Memecoin 激增，在加密貨幣市場中取代了比特幣

在前所未有的多頭市場中，流動性繞過了傳統的市場動態，直接從比特幣流向迷因幣。在 Coinbase 的 Base 等平台上敘事驅動的投機推動下，memecoin 的受歡迎程度激增，導致市場動態發生了重大轉變。分析師將這一周期稱為迄今為止「最奇怪」的牛市，其特徵是比特幣在減半前異常高，並且缺乏傳統的市場模式。

Uncharted Waters: Bitcoin Bypassed, Memecoins Surge in Unprecedented Bull Market

神秘海域：繞過比特幣，Memecoin 在前所未有的牛市中飆升

April 1, 2024 - Crypto analysts are grappling with the peculiarities of the ongoing Bitcoin halving cycle, which has witnessed an unprecedented shift in market dynamics. Unlike previous bull cycles, where liquidity cascaded from Bitcoin to Ethereum and subsequently trickled down to lower-cap altcoins, this cycle has seen a direct surge from Bitcoin into the realm of memecoins.

2024 年 4 月 1 日 - 加密貨幣分析師正在努力解決正在進行的比特幣減半週期的特殊性，該週期見證了市場動態的前所未有的轉變。與先前的牛市週期不同，在牛市週期中，流動性從比特幣級聯到以太坊，隨後又流向較低市值的山寨幣，而在本輪牛市週期中，流動性從比特幣直接湧入模因幣領域。

Memecoin Mania

模因幣狂熱

The total market capitalization of memecoins, once dismissed as a trivial footnote in the cryptosphere, has soared to a staggering $70 billion as of April 1. Both established memecoins like Pepe and Bonk (BONK) and newcomers such as 'dogwifhat' (WIF) and Book of Meme (BOME) on Solana have experienced astronomical gains.

曾經被視為加密領域微不足道的迷因幣的總市值，截至4 月1 日已飆升至驚人的700 億美元。既包括Pepe 和Bonk (BONK) 等老牌模因幣，也包括“dogwifhat”(WIF ) 等新來者。 Book of Meme (BOME) 在 Solana 上取得了天文數字的收益。

Base, the layer-2 network associated with Coinbase, has emerged as a hotbed for memecoin speculation. Its native token, DEGEN, has surged by an astounding 2,800% over the past month. Remarkably, this token's distribution through Farcaster, a decentralized social network, epitomizes the narrative-driven speculation that has pervaded the current market, eclipsing traditional fundamental analysis.

Base 是與 Coinbase 相關的第 2 層網絡，已成為迷因幣投機的溫床。其原生代幣 DEGEN 在過去一個月內飆升了 2,800%，令人震驚。值得注意的是，該代幣透過去中心化社交網路 Farcaster 的分發集中體現了當前市場普遍存在的敘事驅動的投機行為，超越了傳統的基本面分析。

Shifting Sands

流沙

Zach Rynes, a community liaison for Chainlink, highlights the unusual pattern of liquidity bypassing traditional steps and flowing directly into memecoins. "The market is currently driven by an 'attention economy' rather than solid fundamentals," he asserts.

Chainlink 的社區聯絡員 Zach Rynes 強調了流動性繞過傳統步驟直接流入 memecoin 的不尋常模式。 「市場目前是由『注意力經濟』驅動的，而不是堅實的基本面，」他斷言。

Anthony Sassano, a renowned Ethereum educator, echoes Rynes' observation, describing the current bull market as the "weirdest" in his decade-long tenure in the crypto industry. He emphasizes the lack of significant retail participation and the isolated sector-specific pumps as indicators of this unique market phase.

著名以太坊教育家 Anthony Sassano 呼應了 Rynes 的觀察，將當前的牛市描述為他在加密貨幣行業十年任期中「最奇怪的」。他強調，缺乏大量的零售參與和孤立的特定行業泵作為這一獨特市場階段的指標。

Bitcoin's Unorthodox Pre-Halving Peak

比特幣減半前的非正統峰值

Adding to the enigmas of this cycle, Bitcoin scaled its all-time high of $73,734 on March 14, preceding the highly anticipated halving event scheduled for April 20. This deviates from the patterns observed in previous cycles, where the all-time high typically transpired the year following the halving.

令本週期更加神秘的是，比特幣在3 月14 日創下歷史新高73,734 美元，而在備受期待的4 月20 日減半事件之前。這與之前週期中觀察到的模式不同，在之前的週期中，歷史高點通常會出現減半後的一年。

Technical analyst Moustache notes that Bitcoin has reclaimed a crucial Fibonacci ratio level witnessed in past cycles, albeit prematurely this time, before the halving. "This is a significant development," Moustache asserts, suggesting the potential for a parabolic surge similar to previous cycles.

技術分析師穆斯塔什指出，比特幣已經恢復了過去週期中見證的關鍵斐波那契比率水平，儘管這次為時過早，在減半之前。 「這是一個重大進展，」穆斯塔奇斷言，這表明有可能出現類似於先前週期的拋物線飆升。

Uncertain Trajectory

不確定的軌跡

As Bitcoin approaches its halving, the prevailing market sentiment remains shrouded in uncertainty. The unprecedented dynamics of this cycle have defied historical precedents, leaving analysts and investors grappling with uncharted waters. Whether this liquidity surge into memecoins signifies a fleeting trend or a paradigm shift remains to be seen.

隨著比特幣減半的臨近，當前的市場情緒仍然籠罩在不確定性之中。這一週期前所未有的動態打破了歷史先例，讓分析師和投資者陷入了未知的領域。模因幣的流動性激增是否意味著短暫的趨勢或範式轉移還有待觀察。

The crypto industry stands at a precipice, poised for either a transformative ascent or a tumultuous correction. As the halving event draws near, the market's trajectory remains an enigma, with both bulls and bears anticipating the unfolding drama with bated breath.

加密產業正站在懸崖邊，要麼迎來變革性的上升，要麼迎來動盪的調整。隨著減半事件的臨近，市場的軌跡仍然是一個謎，多頭和空頭都屏息以待即將上演的戲劇。