BSC连锁模因项目的爆发与市场差异化之间的矛盾

BSC链上的模因令牌继续吸引投机资金。例如，CZ提到的测试令牌TST曾经飙升至4100万美元

The cryptocurrency market in 2025 is a strange sight. On the one hand, the outbreak of several BSC chain MEME projects has pushed the total market value to a high of over US$2 trillion, while the market differentiation is becoming increasingly apparent. Several hot MEME tokens, such as TST and CaptainBNB, have risen sharply due to community speculation and institutional attention. For example, test token TST, which was once mentioned by CZ, soared to US$41 million due to community speculation, and CaptainBNB rose by more than 13,000% in 6 hours after its launch. These projects have become the focus of retail investors with their “zero value support + social media fission” model.

2025年的加密货币市场是一个奇怪的景象。一方面，几个BSC连锁模因项目的爆发将总市场价值提高到了2万亿美元以上的高度，而市场差异越来越明显。由于社区的推测和机构关注，TST和CaptainBnB等几个热模因令牌都大幅上升。例如，CZ曾经提到的Token Token TST由于社区猜测而飙升至4,100万美元，而Captainbnb在推出后6小时内上涨了13,000％以上。这些项目已成为散户投资者的“零价值支持 +社交媒体裂变”模型的重点。

However, most of these projects lack sustainable use cases or technological support, and their prices have plummeged after the hype died down. For example, TST was denied listing by Binance, leading to a decline of more than 90% from its peak. Moreover, the market funds have been diverted from mainstream tracks, such as Bitcoin and Layer2, to MEME coins, reflecting investors’ short-term gaming mentality during periods of policy uncertainty.

但是，这些项目中的大多数都缺乏可持续的用例或技术支持，并且在炒作消失后，它们的价格暴跌。例如，TST被二钱拒绝上市，导致其峰值下降了90％以上。此外，市场资金已从比特币和第2层等主流轨道转移到模因硬币，反映了投资者在政策不确定性时期的短期游戏心态。

On the other hand, the market’s expectations for Trump’s policies have not been fully met, especially in terms of promoting Bitcoin and reducing the SEC’s role. The market value of TRUMP coin, issued by the Trump family, once exceeded US$12 billion, but it was later questioned as a “disguised corruption tool” by the media, and the “First Lady Coin” issued by his wife Melania further dispersed market funds, causing the price to fall sharply.

另一方面，市场对特朗普政策的期望尚未得到完全满足，尤其是在促进比特币和减少SEC的角色方面。特朗普家族发行的特朗普硬币的市场价值曾经超过120亿美元，但后来被媒体质疑为“伪装的腐败工具”，而他的妻子梅拉尼亚（Melania）发行的“第一夫人硬币”进一步分散了市场资金，从而使价格大幅下跌。

Although Trump promised to replace the SEC chairman and promote the strategic reserve of Bitcoin, the policy has been slow to be implemented, and the market’s optimism about “deregulation” has gradually faded. This has also affected the investment direction of institutional funds. For example, despite BlackRock’s application for an IBIT ETF, which is expected to be approved in the third quarter, most of the funds are still concentrated in Bitcoin ETFs, while the altcoin market lacks incremental funds. The MEME craze is more of an internal rotation of existing funds.

尽管特朗普答应取代SEC主席并促进比特币的战略储备，但该政策的实施缓慢，市场对“放松管制”的乐观情绪逐渐消失。这也影响了机构资金的投资方向。例如，尽管贝莱德（BlackRock）应用了IBIT ETF（预计将在第三季度批准），但大多数资金仍集中在比特币ETF上，而Altcoin Market缺乏增量资金。模因热潮更像是现有资金的内部轮换。

The short-term nature of liquidity release and the imbalance of market structure are the core contradictions behind the cold market. The U.S. Treasury released about $150-250 billion in liquidity through the TGA account, which drove a short-term rise in risk assets, but such operations are temporary and difficult to support a long-term bull market.

