Alpha（$ alpha）火箭升至新的历史最高，但审查遍布令牌的分布和价格操纵问题

随着Alpha（$ Alpha）上升到新的高度，超出了2亿美元的市值。

The cryptocurrency $ALPHA has seen an astronomical rise in recent times, with a new all-time high and a market cap now exceeding $200 million. According to CoinMarketCap, the token has experienced an impressive 4000% surge over the last 30 days.

加密货币$ Alpha最近的天文数字上升了，新历史上的高位和市值现在超过2亿美元。根据CoinMarketCap的数据，该令牌在过去30天内的增长速度令人印象深刻。

However, this rapid growth has also sparked scrutiny, with questions arising about the token’s distribution and the possibility of price manipulation.

但是，这种快速的增长也引发了审查，对令牌的分布和价格操纵的可能性引起了疑问。

Rapid Growth Raises Questions

快速增长提出问题

快速增长提出问题

Alpha’s爆発的な急上昇 has made it one of the most talked-about assets in Solana’s ecosystem. Such explosive growth over such a short period of time is enjoyed by very few tokens, attracting both speculative traders and serious long-term investors who believe that Alpha’s momentum can carry it much higher. A lot of this talk has been pretty positive, for obvious reasons. But as Alpha breaks record after record, the assets-powered growth engine behind it is coming under increasing scrutiny.

Alpha's爆発的な急上升使其成为Solana生态系统中最受关注的资产之一。很少有代币在如此短的时间内享受这种爆炸性的增长，吸引了投机性交易者和认真的长期投资者，他们认为Alpha的势头可以提高它。出于明显的原因，这次演讲的很多是非常积极的。但是，随着Alpha在记录下打破记录，其背后的资产增长引擎正受到越来越多的审查。

Potential problems with Alpha’s supply being concentrated in a limited number of wallets were flagged by crypto analyst @cryptorugmunch. He suspects that the inflation in prices may not be due to natural market forces.

Crypto分析师@CryPtorugMunch标记了Alpha供应集中在有限数量的钱包中的潜在问题。他怀疑价格的通货膨胀可能不是由于自然市场力量。

Suspicious Wallet Activity and Centralization Risks

可疑的钱包活动和集中化风险

可疑的钱包活动和集中化风险

An in-depth analysis of the largest 100 wallets holding Alpha reveals a worrisome pattern. Most of the addresses are newly created, just funded with Solana, and immediately used to acquire Alpha on Raydium. This makes it look like a not very well concealed coordinated effort to amass a huge portion of the token’s supply, which could serve as a cover for pumping its price.

对拥有Alpha的最大100个钱包的深入分析显示出令人担忧的模式。大多数地址是新创建的，刚刚由Solana资助，并立即用于在Raydium上获取Alpha。这使得它看起来像是一项不太隐藏的协调努力，以积累代币供应的很大一部分，这可以作为降价其价格的封面。

The issue with so much centralization is that it enables a tiny group of investors to control the token’s price in a way that’s not at all democratic or fair. These folks—often called “whales”—can, and do, sell their big chunks of tokens whenever they feel the time is right. So, if you’re a small retail investor and you couldn’t see that the Whales were about to hit the Sell button, you got hit with a “dump” that might have made you part of a “recurring issue” that some folks around here don’t like to talk about.

这么多集中化的问题是，它使一小撮投资者能够以根本不是民主或公平的方式控制代币的价格。这些人通常被称为“鲸鱼” - 每当他们觉得时机是正确的时，都可以和这样做出售他们的大块代币。因此，如果您是一个小型零售投资者，而您看不到鲸鱼即将按下卖出按钮，那么您就会被“转储”击中，这可能使您成为某些人的“经常性问题”在这里不喜欢谈论。

In addition to being a potential tool for manipulating prices, the concentration of too many tokens in too few hands is a cause for concern about a project’s long-term viability. If we look at the handful of wallets that control the majority of tokens, we see that almost all of them are centralized and, in some cases, appear to be state-owned. That is not the architecture of a secure and decentralized project.

