隨著交流和做市商從瘋狂而盈利，模因硬幣面臨著跌宕起伏

Meme硬幣是席捲互聯網的有趣且幽默的加密貨幣，今年已經開創了艱難的開始。

Meme coins, the fun and often humorous cryptocurrencies that took the internet by storm last year, have had a rocky start this year.

Meme硬幣是去年互聯網上互聯網的有趣且幽默的加密貨幣，今年開創了艱難的開始。

According to a recent Kaiko report, most meme tokens have struggled, with losses ranging from 10% to as much as 70% since the beginning of the year. But does this mean the meme coin frenzy is over? Not quite.

根據Kaiko最近的一份報告，大多數模因令牌都在掙扎，自今年年初以來，損失範圍從10％到70％不等。但這是否意味著模因硬幣狂熱結束了？不完全。

Meme Coins Face Ups and Downs

模因硬幣面臨起伏

Kaiko’s recent report highlights that while popular meme tokens like Dogecoin, Shiba Inu, and newer coins have seen significant price drops this year, their popularity hasn’t faded completely.

Kaiko最近的報告強調，雖然像Dogecoin，Shiba Inu和Newer Coins這樣的流行模因標記今年的價格下降了大幅下降，但它們的受歡迎程度並未完全消失。

Last year, these tokens outperformed many other cryptocurrencies thanks to their hype and the chance of making quick profits.

去年，由於它們的炒作和快速利潤的機會，這些代幣的表現超過了許多其他加密貨幣。

This year, despite the volatility, the recent surge in new meme coin launches, particularly on Solana, is evidence that traders continue to engage with these assets, betting on the next viral success.

今年，儘管有波動性，但最近在新的模因硬幣推出的速度，尤其是在Solana上的激增，證明交易者繼續與這些資產互動，押注下一個病毒式成功。

Meme coins also faced challenges this year due to the lack of liquidity and the fast pace of new token launches. Kaiko's analysis shows that these tokens can have trading volumes that are much higher than their available liquidity, especially at launch.

由於缺乏流動性和新代幣發射的快速步伐，Meme Coins今年還面臨著挑戰。 Kaiko的分析表明，這些代幣的交易量可能比其可用流動性高得多，尤其是在發佈時。

For example, the TRUMP token saw $16 billion in trading volume on January 20 — nearly 30% of Bitcoin’s daily volume — despite having limited liquidity. This mismatch between volume and liquidity can lead to extreme price swings, forcing market makers to widen bid-ask spreads to manage risk.

例如，儘管流動性有限，但特朗普代幣在1月20日的交易銷量達到了160億美元的交易銷量，佔比特幣每日數量的近30％。數量和流動性之間的這種不匹配可能會導致極端的價格波動，從而迫使做市商擴大了出價差異以管理風險。

Ultimately, this drives up costs for traders, making meme coins a high-risk, high-reward investment.

最終，這為交易者帶來了成本，使Meme硬幣成為高風險，高回報的投資。

What’s Next for Meme Coins?

Meme硬幣的下一步是什麼？

Even though meme coin hype has slowed this year, it’s far from over. Their mix of humor, community-driven support, and speculative appeal keeps attracting investors.

即使Meme Coin Hype今年放慢了速度，但遠未結束。他們幽默，社區驅動的支持和投機性吸引力的混合不斷吸引投資者。

As exchanges adjust their listing strategies moving from “allowlists” to “blocklists” to better manage new tokens, meme coins will likely remain a key part of the crypto world.

隨著交流調整其從“允許清單”到“區塊列表”以更好地管理新代幣的清單策略，Meme硬幣可能仍然是加密貨幣世界的關鍵部分。