Fum.fun上的Memecoin Frenzy撞牆，該平台連續第四周下沉了1％以下的“畢業率”。

“畢業率”是Memecoin Launchpad的代幣術語，它可以通過孵化階段並變得完全可交易。

The memecoin frenzy on Pump.fun is hitting a wall, with the platform’s “graduation rate” sinking below 1% for a fourth straight week.

Fum.fun上的Memecoin Frenzy撞牆，該平台連續第四周下沉了1％以下的“畢業率”。

“Graduation rate” is the memecoin launchpad’s term for tokens that make it through the incubation phase and become fully tradable on a Solana decentralized exchange (DEX). To graduate, a token must meet specific liquidity and trading requirements.

“畢業率”是Memecoin LaunchPad的代幣術語，它可以通過孵化階段，並在Solana Solana分散交易所（DEX）上完全交易。要畢業，代幣必須滿足特定的流動性和交易要求。

Over the past four weeks, starting Feb. 17, Pump.fun’s graduation rate has remained below 1% for the first time, Dune Analytics data shows:

Dune Analytics數據顯示，在過去四個星期（從2月17日開始），Fump.Fun的畢業率首次保持低於1％，Dune Analytics數據顯示：

Pump.fun’s graduation rate has never been particularly high. The platform’s best-performing week was in November 2024 when 1.67% of memecoins moved on to the open market.

Fump.Fun的畢業率從未如此高。該平台表現最佳的一周是在2024年11月，當時有1.67％的Memecoins轉移到公開市場。

However, the sheer volume of tokens launched on the platform at the time made this percentage more significant. During the week starting Nov. 11, 323,000 tokens were created on Pump.fun, meaning the 1.67% graduation rate translated to roughly 5,400 tokens entering Solana’s DeFi (decentralized finance) economy in a single week.

但是，當時在平台上啟動的龐大的令牌使該百分比變得更加重要。在11月11日開始的一周中，在泵中創建了323,000個令牌。FUN，這意味著畢業率的1.67％，大約在一個星期內進入Solana的Defi（分散融資）經濟，大約5,400個令牌。

With token creation volume declining on both Pump.fun and Solana, weekly token graduations have plummeted to a four-week average of around 1,500 tokens at the time of writing, according to Dune.

根據Dune的說法，隨著代幣的創建量在泵。FUN和SOLANA的下降，每週的代幣畢業在寫作時的平均為1,500個令牌約為1,500個令牌。

Memecoins are dying, and they’re not responding to positive market signals

Memecoin即將死亡，他們沒有回應積極的市場信號

Pump.fun’s dropping graduation rate reflects waning investor appetite for memecoins, which have developed a reputation as degenerate lottery tickets or quick cash grabs for their creators.

Pump.Fun的下降畢業率反映了對Memecoins的興趣，後者以退化的彩票票或快速的現金搶購而聞名。

Several political figures have also launched their own memecoins. US President Donald Trump launched his own token earlier this year, which is currently trading at $24.87, down 84% from its all-time high reached on Jan. 19, according to CoinGecko.

幾個政治人物也推出了自己的成員。據Coingecko稱，美國總統唐納德·特朗普（Donald Trump）今年早些時候推出了自己的代幣，目前的交易價格為24.87美元，比1月19日的歷史最高水平下降了84％。

Memecoins continue to struggle despite improving liquidity, according to crypto intelligence platform Matrixport. In February, Matrixport analysts noted that a strengthening US dollar had been putting pressure on Bitcoin prices by tightening dollar-denominated liquidity.

Crypto Intelligence Platform Matrixport表示，儘管有改善的流動性，但Memecoin仍在掙扎。 2月，Matrixport分析師指出，通過收緊美元計價的流動性，增強美元一直在對比特幣價格施加壓力。

Since then, the greenback has weakened. Over the past month, the US Dollar Index (DXY), which measures the dollar against a basket of major currencies, peaked at 107.61 on Feb. 28 before dropping to 103.95 on Mar. 14.

從那以後，綠色背負削弱了。在過去的一個月中，美元指數（DXY）衡量了一籃子主要貨幣的美元，在2月28日達到107.61，然後在3月14日下降至103.95。

“The US dollar has recently weakened, leading to a rebound in liquidity indicators and some marginal improvements in inflation data. Despite these positive shifts, memecoins — one of the strongest narratives during this bull market — are still struggling significantly with no signs of recovery,” Matrixport said in its latest report.

“美元最近削弱了，導致流動性指標的反彈和通貨膨脹數據的邊緣改善。儘管有這些積極的轉變，但Memecoins（這個牛市上最強大的敘述之一）仍在掙扎中，沒有恢復的跡象。” Matrixport在其最新報告中說。

Bitcoin caught in memecoin aftershocks

比特幣陷入了Memecoin餘震中

The struggling memecoin market has also contributed to a $1 trillion wipeout in crypto market capitalization, according to Matrixport.

根據Matrixport的說法，掙扎的Memecoin市場還促成了加密市值的1萬億美元。

“This redistribution of wealth may lead investors to remain cautious about deploying further capital, causing both the strength of the rebound and the sustainability of the rally to be limited,” the report noted.

報告指出：“財富的這種重新分配可能會導致投資者對部署進一步的資本保持謹慎，從而導致反彈的實力和集會的可持續性受到限制。”

Matrixport analysts add that this could lead to further Bitcoin declines, with a potential retracement to as low as $73,000—a level they believe would provide “strong support” for the crypto king to launch the next leg of his bull run.

Matrixport分析師補充說，這可能導致比特幣的進一步下降，潛在的回溯到73,000美元，他們認為這一水平將為Crypto King提供“強有力的支持”，以推出他的下一條公牛跑步。