除了是操纵价格的潜在工具之外，太多的代币集中精力是对项目的长期生存能力的关注。如果我们看一下控制大多数代币的少数钱包，我们会看到几乎所有的钱包都是集中的，在某些情况下似乎是国有的。那不是安全和分散项目的架构。

Investors Urged to Proceed with Caution}

投资者敦促谨慎行事}

投资者敦促谨慎行事}

In light of these concerns, industry experts are now urging investors to be cautious about putting money into Alpha. As tempting as the recent price rise might be, it’s especially important to do your research before making any investment.

鉴于这些担忧，行业专家现在敦促投资者谨慎地将钱投入Alpha。就像最近的价格上涨一样诱人，在进行任何投资之前进行研究尤为重要。

The market for cryptocurrency is renowned for its volatility, and those projects that have token distribution models worthy of question pose considerable risk. Those who invest should conduct a thorough inquiry into the project’s basics; they should know far more than just the team’s name when it comes to the team itself; and they should have a grasp on not just the ideology underpinning the project but also its actual market positioning (as opposed to the positioning that it is spun to have).

加密货币市场以其波动性而闻名，以及那些具有值得质疑的代币分发模型的项目带来了相当大的风险。那些投资的人应该对该项目的基础进行彻底询问；在团队本身方面，他们不仅知道球队的名字。而且，他们不仅应该掌握该项目的意识形态，而且还应该掌握其实际市场定位（而不是旋转的定位）。

Important red flags to look out for in any cryptocurrency endeavor consist of:

在任何加密货币努力中要注意的重要危险信号包括：

– A small number of wallets hold a large proportion of tokens.

- 少数钱包拥有很大一部分令牌。

– Development team is not transparent

- 开发团队不透明

– Price increases that lack obvious fundamental reasons

- 价格上涨，缺乏明显的基本原因

– Extraordinary on-chain activity suggesting possible coordinated market manipulation

- 非凡的链活动表明可能协调的市场操纵

I continue to urge caution with the project $ALPHA. Upon auditing the top 100 wallets of this project, I found that most of them were fresh wallets that had recently been funded with Solana and then used to purchase $ALPHA on Raydium in what appears to be a coordinated effort.

我继续敦促对项目$ alpha的谨慎行事。在审核该项目的前100个钱包后，我发现其中大多数是新鲜的钱包，这些钱包最近由Solana资助，然后用来在Raydium上购买$ Alpha，这似乎是协调的工作。

我继续敦促对项目$ alpha的谨慎行事。在审核该项目的前100个钱包后，我发现其中大多数是新鲜的钱包，这些钱包最近由Solana资助，然后用来在Raydium上购买$ Alpha，这似乎是协调的工作。

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— Crypto Rug Muncher (@CryptoRugMunch) February 4, 2025

- 加密地毯蒙克斯（@cryptorrugmmunch）2025年2月4日

The Future of Alpha: Sustainable Growth or Speculative Bubble?

Alpha的未来：可持续增长还是投机泡沫？

Alpha的未来：可持续增长还是投机泡沫？

Despite the worries, Alpha continues to gain steam. It’s not yet clear whether this is the start of a long-term success story or just another speculative bubble. If the project’s devs can tackle the criticisms about centralization of the wallets and get a lot more organic holders, then it may have something close to a clear shot at sustainable growth.

尽管担心，Alpha仍在继续蒸蒸日上。目前尚不清楚这是长期成功故事的开始还是另一个投机性泡沫。如果该项目的开发人员可以应对对钱包集中的批评并获得更多的有机持有人，那么它可能会对可持续增长的清晰射击。

Nonetheless, history has proven that undertakings characterized by a concentrated supply and an artificially driven-up price often find it hard to sustain their achievements. When early backers start to cash out, the price can drop just as quickly as it surged up, potentially leaving their late-arriving counterparts holding the bag.

尽管如此，历史证明，以集中供应和人为驱动的价格为特征的事业经常发现很难维持其成就。当早期的支持者开始兑现时，价格可能会像上涨一样迅速下降，有可能使他们的较晚同行拿着袋子。

At this time, the opportunities and risks stemming from Alpha’s sharp ascent seem to divide traders. A few see this as just another occasion to hope

目前，Alpha急剧上升的机会和风险似乎使交易员分裂了。一些人认为这只是希望的另一个场合