動力輸出世界。二是用戶基數快速成長。根據 Dune 數據，Memecoin 持有者數量從 2024 年 1 月的不到 100 萬增加到 12 月的超過 1,000 萬，增加了 10 倍以上。日活躍用戶數也從不到 10 萬增長到超過 100 萬，增長超過 10 倍。

Memecoin是2024年不可避免的主題，狗狗幣、柴犬等經典meme幣2024年平均漲幅超過5倍

the crypto field.

加密領域。

In addition to the attitude of the institution, the user base of Memecoin is also expanding rapidly. According to Footprint Analytics data, the number of Memecoin users has increased by nearly 20 times in 2024, and the number of daily active users has reached nearly 10 million. Among them, the number of users holding DOGE has exceeded 10 million, and the number of users holding SHIB has exceeded 5 million. At present, the number of users holding Memecoin with a market value of more than US$100 million has exceeded 1 million.

除了機構的態度外，Memecoin 的用戶群也在迅速擴大。根據Footprint Analytics數據顯示，2024年Memecoin用戶數量成長了近20倍，每日活躍用戶數已接近1,000萬。其中，持有DOGE的用戶數已超過1000萬，持有SHIB的用戶數已超過500萬。目前，持有市值1億美元以上Memecoin的用戶數已超過100萬人。

output: Memecoin, an unavoidable theme in 2024.

輸出：Memecoin，2024 年不可避免的主題。

Classic meme coins such as Dogecoin and Shiba Inu have an average increase of more than 5 times in 2024, while the investment returns of emerging meme coins such as MooDeng and PNUT are as high as 100 times. The overproduction of tokens and high circulation and high valuation of VC coins have made this round of bull market a bull market where no one takes over. Therefore, Memecoin has been extremely active in this round. It has become an indicator of on-chain liquidity, a whistleblower of new narratives, and a thermometer of market sentiment.

狗狗幣、柴犬等經典迷因幣2024年平均漲幅超過5倍，而MooDeng、PNUT等新興迷因幣投資回報高達100倍。代幣的生產過剩和VC幣的高流通量、高估值，讓本輪牛市成為無人接班的多頭市場。因此，Memecoin 在這一輪中表現得異常活躍。它已成為鏈上流動性的指標、新敘事的舉報者和市場情緒的溫度計。

This year, we have witnessed the process of Memecoin's transition from frenzy speculation to the gradual move towards mainstream culture and consensus effect, and the great wealth transfer has taken place. In this process, the issuance method is constantly innovating, the asset type is rapidly changing, and the mainstream acceptance and adoption have promoted its vigorous development. Every transformation hides a hundred times or a thousand times the opportunity to get rich. Looking back at the 2024 Memecoin super cycle, let us witness the changes and opportunities of this year together.

今年，我們見證了Memecoin從瘋狂炒作到逐步走向主流文化和共識效應的過程，財富的大轉移已經發生。在此過程中，發行方式不斷創新，資產類型快速變化，主流接受和採用促進了其蓬勃發展。每一次轉變都隱藏著一百倍、一千倍的致富機會。回顧2024年Memecoin超級週期，讓我們一起見證這一年的變化和機會。

Infrastructure is becoming increasingly complete

基礎建設日趨完善

The prosperity of this round of Memecoin super cycle is inseparable from the continuous improvement of infrastructure. Whether it is the innovation of the underlying issuance method of the B-side or the optimization of the C-side user experience, it provides conditions for Memecoin to flow in funds and expand users rapidly.

本輪Memecoin超級週期的繁榮離不開基礎設施的不斷完善。無論是B端底層發行方式的創新，或是C端用戶體驗的最佳化，都為Memecoin資金流動和快速擴大用戶提供了條件。

Innovation in issuance methods

發行方式創新

The traditional Memecoin issuance method is similar to that of ordinary tokens. As an attention economy, Memecoin has rapidly changing market hotspots, but the current asset issuance cycle is long and complex. User preferences and hype rhythms on major public chains are also different. These make it difficult to concentrate market attention and liquidity, and it is difficult to quickly push up asset prices in a short period of time.

