Memecoins在加密貨幣行業中造成了前所未有的混亂

以下是Squidgrow的創始人Shibtoshi的來賓帖子和意見。 Memecoins在加密貨幣行業中造成了前所未有的混亂。

Memecoins have created unprecedented chaos within the crypto industry. Most analysts view the chaos in a binary fashion, with some criticizing memecoins as mere speculative assets while others defend them for challenging low-float-high FDV VC-backed tokens.

Memecoins在加密貨幣行業中造成了前所未有的混亂。大多數分析師以二進制方式看待混亂，有些人批評紀念物僅僅是投機性資產，而其他人則捍衛它們是為了挑戰低流暢的FDV FDV VC支持的代幣。

However, a new perspective is needed, one that breaks the binary by accepting memecoins as speculative assets and a statement against VC tokens, leading to chaotic market scenarios. Acknowledging memecoins’ potential to breed chaos, it identifies chaos as the birthstone of a new utility-driven token economy.

但是，需要一種新的觀點，即通過接受成員作為投機資產和針對VC代幣的聲明來打破二進制的觀點，從而導致了混亂的市場情況。承認Memecoins繁殖混亂的潛力，它將混亂視為新型公用事業驅動的代幣經濟的誕生石。

Memecoin chaos is good for the industry

Memecoin混亂對行業有好處

Memecoins led investor mindshare in 2024 and emerged as the most popular market narrative. Driven by relatable humor, collective mimetic desire, and virality, the memecoin market rose to $137 billion in December 2024.

Memecoins在2024年領導了投資者的Mindshare，並成為最受歡迎的市場敘事。在相關的幽默，集體模仿和病毒的驅動下，Memecoin市場在2024年12月上升至1370億美元。

Unlike high-value token launches of VC-backed coins denying fair entry to retail investors, memecoins offer an equitable playing field. Little wonder more than 42% investors were first-time buyers when US President Donald Trump and First Lady Melania Trump launched their memecoins.

與高價值代幣推出了VC支持的硬幣，否認散戶投資者的公平入境，Memecoins提供了公平的競爭環境。毫不奇怪，當美國總統唐納德·特朗普（Donald Trump）和第一夫人梅拉尼亞·特朗普（Melania Trump）推出他們的成員時，有超過42％的投資者是首次購房者。

At Consensys 2024, Riva Tez of LayerZero Labs explained that memecoins help crypto win the ‘narrative war’ due to their resonance with common people. Indeed, for memecoins, speculation is a vital use-case and essential feature of its functionality.

在Consensys 2024年，LayerZero Labs的Riva Tez解釋說，Memecoins由於與普通百姓的共鳴，有助於加密蛋糕贏得了“敘事戰爭”。實際上，對於模因素而言，猜測是其功能的重要用例和基本特徵。

But empty speculation can also be a bug. That’s what happened with memecoins, as its market cap dropped by 60% to around $53 billion in March 2025. Although external factors like geopolitical tensions and global trade wars negatively affected market activity, some intrinsic issues also contributed to memecoins’ collapse.

但是空的猜測也可能是一個錯誤。這就是Memecoins發生的事情，因為它的市值在2025年3月下降了60％，達到了530億美元。儘管外部因素（例如地緣政治緊張局勢和全球貿易戰）對市場活動產生了負面影響，但一些內在問題也導致了Memecoins的崩潰。

Malicious actors duped gullible retailers and extracted capital through scams like rug pulls, fake presales, pump-and-dump schemes, and phishing attacks. The collapse of the Libra token, endorsed by Argentine President Javier Milei, was the final nail in the coffin. It wiped out $4 billion of retail money and eroded investor confidence.

惡意的演員欺騙了可易受騙的零售商，並通過地毯拉力，假預售，泵送式計劃和網絡釣魚攻擊等騙局提取了資本。阿根廷總統賈維爾·米利（Javier Milei）認可的天秤座代幣的崩潰是棺材的最後指甲。它消除了40億美元的零售資金，並侵蝕了投資者的信心。

Everything was good with memecoins until it wasn’t. The market descended into complete chaos. But the memecoin chaos initiated a much-needed churning within the industry. Stakeholders realized memecoins wouldn’t succeed in the long term with their speculative potential and as an alternative to VC tokens.

成人一切都很好，直到不是為止。市場陷入混亂。但是，Memecoin混亂在行業內引發了急需的攪動。利益相關者意識到，Memecoins從長期以來就不會具有投機潛力，也不會作為VC令牌的替代方案。

The memecoin chaos serves as a wake-up call, albeit a delayed one. Chaotic markets led investors and token developers to realize the necessity of a utility-driven token economy for sustainable value generation. Without altering memecoins’ core thesis, stakeholders must use the chaos as an opportunity to plug utilities into the memecoin market.

