当加密货币交易所列出其第一个Altcoin时，它将为启动Memecoins的无尽周期设置

“交易所增加了一个非竞争代币的那一刻，他们正在签约以成为Memecoins的永远仓鼠之轮，” River Financial Ceo Alex Leishman

An executive at a Bitcoin-only institution has warned that cryptocurrency exchanges set themselves up for an endless cycle of launching memecoins when they list their first altcoin.

仅比特币机构的一名高管警告说，当他们列出第一个Altcoin时，加密货币交流使自己启动Memecoins的无尽循环。

“The minute an exchange adds one non-Bitcoin token they are signing up to be on the forever hamster wheel of memecoins,” River Financial CEO Alex Leishman said in a March 29 X post.

河金融首席执行官亚历克斯·莱什曼（Alex Leishman）在3月29日x帖子中说：“交易所增加一个非比币代币的那一刻，他们正在注册以成为Memecoins的永远仓鼠之轮。”

“It makes no sense to list ETH if you don’t list the tokens issued on ETH, and the same goes for Solana,” Leishman said.

莱什曼说：“如果您不列出ETH上的令牌，那么列出ETH是没有意义的，而Solana也是如此。”

River has no interest in building a ‘successful crypto casino’

河没有兴趣建造“成功的加密赌场”

Leishman said that while there are many “successful crypto casinos,” he has no interest in building one. River Financial is a Bitcoin-only financial institution focusing on buying and selling Bitcoin (BTC). Several companies have opted for the Bitcoin-only approach, including Swan Bitcoin, Bull Bitcoin and decentralized exchange Bisq.

利什曼说，尽管有许多“成功的加密赌场”，但他对建造一个赌场毫无兴趣。 River Financial是一家仅比特币金融机构，专注于买卖比特币（BTC）。几家公司选择了仅比特币的方法，包括天鹅比特币，公牛比特币和分散的交易所BISQ。

Leishman claimed that multi-asset trading platforms prioritize short-term speculation over wealth accumulation:

利什曼（Leishman）声称，多资产交易平台优先考虑短期投机而不是财富积累：

“They are in the business of providing a vehicle for short-term crypto speculation. At best, it looks like a risky casino, an endeavor that fundamentally misaligns incentives with long-term wealth accumulation.”

“他们从事短期加密猜测的工具。充其量看起来像是一家危险的赌场，这是一项努力，从根本上讲，它将长期财富积累的激励措施误导了。”

Critics have made this point before, even during the memecoin uptrend in early 2024. In April 2024, A16z chief technology officer Eddy Lazzarin said that memecoins hamper the long-term vision of crypto that has kept so many of the original builders in the space.

批评者以前也提出了这一点，即使在2024年初的Memecoin上升趋势期间。2024年4月，A16Z首席技术官Eddy Lazzarin表示，Memecoins障碍物障碍了加密货币的长期愿景，该愿景使许多原始的建筑商保持了空间。

“At best, it looks like a risky casino,” Lazzarin said.

Lazzarin说：“充其量看起来像是一个危险的赌场。”

The memecoin market cap is down 27.94% over the past 12 months. Source: CoinMarketCap

在过去的12个月中，Memecoin市值下降了27.94％。资料来源：CoinMarketCap

The overall memecoin market cap has taken a significant downturn since the beginning of 2025. Since Jan. 1, the memecoin market cap has slumped almost 49% to $48.49 billion at the time of publication, according to CoinMarketCap data.

自2025年初以来，整体纪念品市场上限已大幅下滑。自1月1日以来，纪念货币市场上限在出版时已下跌近49％至484.9亿美元。

However, while altcoins have historically been more volatile than Bitcoin, offering them alongside Bitcoin has been a lucrative move for crypto exchanges and brokers.

但是，尽管山寨币历史上比比特币更加波动，但与比特币一起提供了它们，这是加密交易所和经纪人的一项利润丰厚的举动。

Related: Waiting for altcoin season? Data suggests it’s already here

相关：等待Altcoin季节？数据表明它已经在这里

On Feb. 12, Robinhood — which offers several cryptocurrencies to its customers — reported a 700% year-over-year surge in Q4 2024 cryptocurrency revenue.

2月12日，Robinhood向其客户提供了几种加密货币 - 报告了第四季度2024年加密货币收入的同比增长700％。

Some traders seem to interpret a memecoin listing on an exchange as validation of its credibility. Among the 15 memecoins listed by crypto exchange Binance in 2024, 12 saw significant increases in value after going live on the exchange, pseudonymous onchain analyst Ai_9684xtpa said in November.

一些交易者似乎将在交易所上的模因上市解释为验证其信誉。 Pseudonymous Onchain分析师AI_9684XTPA在11月说，在Crypto Exchange Binance在2024年列出的15个模因中，价值有显着提高。

CoinGecko founder Bobby Ong recently speculated that the memecoin market might be headed toward an “extreme case of power law,” where 99.99% fail and a few rise to the top and endure.

Coingecko创始人Bobby Ong最近推测，Memecoin市场可能会朝着“极端的权力法案”迈进，其中99.99％的失败了，有些人升至顶部并持久。