流动性释放的短期性质和市场结构的不平衡是寒冷市场背后的核心矛盾。美国财政部通过TGA帐户发布了约150-25亿美元的流动性，该帐户的风险资产短期增加，但此类运营是暂时的，难以支持长期的牛市。

Moreover, the macroeconomic and policy uncertainty is still present. Trump’s trade protectionism policy pushes up supply chain costs, and core inflation may rebound to 2.8%-3%, forcing the Federal Reserve to maintain high interest rates and suppress risk appetite.

此外，宏观经济和政策不确定性仍然存在。特朗普的贸易保护主义政策提高了供应链成本，核心通货膨胀率可能会反弹至2.8％-3％，迫使美联储保持高利率并抑制风险食欲。

Furthermore, political risks are increasing. The U.S. Congress has debated the legality of politicians issuing tokens, and if legislation restricts it, the MEME track will face systemic risks.

此外，政治风险正在增加。美国国会辩论了发行代币的政客的合法性，如果立法限制了该代币，则模因轨道将面临系统性风险。

In summary, the current crypto market is in a state of upheaval, with several contradictions and uncertainties needing to be resolved. The market differentiation is intensifying, and only a few projects may survive in the reshuffle.

总而言之，当前的加密市场处于动荡状态，需要解决一些矛盾和不确定性。市场差异正在加剧，只有少数项目可以在改组中生存。

As the world economy enters a new stage of transformation, macroeconomic stability and technological innovation will be the key drivers of market trends. Among them, the U.S. inflation rate and the Federal Reserve’s policy adjustments are still the focus of attention. If inflation falls below 2.5% in the second half of 2025, rising expectations of rate cuts may trigger a general rise in the crypto market, and Bitcoin is expected to hit $250,000 (Nexo forecast).

随着世界经济进入转型的新阶段，宏观经济稳定和技术创新将成为市场趋势的关键动力。其中，美国通货膨胀率和美联储的政策调整仍然是关注的重点。如果通货膨胀在2025年下半年下半年低于2.5％，那么对降低降低的预期可能会引发加密货币市场的总体上升，而比特币预计将达到25万美元（NEXO预测）。

Moreover, as the dollar strengthens, investors in Latin America and Southeast Asia may increase their holdings of cryptocurrencies to hedge against the risk of currency depreciation, driving up demand for BTC, XRP, etc. This will also affect the investment strategy.

此外，随着美元的增强，拉丁美洲和东南亚的投资者可能会增加其加密货币的持股，以防对抗货币贬值的风险，提高对BTC，XRP等的需求。这也会影响投资策略。

In the short term, it is recommended to reduce leverage and increase the proportion of stablecoins to cope with market fluctuations. In the mid- to long term, continue to invest in Bitcoin and Layer2 tokens, such as OP and ARB, which have good fundamentals and liquidity. However, set a strict stop loss for MEME coins and pay attention to the changes in trading volume and community activity.output:

在短期内，建议降低杠杆作用并增加稳定剂的比例来应对市场波动。从长期到长期中，继续投资于具有良好基本原理和流动性的OP和ARB等比特币和第2代价。但是，为模因硬币设定严格的停止损失，并注意交易量和社区活动的变化。

The U.S. Treasury’s liquidity release through the TGA account is expected to reach about $150-250 billion, which will provide short-term support for the crypto market. However, this operation is temporary and began in the fourth quarter of 2024, aiming to support government operations and maintain cash flow.

美国财政部通过TGA帐户的流动性发布预计将达到约1.50-25亿美元，这将为加密市场提供短期支持。但是，这项行动是暂时的，始于2024年第四季度，旨在支持政府运营并维持现金流。

The U.S. Treasury’s liquidity injection will affect the crypto market in several ways. First, it will increase the overall liquidity in the market, which may lead to a rise in risk assets, such as cryptocurrencies and stocks. Second, it

美国财政部的流动性注入将以多种方式影响加密货币市场。首先，它将增加市场流动性，这可能导致风险资产增加，例如加密货币和股票。第二，它