泵上的Memecoin Frenzy。

“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 apparently hitting a wall, with the platform’s “graduation rate” sinking below 1% for a fourth straight week.

Fum.fun上的Memecoin Frenzy顯然正在撞牆，該平台的“畢業率”連續第四周下沉到1％以下。

“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, according to Dune Analytics data.

根據Dune Analytics數據，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％。

Pump.fun's tanking token success rate. Source: Dune Analytics

泵。資料來源：沙丘分析

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 than it is now. 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 economy in a single week.

但是，當時在平台上推出的龐大的令牌使該百分比比現在更加重要。在11月11日開始的一周中，在Pump.Fun上創建了323,000個令牌，這意味著1.67％的畢業率轉化為大約5,400個令牌，在一個星期內進入Solana的Defi經濟。

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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 launched their own memecoins as well, including US President Donald Trump. His token is down 84% from its all-time high set on Jan. 19, according to CoinGecko.

包括美國總統唐納德·特朗普在內的幾個政治人物也推出了自己的成員。根據Coingecko的說法，他的代幣比1月19日的歷史最高點下降了84％。

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Memecoins’ struggles persist despite improving liquidity, according to Matrixport. In February, Matrixport analysts noted that a strengthening US dollar had pressured Bitcoin prices by tightening dollar-denominated liquidity.

根據Matrixport的說法，儘管有提高了流動性，但Memecoins的掙扎仍然存在。 2月，Matrixport分析師指出，加強美元通過收緊了美元計數的流動性來壓力比特幣價格。

Since then, the US dollar 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 March 14.

從那以後，美元削弱了。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的峰值，然後在3月14日下降至103.95。

DXY performance in the past month shows the US dollar weakening. Source: TradingView

過去一個月的DXY表現顯示美元削弱。資料來源：TradingView

“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 — previously one of the strongest narratives during this bull market — continue to struggle significantly, with no apparent recovery,” Matrixport said in its 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（以前是這個牛市中最強大的敘述之一）仍在持續掙扎，沒有明顯的恢復。” Matrixport在其報告中說。

Bitcoin caught in memecoins' aftershocks

比特幣陷入了Memecoins的餘震中

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

根據Matrixport的數據，陷入困境的Memecoin市場在加密市值中造成了1萬億美元的消失。

“This redistribution of wealth may lead investors to remain cautious about deploying further capital, causing rebounds — even those triggered by better-than-expected inflation data — to be limited,” the report noted.

該報告指出：“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，從而造成籃板，即使是由預期的通貨膨脹數據觸發的籃板，也受到限制。”

Matrixport analysts warn 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.”

Matrixport分析師警告說，這可能會導致比特幣的進一步下降，潛在的回溯到73,000美元，他們認為這將提供“強大的支持”。