projects.

從2016年到2017年，我開始參與ICO、加密貨幣和區塊鏈相關工作，意識到比特幣可能成為下一波革命性變革。從那時起，我就致力於這個領域，包括交易、投資、鏈上分析、資產管理，現在又在 DeFi 領域發展。此外，我個人也積極參與與迷因幣相關的專案。

LBank: You have some insights on the current and 2025 "Meme Coin Super Cycle." Could you elaborate on that?

LBank：您對目前和2025年的「Meme幣超級週期」有一些見解。能詳細說明一下嗎？

Murad: The origin of meme coins can be traced back to Dogecoin in 2013. Each cycle has seen the scale of meme coins continuously expand. In 2017, there was only Dogecoin; by 2021, there were 5,000 meme coins, and by 2024, the number of meme coins has reached tens of millions. I believe this trend will continue until Bitcoin becomes a global universal currency.

Murad：meme幣的起源可以追溯到2013年的Dogecoin。 2017年，只有狗狗幣；到2021年，meme幣數量已達5,000枚，到2024年，meme幣數量已達數千萬枚。我相信這種趨勢將持續下去，直到比特幣成為全球通用貨幣。

From outside the cryptocurrency realm, persistent inflation and global monetary supply pressures are the main driving forces. This pressure compels people to compete, surpass their rivals, and keep moving forward.

從加密貨幣領域之外來看，持續的通膨和全球貨幣供應壓力是主要驅動力。這種壓力迫使人們去競爭、超越對手並不斷前進。

At the same time, artificial intelligence is replacing many jobs, and competition across industries is becoming increasingly fierce. Additionally, people are realizing that traditional communities and institutions in the real world are gradually losing influence and significance. All these factors are driving people towards cryptocurrencies, meme coins, and such crypto communities.

同時，人工智慧正在取代許多工作崗位，跨行業競爭日益激烈。此外，人們也意識到現實世界中的傳統社區和機構正在逐漸失去影響力和意義。所有這些因素都促使人們轉向加密貨幣、迷因幣和此類加密社群。

From within the industry, from 2015 to 2017, people could still purchase high-quality projects like ETH and BNB, which had a market cap of only $30 million at the time. Now, some projects launch with a trading market cap as high as $30 billion. Successful past crypto projects have all been supported by very strong core communities. The formation of a core community hinges on ordinary people being able to participate early at a low price and thus gain wealth.

從產業內部來看，2015年到2017年，人們仍然可以買到像ETH、BNB這樣當時市值只有3,000萬美元的優質專案。現在，一些專案啟動時交易市值高達300億美元。過去成功的加密項目都得到了非常強大的核心社群的支持。核心社區的形成取決於普通人能夠以較低的價格早期參與並獲得財富。

The core philosophy of my strategy is: 10,000 people, each holding $1,000, far surpasses 1 person holding $10 million, or 10 million people each holding only $1. The larger the proportion of such holders in a community, the more media attention, passion, and influence it will bring. This is the key to driving the development of meme coins.

我的策略的核心理念是：1萬人，每人持有1000美元，遠遠超過1人持有1000萬美元，或1000萬人每人只持有1美元。社群中這類持有者的比例越大，帶來的媒體關注、熱情和影響力就越大。這是推動迷因幣發展的關鍵。

LBank: What qualities do you think successful meme coins need to possess?

LBank：您認為成功的迷因幣需要具備哪些特質？

Murad: The most critical concept is "critical mass"—that is, the community must have the conditions for explosive dissemination. For example, having 100,000 holders, a market cap of $500 million, and starting to gradually list on major exchanges. I believe that high market cap meme coins usually rise steadily with lower downside risk; whereas low market cap meme coins carry higher risks, with a success probability of less than 1%. In contrast, mid-cap meme coins offer the best risk-reward ratio, especially those with strong and continuously growing communities,

Murad：最關鍵的概念是「臨界質量」－即社區必須具備爆發性傳播的條件。例如擁有10萬持有者，市值5億美元，開始逐步在各大交易所上市。我認為高市值的迷因幣通常會穩定上漲，下行風險較低；而低市值的 Meme 幣則有較高的風險，成功機率低於 1%。相比之下，中型迷因代幣提供了最佳的風險回報比，尤其是那些擁有強大且持續成長的社群的代幣，