SEC、TradFi 看门人引发了数十亿美元的 Memecoin 狂潮

模因币热潮仍在继续，多个项目的估值突破了十亿美元大关。专家将这种激增归因于美国证券交易委员会的监管以及传统金融领域散户投资者的有限准入等因素。 Solana 的 Dogwifhat (WIF) 经历了爆炸性增长，成为市值第三大 memecoin，价值超过 4 美元。 Solana 生态系统目前在 670 亿美元的 memecoin 市场中占 80 亿美元，凸显了其在该领域的主导地位。

Memecoin Frenzy: Billion-Dollar Valuations and the Influence of Regulators and Traditional Finance

Memecoin 狂热：数十亿美元的估值以及监管机构和传统金融的影响

In the burgeoning world of cryptocurrencies, a peculiar phenomenon known as "memecoins" has emerged, defying industry norms and capturing the attention of investors and speculators alike. These memecoins, often rooted in popular internet culture and initially dismissed as mere jokes, have recently witnessed a surge in popularity and value, with several crossing the coveted billion-dollar valuation mark.

在蓬勃发展的加密货币世界中，出现了一种被称为“模因币”的奇特现象，它违反了行业规范，吸引了投资者和投机者的注意。这些模因币通常植根于流行的互联网文化，最初被视为纯粹的笑话，但最近见证了受欢迎程度和价值的飙升，其中一些已经突破了令人垂涎的十亿美元估值大关。

At the forefront of this memecoin frenzy is the Solana [SOL] ecosystem, where community-driven projects like Dogwifhat [WIF] have experienced explosive growth. At the time of writing, WIF has soared by 30% on the weekly chart, briefly touching $4 and surpassing Pepe [Pepe] to become the third largest memecoin by market capitalization. Starting as a native Solana meme, WIF now boasts a market cap of $3.6 billion.

处于这场 memecoin 热潮最前沿的是 Solana [SOL] 生态系统，其中像 Dogwifhat [WIF] 这样的社区驱动项目经历了爆炸性增长。截至撰写本文时，WIF 在周线图上已飙升 30%，短暂触及 4 美元，并超越 Pepe [Pepe]，成为市值第三大 memecoin。 WIF 最初是 Solana 的原生表情包，目前市值已达 36 亿美元。

The Solana ecosystem has become a breeding ground for such unicorn memes, with WIF and Bonk [BONK] both surpassing the $1 billion market cap milestone. Notably, the Solana ecosystem accounts for approximately $8 billion of the $67 billion total memecoin market, representing a significant 12% stake.

Solana 生态系统已成为此类独角兽模因的滋生地，WIF 和 Bonk [BONK] 的市值均突破了 10 亿美元的里程碑。值得注意的是，Solana 生态系统在 memecoin 市场总额 670 亿美元中约占 80 亿美元，占 12% 的份额。

This remarkable surge in memecoin valuations has prompted seasoned crypto figures to speculate about the underlying factors driving their popularity. Prominent voices in the industry have blamed the Securities and Exchange Commission (SEC) and traditional finance (TradFi) for the meme frenzy.

模因币估值的显着飙升促使经验丰富的加密货币人士猜测推动其受欢迎的潜在因素。业内知名人士将这种迷因狂潮归咎于美国证券交易委员会 (SEC) 和传统金融 (TradFi)。

Dan McArdle, Co-Founder of Messari, succinctly encapsulates this view: "The SEC makes it illegal for people who aren't already rich to try and get rich from early-stage companies and projects. Result: memecoins to billions."

Messari 联合创始人丹·麦卡德尔 (Dan McArdle) 简洁地概括了这一观点：“美国证券交易委员会规定，尚未富裕的人尝试从早期公司和项目致富是非法的。结果：模因币价值数十亿美元。”

Arthur Hayes, former CEO of BitMEX exchange, shares a similar perspective. In a recent newsletter advocating for a "Points System" for crypto projects, Hayes emphasizes how retail investors are often denied fair access to early-stage investments at more favorable prices.

BitMEX 交易所前首席执行官 Arthur Hayes 也持有类似的观点。在最近的一份提倡加密货币项目“积分系统”的时事通讯中，海耶斯强调散户投资者往往无法以更优惠的价格公平地获得早期投资。

According to Hayes, "But without a hungry hoard of retail buyers who are excluded from investing earlier at much cheaper prices, there would be no buying pressure to create a successful IPO. That is why retail participation must be saved for the end and not the beginning of the fundraising lifecycle."

海耶斯表示，“但是，如果没有大量饥饿的散户买家，他们无法以更便宜的价格进行早期投资，那么就不会产生成功 IPO 的购买压力。这就是为什么散户参与必须留到最后，而不是等到最后的时候。”筹款生命周期的开始。”

Traditional financial markets often exclude retail investors from discounted prices, enabling companies to unload shares at higher prices during Initial Public Offerings (IPOs). Conversely, cryptocurrency offers retail investors early access to promising projects through mechanisms such as Initial Coin Offerings (ICOs), yield farming, and points.

传统金融市场通常将散户投资者排除在折扣价之外，从而使公司能够在首次公开募股（IPO）期间以更高的价格出售股票。相反，加密货币通过首次代币发行（ICO）、流动性挖矿和积分等机制为散户投资者提供早期参与有前途项目的机会。

However, not all industry observers share this view. One user offers a contrarian perspective: "Meme coins are really just communities of traders that have agreed to compete to take each other's money using price action."

然而，并非所有行业观察家都同意这一观点。一位用户提出了相反的观点：“Meme 币实际上只是交易者的社区，他们同意利用价格行为竞争来获取彼此的钱。”

Regardless of the underlying motivations, memecoins have emerged as billion-dollar gems, outperforming some established projects in the first quarter of 2024. Despite their allure, it is crucial to exercise due diligence, as these investments are not without risk.

不管潜在的动机如何，memecoin 已经成为价值数十亿美元的宝石，在 2024 年第一季度的表现超过了一些成熟的项目。尽管它们很有吸引力，但进行尽职调查至关重要，因为这些投资并非没有风险。

As the memecoin frenzy continues to unfold, it remains to be seen whether regulatory scrutiny or the ebb and flow of market sentiment will shape their long-term trajectory. However, one thing is clear: memecoins have firmly established themselves within the cryptocurrency landscape, capturing the imagination of investors and challenging traditional notions of asset valuation.

随着模因币热潮的继续展开，监管审查或市场情绪的起伏是否会影响其长期发展轨迹还有待观察。然而，有一点是明确的：模因币已经在加密货币领域站稳了脚跟，吸引了投资者的想象力，挑战了传统的资产估值概念。