當選總統唐納德·特朗普在就職前在 Solana 上推出了 Memecoin

這是加密貨幣歷史上最令人驚訝的舉動之一。 《科比西信》在推特上評論道：“這太瘋狂了。”

President-elect Donald Trump's main priority yesterday — at the same time as a big crypto ball was taking place in Washington — was to launch a memecoin on Solana.

當選總統唐納德·川普昨天的首要任務是在 Solana 上推出迷因幣，與此同時，一場大型加密貨幣舞會正在華盛頓舉行。

It was one of the most surprising moves in crypto history.

這是加密貨幣歷史上最令人驚訝的舉動之一。

“This is beyond insane,” wrote The Kobeissi Letter on X, commenting on the swift rise of the price of Trump’s token, which became the fastest memecoin ever to hit a $4 billion market cap, before adding, “What is happening?”

「這太瘋狂了，」科比西在X 上的信中寫道，他評論了川普代幣價格的迅速上漲，該代幣成為有史以來最快達到40 億美元市值的模因幣，然後補充道，“發生了什麼？”

While the move was unanticipated, it's not to say it wasn't forewarned. Trump has been cosying up to the crypto industry for the last year now, with many signs of friendliness. He's engaged with key leaders of the industry, he's spoken at conferences, promised multiple executive orders, kicked out SEC Chair Gary Gensler and even launched his own crypto project World Liberty Financial. But an actual tradeable token tied to him? That's new.

雖然此舉是出乎意料的，但這並不是說沒有預先警告。去年，川普一直在向加密貨幣行業示好，並且有很多友好的跡象。他與該行業的主要領導人進行了接觸，在會議上發表了演講，承諾了多項行政命令，驅逐了SEC 主席加里·根斯勒(Gary Gensler)，甚至推出了自己的加密貨幣項目World Liberty Financial。但與他相關的實際可交易代幣？這是新的。

Shortly after the posts were made on Truth Social, there was a lot of skepticism whether this token was real — especially given that even the SEC's X account has been hacked before. Yet it wasn't long before projects like Solana exchange Jupiter confirmed that it was indeed real.

在 Truth Social 上發布這些帖子後不久，人們對這個代幣是否真實存在很多懷疑——特別是考慮到甚至 SEC 的 X 帳戶之前也曾被黑客入侵過。然而不久之後，像 Solana 交換 Jupiter 這樣的計畫就證實了它確實是真實的。

Breaking down the token's ‘wild distribution’

打破代幣的“瘋狂分佈”

One big issue and potential area of concern is the supply of the memecoin. Only 20% of the token's supply is currently on the market, half of which was allocated to be distributed to the public and the other half for providing liquidity on decentralized exchanges. Yet the remainder of the supply is set to be distributed to the creators of the memecoin and a company called CIC Digital, which is an affiliate of the Trump Organization.

模因幣的供應是一個大問題和潛在的關注領域。目前市場上只有 20% 的代幣供應，其中一半分配給公眾，另一半用於在去中心化交易所提供流動性。然而，剩餘的供應將分配給 memecoin 的創建者和一家名為 CIC Digital 的公司，該公司是川普集團的附屬公司。

What this means is that the token's circulating market cap will differ massively from its fully diluted valuation. The current market cap is $4.3 billion but its FDV is just shy of $22 billion. This suggests a lot of selling pressure over the next few years. Some of the lockups have a cliff of just three months, meaning the team will be able to start selling daily for the next three years from that point.

這意味著該代幣的流通市值將與其完全攤薄後的估值存在巨大差異。目前的市值為 43 億美元，但其 FDV 略低於 220 億美元。這表明未來幾年將面臨很大的拋售壓力。有些鎖定期只有三個月，這意味著從那時起，團隊將能夠在未來三年內開始每天銷售。

“That is a wild distribution for a meme coin,” investigative YouTuber CoffeeZilla said on X, noting that “80% of tokens vest to insiders DURING the presidency.” These tokens are also currently held in a single wallet.

“對於模因幣來說，這是一種瘋狂的分配，”YouTube 調查者 CoffeeZilla 在 X 上表示，並指出“80% 的代幣在總統任期內歸屬於內部人士。”這些代幣目前也保存在一個錢包中。

Impact of the token launch

代幣發行的影響

The launch of Trump's memecoin had a number of knock-on effects.