Memecoin混亂是一個喚醒電話，儘管延遲了。混亂的市場導致投資者和代幣開發商實現由公用事業驅動的代幣經濟以實現可持續價值產生的必要性。在不改變Memecoins的核心論文的情況下，利益相關者必須利用混亂作為將公用事業塞入Memecoin市場的機會。

Harnessing the potential of chaos

利用混亂的潛力

During the Memecoin Supercycle keynote speech at Token2049 Singapore, Murad said the token is the product. In a chaotic memecoin market, the token itself is not enough to drive value for investors. Instead, token developers must leverage the product and find new avenues to monetize them.

在新加坡Token2049的Memecoin Supercycle主題演講中，Murad說，代幣是產品。在混亂的成員市場中，令牌本身不足以為投資者帶來價值。取而代之的是，令牌開發人員必須利用產品並找到新的途徑來獲利。

Memecoins are still isolated in a closed circular economy, with investors rotating between different tokens on trading apps to book profits. To stabilize the memecoin chaos, they must diversify into yield farming, staking, and liquid staking options to generate fresh market liquidity.

在封閉的循環經濟中，Memecoin仍然是孤立的，投資者在交易應用程序上的不同代幣之間輪換以預訂利潤。為了穩定Memecoin混亂，它們必須多樣化為產量養殖，堆積和液體儲存選擇，以產生新的市場流動性。

In other words, memecoins must break free from a gambler’s epiphany of creating generational wealth to become DeFi’s key product. Investors must also stop perceiving memecoins as chips in a casino and instead deploy them in financial markets.

換句話說，模因必須擺脫賭徒的頓悟，以創造世代相傳以成為Defi的關鍵產品。投資者還必須停止將Memecoins視為賭場中的籌碼，而將其部署在金融市場中。

The memecoin chaos demonstrates the need to expand from a product to a fully operational crypto ecosystem. The product must be a foundational stone to build utility-focused dapps for solving real-world problems.

Memecoin混亂表明有必要從產品擴展到完全運行的加密生態系統。該產品必須是建立以公用事業為中心的DAPP來解決現實世界問題的基礎石。

For example, a memecoin project can launch a a decentralized application or SaaS tool to cater to the broader DeFi audience. The exchange can redirect the profits into the memecoin as buybacks, maintaining a steady capital flow to prevent price crashes.

例如，MemeCoin項目可以啟動AA分散的應用程序或SaaS工具來迎合更廣泛的Defi受眾。交易所可以將利潤重新將其作為回購將其重新定向，以保持穩定的資本流程以防止價格崩潰。

Most of the memecoin chaos has resulted from rug pulls and pump-and-dump schemes, eroding investor trust in the asset class. Memecoin projects can restore confidence by building tools that solves pain points in the market such as liquidity lockers.

大多數紀念物混亂都是由地毯拉力和泵送和降低的方案造成的，削弱了投資者在資產類別中的信任。 MemeCoin項目可以通過構建解決市場疼痛點（例如流動性儲物櫃）的工具來恢復信心。

On a different note, the memecoin community holds the key to chaos. Highly paid project ambassadors, celebrity content creators, and influencers often care little about the project beyond their paychecks. They’ll bulk-purchase tokens and dump them at the slightest hint of a price crash or insider tip-offs.

在另一個方面，Memecoin社區擁有混亂的關鍵。高薪的項目大使，名人內容創作者和有影響力的人通常不關心薪水超出其薪水的項目。他們會稍微散佈購買代幣，並以絲毫價格崩潰或內部人士提示拋棄它們。

Thus, memecoin chaos is an important reminder to focus on building an organic and well-knit community. This community will provide unwavering support to the memecoin ecosystem, bolster its utilities, and safeguard the token from abrupt price activity.

因此，Memecoin混亂是一個重要的提醒，專注於建立一個有機和良好的社區。這個社區將為Memecoin生態系統提供堅定的支持，加強其公用事業，並保護令牌免受突然價格活動的影響。

After the chaos subsides, meme tokens shouldn’t abandon their fun quotient to imitate serious financial instruments. Instead, the chaos is a clarion call to merge utility with humor to develop an inclusive and sustainable financial ecosystem.

混亂消退後，模因令牌不應放棄其有趣的商來模仿嚴肅的金融工具。取而代之的是，混亂是與幽默合併實用程序的澄清呼籲，以開發包容性和可持續的金融生態系統。

In the Pulitzer-nominated book, ‘

在普利策提名的書中，