政治認可和高度投機資產（如Meme Coins）的協同作用總是一定是災難性的

在過去的十年中，加密貨幣已經走了很長一段路。主流採用，機構利益和監管清晰度有助於該行業提高信譽。

The synergy of political endorsement and highly speculative assets like meme coins was always bound to be disastrous, and the recent LIBRA scandal was a clear reflection of this concern.

政治認可和高度投機資產（如Meme硬幣）的協同作用總是災難性的，而最近的天秤座醜聞明顯地反映了這一問題。

Crypto has come a long way over the past decade. Mainstream adoption, institutional interest, and regulatory clarity helped the industry gain increasing credibility. And meme coins also carved out an exciting niche in this sector, which reflected creativity and community engagement. Yet, political meme coins could ruin this decades-worth of progress very quickly.

在過去的十年中，加密貨幣已經走了很長一段路。主流採用，機構利益和監管清晰度有助於該行業提高信譽。 Meme Coins還在該領域雕刻了一個令人興奮的利基市場，這反映了創造力和社區參與。然而，政治模因硬幣可能很快就會毀掉這十年的進步。

A promotional post from Argentina’s president, Javier Milei, caused LIBRA investors to lose over $250 million in just hours. His endorsement sparked a buying frenzy that pushed the price from near zero to almost $5 in a matter of minutes. Insiders quickly cashed out, dumping over $107 million in tokens before the price collapsed. Argentina’s fintech chamber labeled this classic rug pull without mincing words.

阿根廷總裁哈維爾·米利（Javier Milei）的宣傳職位使天秤座的投資者在短短幾個小時內損失了超過2.5億美元。他的代言引發了一場購買瘋狂，在幾分鐘之內將價格從零近提高到近5美元。內部人士迅速兌現，在價格崩潰之前傾倒了超過1.07億美元的代幣。阿根廷的金融科技腔室標記了這種經典的地毯，而無需切碎單詞。

The synergy of political endorsement and highly speculative assets like meme coins was always bound to be disastrous, and the recent LIBRA incident is a clear reflection of this concern.

政治認可和高度投機資產（如模因硬幣）的協同作用總是災難性的，而最近的天秤座事件明顯反映了這一問題。

Crypto has come a long way over the past decade. Mainstream adoption, institutional interest, and regulatory clarity helped the industry gain increasing credibility. Meme coins also carved out an exciting niche in this sector, showcasing creativity and community engagement. However, political meme coins could quickly unravel this progress.

在過去的十年中，加密貨幣已經走了很長一段路。主流採用，機構利益和監管清晰度有助於該行業提高信譽。 Meme硬幣還在該領域雕刻了一個令人興奮的利基市場，展示了創造力和社區參與。但是，政治模因硬幣可以迅速揭示這一進展。

A promotional post from Argentina’s president, Javier Milei, led to LIBRA investors losing over $250 million within hours. Milei’s endorsement sparked a buying frenzy, pushing the price from near zero to almost $5 in minutes. Insiders quickly cashed out, dumping over $107 million in tokens before the price collapsed. Argentina’s fintech chamber labeled this a classic rug pull without mincing words.

阿根廷總裁哈維爾·麥利（Javier Milei）的宣傳職位導致天秤座投資者在幾個小時內損失了超過2.5億美元。麥莉的認可引發了購買的瘋狂，在幾分鐘內將價格從零接近降低到近5美元。內部人士迅速兌現，在價格崩潰之前傾倒了超過1.07億美元的代幣。阿根廷的金融科技室將其標記為經典的地毯，而無需切碎單詞。

Unfortunately, the LIBRA scandal was not an exceptional case. Bubblemap analysts traced LIBRA’s origins back to the team behind the MELANIA token and other pump-and-dump schemes. The same group launched several coins that swelled in price before crashing.

不幸的是，天秤座的醜聞不是一個例外。 Bubblemap分析師將Libra的起源追溯到Melania代幣和其他泵送和降低計劃背後的團隊。同一小組發行了幾枚硬幣，這些硬幣在崩潰之前膨脹了。

President Milei, a self-proclaimed libertarian and Bitcoin enthusiast, used his platform to share information about LIBRA. His tweet ignited a rush among investors eager to capitalize on the president’s reputation. It’s still staggering that influential figures have yet to understand the true impact of their statements on an industry largely driven by speculative interest.

自稱自由主義者和比特幣愛好者麥利（Milei）總統利用他的平台分享有關天秤座的信息。他的推文引發了渴望利用總統聲譽的投資者的匆忙。有影響力的人物尚未了解其陳述對主要受到投機興趣驅動的行業的真正影響仍然令人驚訝。

As the token’s value soared, insiders began unloading their tokens. Within hours, the coin’s market cap fell from $4.5 billion to just a fraction of that amount. However, on-chain analysis shows that LIBRA was fundamentally designed to potentially scam investors. The founders held 70% of the token supply, which allowed them to profit massively while leaving retail investors vulnerable. When insiders cashed out, many traders lost nearly everything they had invested.