川普模因幣的推出產生了一系列連鎖反應。

For a start it directly impacted the prices of Trump’s NFT card collection, with prices rising fourfold in the last few hours. This has partly been to suggestions that the NFTs might get some sort of token allocation, as the official website says “See Card Allocation Here” with a link that goes to the distribution chart. No other details are provided and it's unclear whether the NFTs will actually receive any tokens and what the conditions would be.

首先，它直接影響了川普 NFT 卡系列的價格，在過去幾個小時內價格上漲了四倍。這在一定程度上是因為有人建議 NFT 可能會獲得某種代幣分配，正如官方網站上所說的“請在此處查看卡分配”，並有一個指向分配圖表的連結。沒有提供其他細節，也不清楚 NFT 是否會真正收到任何代幣以及條件是什麼。

The memecoin's launch also caused a huge surge in trading activity on Solana, with its daily volume rising to all-time highs. Yesterday saw $9.2 billion in trading volume, according to DefiLlama, while today has seen $9.34 billion so far. This caused strain on exchanges, such as Coinbase, which noted that some users may be experiencing delays on receiving and sending Solana around the time of the launch.

memecoin 的推出也導致 Solana 上的交易活動大幅激增，其每日交易量升至歷史新高。根據 DefiLlama 的數據，昨天的交易量為 92 億美元，而今天迄今為止的交易量為 93.4 億美元。這給 Coinbase 等交易所造成了壓力，該交易所指出，在 Solana 發布前後，一些用戶可能會遇到接收和發送延遲的情況。

The launch did well for one trader in particular, who bought $1.1 million worth of TRUMP tokens within two minutes of the token going live. They sold some of these tokens for $3.65 million and continue to hold onto around $87 million of tokens — resulting in total proceeds above $90 million.

這次發布對一位交易員來說效果特別好，他在代幣上線後兩分鐘內就購買了價值 110 萬美元的 TRUMP 代幣。他們以 365 萬美元的價格出售了其中一些代幣，並繼續持有約 8,700 萬美元的代幣，總收益超過 9,000 萬美元。

Looking ahead, Binance Futures is adding perpetuals for the Trump memecoin, with up to 25X leverage.

展望未來，幣安合約交易平台將為川普迷因幣增加永續合約，槓桿率高達 25 倍。

How crypto twitter reacted

加密推特有何反應

Plenty of crypto natives weren't awake when the token launched and were notably upset that they missed out on the fastest token appreciation in history. “Never sleeping again,” posted the official Solana account on X.

當代幣推出時，許多加密貨幣原住民還沒有醒來，並且對他們錯過了歷史上最快的代幣升值機會感到非常沮喪。 “再也睡不著了”，Solana 官方帳號在 X 上發布。

“Never seen anything like this, SOL ripping and everything on chain nuking as people panic sell to fomo into Trump’s memecoin. What is going on,” said author Jason Williams.

「從來沒有見過這樣的事情，SOL 被撕毀，鏈上的一切都被毀掉，人們恐慌地拋售川普的迷因幣。發生了什麼事，」作者傑森威廉斯說。

Some argued that a President launching a memecoin directly before his inauguration couldn't be overstated. “Trump is going to juice the markets so much he’ll make Janet Yellen look like Volcker,” said Geiger Capital on X.

有些人認為，總統就職前直接推出迷因幣這一點怎麼誇大都不過分。蓋格資本 (Geiger Capital) 在 X 網站上表示：“川普將極大地刺激市場，他會讓珍妮特·耶倫 (Janet Yellen) 看起來像沃爾克 (Volcker)。”

While there was a lot of euphoria, some were skeptical that this memecoin was the right play for Trump. “It's hard to see this as anything but a pump and dump scheme. Schemes like this reinforce negative perceptions of crypto, making it hard for the space to gain trust & credibility,” said Rotki founder Lefteris Karapetsas.

雖然人們很興奮，但有些人懷疑這種迷因幣是否適合川普。 「很難將此視為拉高拋售計畫。像這樣的計劃強化了人們對加密貨幣的負面看法，使該領域很難獲得信任和信譽。

Crypto trader CL claimed the memecoin may help to onboard many Americans to crypto but that they might get

加密貨幣交易員 CL 聲稱迷因幣可能有助於許多美國人接觸加密貨幣，但他們可能會得到