Memecoin 市場地圖 - $120B 資產類別

在過去的一年裡，Memecoin 一直是加密貨幣市場中表現最好的板塊。如今，Memecoin 總市值已突破 1,000 億美元，超過 DeFi、DePin、遊戲、元宇宙的總和。

A new market map has been created to identify opportunities within the rapidly expanding Memecoin asset class, which now boasts a total market capitalization of over $120 billion—surpassing DeFi, DePin, gaming, and the metaverse combined.

為了在快速擴張的 Memecoin 資產類別中尋找機會，我們創建了一個新的市場地圖，該資產類別目前總市值超過 1200 億美元，超過 DeFi、DePin、遊戲和元宇宙的總和。

This market has seen a remarkable evolution throughout 2023, with each quarter being dominated by different Memecoins. In the first quarter, $POPCAT, $WIF, $MOG, and $MYRO led the way, followed by $PONKE, $SPX, $TURBO, $GIGA, $WOJAK, $BRETT, and $MOG in the second quarter. Finally, the third quarter saw $SPX, $GIGA, $FUD, and $MUMU emerging as the top performers.

這個市場在 2023 年經歷了顯著的演變，每個季度都由不同的 Memecoin 主導。第一季度，$POPCAT、$WIF、$MOG 和 $MYRO 領先，第二季度緊隨其後的是 $PONKE、$SPX、$TURBO、$GIGA、$WOJAK、$BRETT 和 $MOG。最後，第三季 $SPX、$GIGA、$FUD 和 $MUMU 成為表現最佳的股票。

When it comes to Memecoins, understanding "meta" (cultural trends and movements) is crucial for any attempt at market analysis. This factor has a much greater impact on Memecoins than on other cryptocurrency categories. To highlight some significant Meta changes and emerging trends, an extended timeline has been created:

當涉及 Memecoins 時，理解「元」（文化趨勢和運動）對於任何市場分析嘗試都至關重要。這個因素對 Memecoin 的影響比對其他加密貨幣類別的影響要大得多。為了突出一些重大的元變化和新興趨勢，創建了一個延長的時間表：

The Memecoin market was largely dominated by Doge until 2021, when Shiba Inu arrived as the first true "Doge killer." People flocked to it, hoping to replicate Doge's success. This search for the "next XX" mentality is the root of forming Meta. Shiba Inu's success spawned various dog- and Elon Musk-related Memecoins, making 2021 the first true Memecoin Meta. Then, in 2023, Pepe Coin's launch drove a surge of frog-related Memecoins and the "boys club," while Bonk and Wif coins later established Solana as the dominant chain for Memecoins, leading to pump.fun. In the first quarter of 2023, the Memecoin market erupted in a frenzy, with new Metas emerging almost weekly or even daily. After reaching a local peak in March, the market slowed slightly in the summer. However, as Bitcoin began to break out, market enthusiasm surged again, with new Metas continuously emerging, including $GOAT, $MOODENG (the cute hippo coin), and $PEANUT, among others.

Memecoin 市場主要由 Doge 主導，直到 2021 年 Shiba Inu 成為第一個真正的「Doge 殺手」。人們蜂擁而至，希望複製多吉的成功。這種尋找「下一個XX」的心態是形成Meta的根源。柴犬的成功催生了各種與狗和伊隆馬斯克相關的 Memecoin，使 2021 年成為第一個真正的 Memecoin 元。然後，在 2023 年，Pepe Coin 的推出推動了與青蛙相關的 Memecoin 和「男孩俱樂部」的激增，而 Bonk 和 Wif 硬幣後來將 Solana 確立為 Memecoin 的主導鏈，從而導致了 Pump.fun。 2023 年第一季度，Memecoin 市場爆發了瘋狂，幾乎每週甚至每天都會出現新的 Meta。在三月達到局部高峰後，夏季市場略有放緩。然而，隨著比特幣開始爆發，市場熱情再次高漲，新的Meta不斷湧現，包括$GOAT、$MOODENG（可愛河馬幣）、$PEANUT等。

Today, the Memecoin market is overflowing with Metas, and an attempt has been made to categorize the market.