隨著代幣的價值飆升，內部人員開始卸載其令牌。在幾個小時內，硬幣的市值從45億美元下降到只有一小部分。但是，鏈上的分析表明，天秤座的根本是為潛在的騙局投資者而設計的。創始人持有70％的令牌供應，這使他們在使零售投資者脆弱的同時大量​​獲利。當內部人士兌現時，許多交易者幾乎失去了他們投資的一切。

Such pump-and-dump schemes always follow the same playbook: a high-profile personality sparks investor interest, insiders pocket their profits, and the token collapses. This pattern played out with LIBRA in a textbook fashion.

這樣的泵送計劃總是遵循同一本劇本：備受矚目的個性激發了投資者的興趣，內部人士的利潤和代幣崩潰。這種模式以教科書方式與天秤座一起播放。

Political endorsements used in these schemes add a disturbing twist to the story. Milei’s tweet did more than spread a message; it lent credibility to a high-risk asset. When a sitting president supports a project, many assume there is underlying merit. This assumption helped drive the buying frenzy around LIBRA. Similar episodes occurred in the United States with the TRUMP and MELANIA tokens. Politically-linked meme coins have morphed from mere speculative plays into tools for financial manipulation.

這些計劃中使用的政治認可為故事帶來了令人不安的轉折。 Milei的推文不僅僅是傳播信息。它使高風險資產的信譽使人信譽。當現任總統支持一個項目時，許多人認為存在基本的優點。這個假設有助於推動天秤座周圍的狂熱。在美國，特朗普和梅拉尼亞令牌也發生了類似的事件。與政治上的模因硬幣已經從僅僅投機戲劇變成了用於財務操縱的工具。

Galaxy Research Analyst Alex Thorn describes LIBRA as the latest example of a series of Solana-based meme coin implosions. During this crash, Solana’s transaction volumes plummeted to mid-2024 levels, and there is growing concern over a $1.5 billion FTX token unlock. These factors combine to put additional pressure on Solana’s price.

Galaxy Research分析師Alex Thorn將Libra描述為一系列基於Solana的模因硬幣內爆的最新例子。在這次崩潰期間，Solana的交易量暴跌至2024年中期，並且對15億美元的FTX令牌解鎖的關注日益加劇。這些因素結合起來，給索拉納的價格施加了額外的壓力。

Meme coins, which dominated headlines in 2024, now face harsh market realities in 2025. Many of these tokens have already lost 30-60% of their value. Activity on platforms such as Pump.fun has cratered, and overall trading volume in the sector is in freefall.

模因硬幣在2024年統治了頭條新聞，現在在2025年面臨嚴峻的市場現實。其中許多令牌已經損失了其價值的30-60％。諸如pump.fun之類的平台上的活動已經圍成圍欄，該行業的總體交易量是自由落體的。

The trend of politically-endorsed tokens creates an environment where hype easily overrides fundamentals. Political figures lend their names to projects with little oversight. This practice allows groups of insiders to generate large profits at the expense of everyday investors.

政治上標記的趨勢創造了一個環境，使炒作很容易覆蓋基本面。政治人物將他們的名字借給了幾乎沒有監督的項目。這種做法使一群內部人能夠以日常投資者為代價來產生大量利潤。

The situation exposes a troubling trend in crypto markets. When prominent figures use their influence to spark buying frenzies, they turn volatile tokens into weapons for financial manipulation. Such practices risk undermining trust in the entire crypto ecosystem.

這種情況暴露了加密貨幣市場的令人不安的趨勢。當著名人物利用自己的影響力引發購買瘋狂時，它們將波動的代幣變成用於金融操縱的武器。這種實踐有可能破壞對整個加密生態系統的信任。

The $LIBRA debacle should serve as a harsh lesson for retail investors. Many of those who lost money had a high level of technical knowledge, as they needed Solana wallets and SOL tokens to participate.

$天秤座的崩潰應該是散戶投資者的嚴厲課程。許多損失金錢的人都有很高的技術知識，因為他們需要Solana錢包和Sol代幣才能參與。

However, the overall appeal of politically charged tokens often attracts investors who believe that an endorsement from a political heavyweight guarantees success. Reality proved otherwise. When high-profile

但是，政治上有指控的代幣的總體吸引力通常會吸引那些認為政治重量級認可的投資者可以保證成功。事實證明了現實。備受矚目的時候