在龐大的加密資產生態系統中，Memecoins脫穎而出，不是因為他們的技術成熟或現實世界實用程序，而是為了激發市場並推動瘋狂的活動。

如我們所知，Memecoins是從互聯網文化中誕生的代幣 - 想想Dogecoin或Shiba Inu-騎在模因，名人代言或病毒時刻的背面。

In the vast ecosystem of crypto assets, memecoins stand out — not for their technical sophistication or real-world utility, but for their power to stir the markets and drive up frenzied activity. As we know, memecoins are tokens born from internet culture — think Dogecoin or Shiba Inu — riding on the back of memes, celebrity endorsements, or viral moments. These are speculative by design and often lack strong fundamentals like that of BTC or ETH.

在龐大的加密資產生態系統中，Memecoins脫穎而出，不是因為他們的技術成熟或現實世界實用程序，而是為了激發市場並推動瘋狂的活動。如我們所知，Memecoins是從互聯網文化中誕生的代幣 - 想想Dogecoin或Shiba Inu-騎在模因，名人代言或病毒時刻的背面。這些是通過設計推測性的，通常缺乏像BTC或ETH這樣的強大基礎。

Historically, every major crypto cycle has included a memecoin phase. This phase is characterised by high-priced pumps and trader FOMO (or fear of missing out). The current cycle, believed by many to have begun with Donald Trump’s political resurgence, has curiously stayed away from this trend until recently.

從歷史上看，每個主要的加密週期都包括一個紀念階段。此階段的特徵是高價泵和交易者FOMO（或擔心錯過）。當前的周期被許多人從唐納德·特朗普（Donald Trump）的政治復興開始，直到最近才遠離這種趨勢。

The Calm Before the Meme-Storm

模因風格之前的平靜

In mid-February, Argentina’s President Javier Milei briefly tweeted in support of a crypto project called Viva La Libertad. He claimed it could empower Argentina’s economy by supporting small businesses. But the project raised immediate red flags. There was no project whitepaper, no token allocation clarity,and not even a proper website. The ‘Contact Us’ button led to a basic Google Form.

2月中旬，阿根廷總統賈維爾·米利（Javier Milei）短暫發布了推文，以支持一個名為Viva La Libertad的加密項目。他聲稱，這可以通過支持小型企業來增強阿根廷的經濟能力。但是該項目立即提出了危險信號。沒有項目白皮書，沒有令牌分配的清晰度，甚至沒有適當的網站。 “聯繫我們”按鈕導致了基本的Google表格。

Despite the sketchy presentation, eager traders rushed in and hoped for a repeat of the $TRUMP token surge. (TRUMP was another memecoin that skyrocketed after being associated with Donald Trump). Viva La Libertad briefly hit a billion-dollar valuation and then fell below $200 million in hours. Milei later claimed ignorance. So, was this a scam? Possibly not intentionally. But memecoins are easy to hijack, and bad actors often move faster than regulators or retail investors.

儘管有粗略的演講，但急切的交易者還是希望重複$ trump token的激增。 （特朗普是與唐納德·特朗普（Donald Trump）相關聯後，這是另一個競爭者）。 Viva La Libertad短暫達到了10億美元的估值，然後在數小時內下跌了2億美元。麥利後來聲稱無知。那麼，這是一個騙局嗎？可能不是故意的。但是，成人很容易劫持，壞演員通常比監管機構或零售投資者更快。

Right in February, the crypto world witnessed another bizarre episode. Binance founder Changpeng Zhao (CZ) said on social media that he would reveal his dog’s name at a specific time. This once again prompted eager developers to prepare for yet another memecoin craze. When the name Broccoli was revealed, chaos ensued. Dozens of Broccoli-themed tokens were instantly launched. Within minutes, millions were siphoned off by quick-response scammers.

二月份，加密貨幣世界見證了另一個奇怪的情節。 Binance創始人Changpeng Zhao（CZ）在社交媒體上說，他將在特定時間透露他的狗的名字。這再次促使急切的開發人員為另一種模因熱潮做準備。當揭露西蘭花的名字時，隨後發生了混亂。立即啟動了數十個以支架為主題的代幣。在幾分鐘之內，快速響應詐騙者將數百萬的人抽出。

CZ later clarified he had no role in launching any memecoin and admitted his goal was to boost activity on Binance Smart Chain (BSC). “Yes, I wanted to see more activity on BSC,” he tweeted. “And I did not want to get involved in issuing/running a memecoin, as I have zero experience.” While not malicious, the episode added fuel to the growing frustration in the community about how easy it is to manipulate memecoin markets.