如今，Memecoin 市場充斥著 Meta，並且有人試圖對市場進行分類。

As you can see, Dogecoin still leads the Memecoin market, mainly due to Doge. A few weeks ago, when we started compiling this data, the Sentient AI category was almost nonexistent, and the Martyr category did not show significant performance (although we must respect the OG coin $Harambe). This is enough to demonstrate the rapid evolution of the Memecoin market.

正如您所看到的，Dogecoin 仍然領先 Memecoin 市場，這主要歸功於 Doge。幾週前，當我們開始編譯這些數據時，Sentient AI 類別幾乎不存在，而 Martyr 類別也沒有表現出顯著的表現（儘管我們必須尊重 OG 幣 $Harambe）。這足以證明 Memecoin 市場的快速演變。

Unsurprisingly, Dogecoin's dominance has gradually declined since Pepe Coin's launch.

毫不奇怪，自從佩佩幣推出以來，狗狗幣的主導地位逐漸下降。

It seems this trend will continue, as new Metas will keep emerging, and different sectors will be pushed into the spotlight.

看來這種趨勢將會持續下去，因為新的元數據將不斷出現，不同的產業將被推到聚光燈下。

From the changes in market capitalization across categories, several interesting trends emerge.

從不同類別的市值變化中，出現了一些有趣的趨勢。

For instance, Memecoins in the Crypto Culture category (like $bitcoin) gained some attention in 2023, especially when relatively little new capital was entering the market at that time. However, with the influx of new capital towards the end of the year, the Crypto Culture category gradually gave way to broader internet culture (like $giga, $npc, etc.).

例如，加密文化類別中的 Memecoin（如 $bitcoin）在 2023 年獲得了一些關注，特別是當時進入市場的新資本相對較少。然而，隨著年底新資本的湧入，加密文化類別逐漸讓位給更廣泛的網路文化（如$giga、$npc等）。

As mentioned earlier, the rapid rise of $GOAT and $PEANUT is also quite surprising. While it may still be too early to categorize them into new categories, it is evident that there are many AI-related Memecoins today, with market capitalizations already reaching nine figures.

如同前面所提到的，$GOAT 和 $PEANUT 的快速上漲也相當令人驚訝。雖然將它們歸類為新類別可能還為時過早，但很明顯，當今有許多與人工智慧相關的 Memecoin，市值已達到九位數。

Additionally, earlier celebrity tokens and politically related Memecoins saw some growth, but most have gradually cooled off since then.

此外，早期的名人代幣和與政治相關的 Memecoin 也出現了一些增長，但大多數從那時起就逐漸冷卻下來。

Over time, Memecoins could potentially become a fractal of the entire cryptocurrency market, with Dogecoin's status akin to Bitcoin (BTC). Some "cult coins" will have loyal community support and exist long-term; however, most Memecoins may be fleeting like NFTs in 2021.

隨著時間的推移，Memecoins 可能會成為整個加密貨幣市場的分形，而狗狗幣的地位類似於比特幣 (BTC)。一些「邪教幣」將得到忠實的社區支持並長期存在；然而，到 2021 年，大多數 Memecoin 可能會像 NFT 一樣轉瞬即逝。

Nevertheless, it is clear that there are significant opportunities for early entry into new Metas.

儘管如此，很明顯，早期進入新元有很大的機會。

I anticipate that the fastest-growing categories in the future will be internet culture and self-aware AI. Internet culture is already widely recognized and has a rich cultural foundation, giving it a clear advantage over other categories. Self-aware AI combines the most exciting technology with the most volatile asset class, and they may continue to dominate the Memecoin market in the future.

我預計未來成長最快的類別將是網路文化和自我意識人工智慧。網路文化已廣受認可，具有豐富的文化基礎，比其他門類具有明顯的優勢。自我意識人工智慧將最令人興奮的技術與最不穩定的資產類別結合在一起，它們可能會在未來繼續主導 Memecoin 市場。

As for the open market space, there will always be room for new animal species—many animals are currently lacking in the market, especially some exotic ones (like tigers, giraffes, zebras, etc.). As for entirely new categories of Memecoins, existing fan cultures (like superheroes, sports, etc.) may be creatively tokenized.

至於開放的市場空間，總是會有新的動物物種的空間——目前市場上缺乏許多動物，尤其是一些外來動物（如老虎、長頸鹿、斑馬等）。至於全新類別的迷因幣，現有的粉絲文化（如超級英雄、體育等）可能會被創造性地標記化。