Solana DEX 活動飆升和下降：Memecoin 地毯拉動和市場波動的故事

Solana 的去中心化交易所 (DEX) 交易量在 2024 年加快步伐，在 3 月達到 600 億美元，僅次於以太坊的 770 億美元。然而，一系列預售的迷因幣在 4 月出現下跌。

Solana Decentralized Exchange Activity Surges and Declines: A Tale of Memecoin Rug Pulls and Market Volatility

Solana 去中心化交易所活動激增和下降：Memecoin 地毯拉動和市場波動的故事

In 2024, the resurgence of decentralized exchange (DEX) volumes on the Solana blockchain garnered significant attention, with March witnessing an all-time high of $60 billion, trailing only Ethereum's $77 billion. However, April witnessed a decline in these volumes, attributed in part to a series of rug pulls from memecoins that had conducted presales.

2024 年，Solana 區塊鏈上去中心化交易所 (DEX) 交易量的復甦引起了廣泛關注，3 月創下了 600 億美元的歷史新高，僅次於以太坊的 770 億美元。然而，四月份的銷量有所下降，部分原因是已進行預售的模因幣出現一系列下跌。

Rug pulls, a fraudulent practice where developers abandon a project after raising funds from investors, have long been associated with increased risks due to the potential for creators to fail to deliver on their promises. Yet, memecoins have also been known for their meteoric rises, presenting a high-risk, high-reward environment.

「地毯拉動」是一種欺詐行為，即開發商在從投資者那裡籌集資金後放棄項目，長期以來，由於創作者可能無法兌現承諾，因此與風險增加聯繫在一起。然而，迷因幣也因其迅速崛起而聞名，呈現出高風險、高回報的環境。

Presale Memecoins: A Risky Proposition

預售模因幣：一個有風險的提議

The recent rug pulls in Solana's memecoin scene have raised questions about the viability and potential rewards of such projects. Memecoins, often lacking a clear developmental purpose, have historically relied on presales to raise funds, a practice that Solana founder Anatoly Yakovenko has criticized as unnecessary and detrimental to users.

最近 Solana 的 memecoin 場景引起了人們對此類專案的可行性和潛在回報的質疑。 Memecoin 往往缺乏明確的發展目的，歷來依賴預售來籌集資金，Solana 創辦人 Anatoly Yakovenko 批評這種做法不必要且對用戶有害。

Data suggests that of the approximately $122 million raised through Solana memecoin presales in March, only $26 million were lost to rug pulls. However, this does not account for the numerous projects that failed to launch or underperformed, leaving investors with significant losses.

數據顯示，3 月透過 Solana memecoin 預售籌集的約 1.22 億美元中，只有 2,600 萬美元因地毯拉動而損失。然而，這並沒有考慮到眾多項目未能啟動或表現不佳，從而對投資者造成重大損失。

Performance of Non-Rugged Memecoins

非堅固型 Memecoin 的性能

An analysis of non-rugged memecoins from the March presales reveals a bleak performance. SMOLE, the highest fundraiser, has experienced a 55% decline since launch, while SNAP and SHROOM have fallen by over 40% and 50%, respectively.

對 3 月預售的非堅固 memecoin 的分析顯示其表現黯淡。籌款額最高的 SMOLE 自推出以來已下跌 55%，而 SNAP 和 SHROOM 則分別下跌了 40% 和 50% 以上。

Among the surviving memecoins, only SLERF has managed to achieve a top #500 ranking, securing listings on multiple centralized exchanges. However, its price action has been volatile, and its overall performance remains uncertain.

在倖存的 memecoin 中，只有 SLERF 成功躋身前 500 名，並在多個中心化交易所上市。然而，其價格走勢一直波動，整體表現仍存在不確定性。

Solana Memecoin Performance Mirrors Ethereum

Solana Memecoin 的表現反映了以太坊

Despite the inherent risks associated with Solana memecoins, their performance has largely mirrored that of their Ethereum counterparts. A basket of the top Solana memecoins has recorded an 11% decline in the past 30 days, comparable to the 15% decrease seen in a similar basket of Ethereum memecoins.

儘管 Solana memecoin 存在固有風險，但其表現在很大程度上反映了以太坊同類產品的表現。在過去 30 天內，一籃頂級 Solana memecoin 下跌了 11%，而類似的一籃子以太坊 memecoin 則下跌了 15%。

This observation suggests that the risks associated with Solana memecoins do not translate into higher returns, with established memecoins on Ethereum offering similar reward levels with potentially lower risks.

這項觀察結果表明，與 Solana memecoin 相關的風險不會轉化為更高的回報，以太坊上已建立的 memecoin 提供類似的回報水平，但風險可能較低。

Conclusion

結論

The Solana DEX volume resurgence and subsequent decline, coupled with the prevalence of memecoin rug pulls, highlights the volatile and speculative nature of memecoin investments. While certain memecoins may show promise, the overall performance and risk profile of non-rugged projects suggest that comparable rewards can be obtained through established memecoins on more mature blockchains like Ethereum.

Solana DEX 交易量的復甦和隨後的下降，再加上 memecoin 地毯拉動的盛行，凸顯了 memecoin 投資的波動性和投機性。雖然某些模因幣可能顯示出前景，但非堅固項目的整體表現和風險狀況表明，可以透過在以太坊等更成熟的區塊鏈上建立的模因幣獲得類似的回報。

Investors are advised to exercise caution when considering memecoin investments, carefully scrutinizing projects and developers before committing funds. Rug pulls and market volatility remain significant risks that can result in substantial losses, underscoring the importance of thorough due diligence and a disciplined investment strategy.

建議投資者在考慮 memecoin 投資時保持謹慎，在投入資金之前仔細審查專案和開發商。地毯拉力和市場波動仍然是重大風險，可能導致重大損失，凸顯了徹底的盡職調查和嚴格的投資策略的重要性。