CZ後來澄清說，他沒有在發起任何模因中發揮作用，並承認他的目標是提高對Binance Smart Chain（BSC）的活動。 “是的，我想在BSC上看到更多活動，”他在推特上說。 “而且我不想參與發行/運行模因，因為我的經驗為零。”儘管不是惡意，但這一集為社區中日益增長的挫敗感增加了動力，因為它如何操縱Memecoin市場有多容易。

Understanding the Memecoin Allure

了解紀念因素

So why do memecoins continue to attract attention, despite there being clear warning signs?

那麼，儘管有明確的警告信號，但為什麼Memecoins仍會繼續引起人們的注意呢？

The psychology is simple: they promise overnight riches. For many, buying a meme token at ₹0.01 and watching it grow 100x is the crypto equivalent of winning the lottery. But the harsh reality is this: every memecoin that succeeds leaves behind thousands that fail. Most are pump-and-dump schemes orchestrated by insiders who exit before retail traders even click ‘buy.’

心理學很簡單：他們保證了一夜之間的財富。對於許多人來說，以0.01盧比的價格購買模因令牌並觀看100倍，這相當於贏得彩票的加密貨幣。但是苛刻的現實是：每個成功的紀念物都將留下數千個失敗的人。大多數是由內部人士精心策劃的泵和降雨計劃，他們在零售交易者之前退出，甚至點擊“購買”。

And in today’s maturing crypto ecosystem, the easy money era of memecoins may be over. The hype cycle is fading. Token launches are down. Volume has thinned. Memecoins, once the darlings of every Telegram group, are now seen by many as high-risk traps.

在當今成熟的加密生態系統中，Memecoins的Easy Money時代可能已經結束。炒作週期正在消失。令牌發布量下降。體積變薄。 Memecoins曾經是每個電報組的寶貝，現在被許多人視為高風險陷阱。

Before You Dive In: A Memecoin Quick Checklist

在潛水之前：memecoin快速清單清單

If you still think there is a memecoin worth exploring, you should ensure the following checks right:

如果您仍然認為有一個值得探索的模因，則應確保正確的檢查正確：

If it feels rushed or too good to be true, it probably is too good to be true.

如果感覺匆忙或太好了，無法實現，那可能太好了。

Investing in Memecoins: Do’s and Don’ts

投資Memecoins：Do and Nots

Here are three essential principles every retail investor must follow when navigating the memecoin maze:

這是每個零售投資者在瀏覽Memecoin迷宮時必須遵循的三個基本原則：

What to Watch in 2025

2025年要看什麼

In the crypto ecosystem, it seems, memecoins are not going away. However, their landscape is evolving. Here's what to expect going forward:

似乎在加密生態系統中，模因並沒有消失。但是，他們的景觀正在發展。這是期望的事：

Meanwhile, institutional investors are steering clear of memecoins and doubling down on Bitcoin, Solana, and Layer-1 assets. ETFs are offering safe entry points for the masses. The market is maturing — even if meme-driven chaos lingers at the edges.

同時，機構投資者正在避開內存，並在比特幣，索拉納和1層資產上加倍。 ETF為群眾提供安全的入口點。市場正在成熟 - 即使模因驅動的混亂在邊緣徘徊。

Extreme caution is key

極端謹慎是關鍵

Memecoins are a mirror of internet culture — unpredictable, fast-moving, and often absurd. They are not inherently evil, nor inherently profitable. But they demand extreme caution, deep awareness, and prudent allocation.

Memecoins是互聯網文化的鏡子 - 不可預測的，快速移動，而且常常荒謬。他們不是天生的邪惡，也不是天生的盈利。但是他們要求極端的謹慎，深刻的意識和審慎分配。

If you are stepping into this world, do it with both eyes open. And always remember: in a market where a president’s tweet or a dog’s name can move millions, discipline is your best defence.

如果您踏入這個世界，請雙眼睜開。永遠記住：在一個市場上，總統的推文或狗的名字可以移動數百萬美元，紀律是您最好的防禦。

(The author is the CEO of Giottus Crypto Platform)

（作者是Giottus Crypto平台的首席執行官）