傳統的 Memecoin 發行方式與普通代幣類似。 Memecoin作為注意力經濟，市場熱點瞬息萬變，但目前的資產發行週期漫長且複雜。各大公鏈的使用者偏好和炒作節奏也不同。這些都導致​​市場注意力和流動性難以集中，資產價格難以在短時間內快速推高。

PUMP.FUN: The core engine of the super cycle

PUMP.FUN：超級循環的核心引擎

The pre-sale model of BOME and SLERF has changed the issuance method to a certain extent and attracted market attention. However, RUGs of the Memecoin are frequent, and the above problems have not been effectively solved. The emergence of PUMP.FUN has effectively solved this situation. The Memecoin issuance cycle has begun to shorten, funds have been continuously circulated, and users have gradually concentrated, laying the foundation for the opening of the Memecoin super cycle.

BOME和SLERF的預售模式在一定程度上改變了發行方式，引起了市場關注。但Memecoin的RUG頻發，上述問題尚未有效解決。 PUMP.FUN的出現有效解決了這種情況。 Memecoin發行週期開始縮短，資金不斷流通，用戶逐漸集中，為Memecoin超級週期的開啟奠定了基礎。

PUMP.FUN was created by founder Alon in January 2024, but it had few followers at the time, and it did not gradually enter the public eye until April. At present, it has issued nearly 5 million Memecoins, accounting for nearly 70% of Solana's daily token issuance, becoming the highest-earning protocol on Solana. As the engine of the Memecoin super cycle, the optimization of asset issuance methods is its core advantage. It allows users to create tokens without any technology (after the August update, there is no need to pay a $2 creation fee). Fair intra-disk fundraising + a reasonable price curve (Bonding Curve) successfully reduces the cost of asset issuance and increases the speed of asset issuance. This is an effective solution to the problem of rapid conversion of Memecoin hot spots and difficulty in concentrating capital speculation in the current market.

PUMP.FUN由創辦人Alon於2024年1月創建，但當時粉絲很少，直到4月才逐漸進入公眾視野。目前已發行近500萬個Memecoin，佔Solana每日代幣發行量的近70%，成為Solana上收益最高的協議。作為Memecoin超級週期的引擎，資產發行方式的最佳化是其核心優勢。它允許用戶無需任何技術即可創建代幣（8月更新後，無需支付2美元的創建費）。公平的盤內募資+合理的價格曲線（Bonding Curve）成功降低了資產發行成本，提高了資產發行速度。這有效解決了當前市場Memecoin熱點快速轉換、資金炒作難以集中的問題。

In addition, the success of PUMP.FUN is not only due to the innovation of the mechanism. Its user positioning and product design are also excellent. From the user side, it solves the real problem of most people in the Web3 market, "users want to get higher multiples of returns in a simpler, faster and lower-cost way." From the product side, it is one of the few projects with a complete commercial closed loop, and the source of profit is clear and traceable. (1% of the platform transaction fee before listing on Raydium, and the "currency listing fee" of 6 SOL during the packaging and listing on Raydium.)

此外，PUMP.FUN的成功不僅得益於機制的創新。其用戶定位和產品設計也很出色。從用戶端來說，它解決了Web3市場上大多數人的現實問題，「用戶希望以更簡單、更快、更低成本的方式獲得更高倍數的回報」。從產品端來說，是少數的具有完整商業閉環的項目之一，且利潤來源清晰可追溯。 （Raydium上幣前1%的平台交易費，以及Raydium打包上幣時6SOL的「上幣費」。）

Currently, according to Dune data, as of December 23, PUMP.FUN has deployed nearly 5 million Memecoins since its launch, with 300,000 daily active users and 170,000 new addresses added daily. According to DefiLlama data, PUMP.FUN's protocol revenue in the past

目前，根據 Dune 數據，截至 12 月 23 日，PUMP.FUN 自上線以來已部署近 500 萬個 Memecoin，每日活躍用戶達 30 萬，每日新增 17 萬個。根據 DefiLlama 數據，PUMP.FUN 過往協議收入