人工智能特工疲劳，名人硬币等于欺诈，主要叙述停顿了

自今年年初以来，加密货币圈的最大特征是价格上涨的可持续性差。这不仅反映在

As 2023 begins to unfold, one prominent feature within the crypto domain has been the lack of price sustainability in the market. This observation extends not only to altcoins listed on centralized exchanges but also to on-chain tokens that experienced a surge in Q4 2024, many of which are now facing substantial declines.

随着2023年开始展开，加密货币领域内的一个突出特征是市场上缺乏价格可持续性。该观察结果不仅扩展到集中式交易所上列出的山寨币，而且还扩展到链上代币的第4季度2024年，其中许多人现在正面临着大幅下降。

To illustrate this trend, let's examine the price movements of major AI Agent tokens in 2025:

为了说明这一趋势，让我们研究2025年主要的AI代理令牌的价格变动：

Observing these figures, we can note that within a span of less than three months, the leading projects in the trending narratives have seen an average drop of 80%. While this observation alone may not definitively conclude that the sector is a scam, the loss of attention is an objective fact, and it cannot be regained in a short time.

在观察这些数字时，我们可以注意到，在不到三个月的时间内，趋势叙事中的主要项目平均下降了80％。虽然仅此观察结果可能无法明确地得出结论，即该部门是一个骗局，但失去关注是一个客观的事实，并且不能在短时间内恢复。

Next, let's shift our attention to the celebrity coin narrative, which began with Trump, and was later followed by other celebrities and even countries.

接下来，让我们将注意力转移到始于特朗普开始的名人硬币叙事上，后来又是其他名人甚至国家。

Here are the major celebrity coins and their decline from their peak:

这是主要的名人硬币及其从顶峰的下降：

Within the crypto domain, there is a common saying that encourages trading new narratives over old ones, indicating that funds prefer to speculate on newer narratives. However, compared to AI Agent, the celebrity coin sector is evidently more ruthless. Having said that, what are the current issues with these two sectors? In the current context of a lack of new narratives in the crypto circle, is there still a breakthrough point?

在加密货币领域中，有一个普遍的说法鼓励对旧叙述进行交易，这表明资金更喜欢推测新的叙述。但是，与AI代理人相比，名人硬币部门显然更加无情。话虽如此，这两个部门目前有什么问题？在当前在加密圈中缺乏新叙述的情况下，还有一个突破性的点吗？

Reference: dexscreener

参考：dexscreener

Current Narrative Dilemma: Mainstream Trend of Pure Concept Speculation

当前的叙事困境：纯概念猜测的主流趋势

In the AI Agent sector, many projects are still at the stage of "concept demonstration" and "future blueprint," lacking actual usable products that can be widely promoted. Even if some operational services are launched in the market, issues such as complex interfaces and poor user experience still exist, preventing ordinary investors from developing real engagement. Worse still, project teams often exaggerate narratives to boost prices in order to meet investors' expectations of "AI + blockchain," while the actual application continues to be delayed. Over time, funds lose patience, and attention begins to shift, leading to a significant drop in the prices of related tokens.

在AI代理领域，许多项目仍处于“概念演示”和“未来蓝图”的阶段，缺少可以广泛推广的实际可用产品。即使在市场上推出了一些运营服务，复杂界面和较差的用户体验等问题仍然存在，从而阻止普通投资者发展真正的参与度。更糟糕的是，项目团队经常夸大叙事以提高价格，以满足投资者对“ AI +区块链”的期望，而实际申请继续被推迟。随着时间的流逝，资金失去耐心，注意力开始转移，导致相关令牌的价格大幅下降。

In the case of celebrity coins, although Trump was a highly talked-about start, when the crypto circle encounters the "celebrity end effect," the problems become quite evident: there is probably no public figure who can surpass Trump in terms of topic and influence. Subsequent attempts by political figures, internet celebrities, and stars from various countries to follow suit have failed to replicate the initial funding enthusiasm and market sentiment. As market follow-through weakens, the celebrity coin sector exhibits a "flash in the pan" phenomenon, with investor confidence rapidly eroding, and prices naturally following suit.

在名人硬币的情况下，尽管特朗普是一个高度言语的开始，当加密货币圈遇到“名人最终效果”时，问题变得很明显：可能没有公众人物可以在主题和主题和主题方面超越特朗普影响。政治人物，互联网名人和来自各个国家效仿的明星的随后尝试未能复制最初的资金热情和市场情绪。随着市场的后续发展趋势，名人硬币行业表现出“泛滥”现象，投资者的信心迅速侵蚀，并且价格自然而然地遵循。

However, the reason these sectors experience significant fluctuations lies in a deeper issue: many projects remain at the "concept speculation" level, lacking real and sustainable revenue models. Whether it is AI Agent or celebrity coins, their core narratives rely on rapid capital influx and hype but lack incentives for users to participate long-term. When the hype fades, prices struggle to hold up and cannot attract new funds to re-enter.

但是，这些部门经历重大波动的原因在于一个更深层次的问题：许多项目仍然处于“概念猜测”水平，缺乏真实和可持续的收入模型。无论是AI代理商还是名人硬币，他们的核心叙述都取决于快速的资本涌入和炒作，但缺乏激励用户参与长期参与的动力。当炒作逐渐消失时，价格难以坚持，无法吸引新的资金重新进入。

Finding Real Revenue Projects

寻找真正的收入项目

To stand out in the current narrative-weary market, the key is to find products with "real revenue" that are willing to "share with users." "Real revenue" refers not only to the speculative bubble generated during the listing on exchanges but also to the continuous feedback generated through actual business models and trading behaviors, which is then returned to token holders or ecosystem participants.

为了在当前的叙事市场中脱颖而出，关键是要找到愿意与用户共享的“实际收入”产品。 “实际收入”不仅是指在交易所上市期间产生的投机泡沫，还指通过实际的业务模型和交易行为产生的持续反馈，然后将其返回给标记持有人或生态系统参与者。

Among them, Hype rliquid fits this model, operating similarly to centralized exchanges, with revenue primarily coming from contract trading fees. However, Hype rliquid uses 100% of the fees to buy back Hype tokens, and since trading fees are determined by trading volume, Hype rliquid tightly binds token prices to the product.

其中，Hype Rliquid适合这种模式，类似于集中交易所，收入主要来自合同交易费用。但是，Hype Rliquid使用100％的费用来回购炒作令牌，并且由于交易费用取决于交易量，因此Hype rliquid将令牌价格紧密地限制为产品。

According to data from DefiLlama, Hype rliquid accounts for about 45% of the total 24-hour trading volume of all Perps DEX, currently handling $3.78B daily, with daily revenue around $1 million. Even in the current market downturn, it maintains extremely high activity, which is why, during the recent month of altcoin winter, the price of Hype has remained strong.

根据Defillama的数据，Hype Rliquid约占所有PERPS DEX总交易量的45％，目前每天处理3.78B美元，每天收入约为100万美元。即使在当前的市场低迷中，它也保持了极高的活动，这就是为什么在最近一个月的Altcoin冬季，炒作的价格仍然很高。

No matter how hot the narrative is, it will eventually pass. What can endure in the crypto market are projects with product-market fit (PMF), high user engagement, and real revenue.

无论叙述有多热，它最终都会过去。在加密市场中可以忍受的是具有产品市场契合度（PMF），高用户参与度和实际收入的项目。