了解模因幣的興起

幣安研究院最近的一份報告揭示了模因幣市場的嚴重不穩定。這項研究表明，模因幣非常脆弱，容易受到市場操縱

A recent report from Binance Research reveals significant instability in the meme coin market.

幣安研究院最近的一份報告揭示了模因幣市場的嚴重不穩定。

In the report titled “Understanding the Rise of Memecoins,” led by Binance Macro Researcher Josh Wong, 97% of the meme coins have been found to have experienced tremendous declines in trading volume. This research unveils that meme coins are highly fragile and susceptible to market manipulation, presenting a possibility of risk for investors.

在幣安宏觀研究員 Josh Wong 領導的題為《了解 Meme 幣的崛起》的報告中，發現 97% 的 Meme 幣的交易量出現了大幅下降。這項研究表明，迷因幣非常脆弱，容易受到市場操縱，為投資者帶來了風險的可能性。

“The majority of memecoins born from the frenzy of 2023 and 2024 have proven to be fleeting. A full 97% have already died, reaching near-zero trading volumes,” noted Wong. Most of these meme coins have gained traction and then lost value within a short time, especially when such gains are made based on speculative trading activities that eye retail investors.

「事實證明，在 2023 年和 2024 年的《狂熱》中誕生的大多數迷因幣都轉瞬即逝。整整 97% 的人已經死亡，交易量幾乎為零，」Wong 指出。這些迷因幣大多數都獲得了關注，然後在短時間內貶值，尤其是當這種收益是基於散戶投資者的投機交易活動而獲得時。

Rapid growth but limited longevity

成長迅速但壽命有限

The report also gives an insight into the growth of meme coins, which are more than 75% of the coins launched in the last year. In comparison to Altcoins, meme coins are largely informed by social media trends and increased access to encourage the formation of communities and catching the eye of the market.

該報告還深入了解了 meme 代幣的成長情況，這些代幣佔去年推出的代幣的 75% 以上。與山寨幣相比，模因幣很大程度上受到社交媒體趨勢的影響，並增加了訪問機會，以鼓勵社區的形成並吸引市場的注意。

“The time-to-convert for a meme coin consumer is much shorter than that for a technology-focused altcoin investor, leading to a rapid propagation of their narratives,” explained Wong.

「迷因幣消費者的轉換時間比專注於技術的山寨幣投資者要短得多，這導致了他們的故事的快速傳播，」Wong 解釋道。

Due to this environment, capital has flown into meme coins, but only a few of these coins can sustain their value in the long run. For instance, the meme coin WIF hit a $1 billion market cap in 104 days, while Shiba Inu (SHIB) achieved this in 279 days, and DOGE, which is a decade-old meme coin, took eight years. DOGE and SHIB are among the few coins that belong to a market that mostly comprises of temporary tokens.

在這種環境下，資本紛紛湧入迷因幣，但只有少數幣能夠長期維持其價值。例如，meme 幣 WIF 在 104 天內達到 10 億美元的市值，而 Shiba Inu (SHIB) 在 279 天內實現了這一目標，而 10 年前的 meme 幣 DOGE 則花了 8 年。 DOGE 和 SHIB 是屬於主要由臨時代幣組成的市場的少數代幣之一。

In a report, Binance Research states that meme coins remain risky assets, even as they gain traction. Because they mostly depend on public opinion, coupled with the fact that they have little intrinsic value, meme coins are highly susceptible to price manipulation. The report reveals that the meme coin market is prone to pump-and-dump scams, which is a way of exploiting the starters while making profits for the early and inside investors.

幣安研究院在報告中指出，儘管迷因幣越來越受歡迎，但它們仍然是風險資產。因為它們主要取決於公眾輿論，再加上它們幾乎沒有內在價值，所以迷因幣非常容易受到價格操縱。該報告顯示，迷因幣市場很容易出現拉高拋售騙局，這是一種剝削新手的方式，同時為早期和內部投資者賺取利潤。

Although meme coins are accessible and transparent, the latter has not always protected investors from deceitful behavior. According to the report, with every DOGE or SHIB that demonstrates longevity, hundreds of meme coins become defunct, which poses a risk to investors.

儘管模因幣易於獲取且透明，但後者並不總是保護投資者免受欺騙行為的侵害。根據該報告，每出現一個 DOGE 或 SHIB 都表現出長壽，就會有數百個 meme 代幣失效，這給投資者帶來了風險。

However, Binance Research points out that meme coins are important in the crypto market as they help gather communities worldwide and spread stories that appeal to retail investors. The report suggests that this community aspect may help identify the best practices in fair token launches and decentralized community development within the blockchain industry.

然而，幣安研究院指出，迷因幣在加密貨幣市場中非常重要，因為它們有助於聚集全球社群並傳播吸引散戶投資者的故事。該報告表明，社群方面可能有助於確定區塊鏈產業內公平代幣發行和去中心化社群發展的最佳實踐。