为什么加密货币令牌在达到历史高点后会崩溃？新研究阐明了常见现象

该研究确定了促进比特币（BTC），以太坊（ETH）和Dogecoin（Doge）（Doge）等流行数字资产的上升和随后下跌的关键因素。

Cryptocurrency tokens often experience sharp price declines after reaching all-time highs (ATHs). A recent study has identified several key factors that contribute to both the rise and subsequent fall of popular digital assets, such as Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE).

加密货币令牌在达到历史高（ATH）后通常会急剧下降。最近的一项研究确定了几个关键因素，这些因素导致流行数字资产的上升和随后跌倒，例如比特币（BTC），以太坊（ETH）和Dogecoin（Doge）。

According to the research, conducted by Casinoenligne-guru.com, profit-taking, fading interest, regulatory changes and speculative hype are the primary drivers of post-ATH downturns.

根据Casineenligne-guru.com进行的研究，获利，淡出的利益，监管变化和投机性炒作是后衰退后的主要驱动力。

Among other factors highlighted in the study, exchange listings can have a significant impact on token prices. For example, Solana (SOL) hit $260 in November 2021 after being listed on Binance, greatly increasing its visibility.

在研究中强调的其他因素中，交流清单可能会对令牌价格产生重大影响。例如，Solana（Sol）在二手赛上列出后，在2021年11月达到260美元，大大提高了其可见性。

Social media influence also plays a role in driving price spikes. Dogecoin surged to $0.73 in May 2021, largely fueled by viral support from figures such as Elon Musk.

社交媒体影响力在推动价格峰值方面也起着作用。 Dogecoin在2021年5月飙升至0.73美元，这在很大程度上受到了埃隆·马斯克（Elon Musk）等数字的病毒支持。

Ethereum's ATH of $4,878 in November 2021 was attributed to the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs).

2021年11月，以太坊的ATH $ 4,878归因于分散的金融（DEFI）和无遗体代币（NFTS）的兴起。

Moreover, market-wide bull runs, such as the one in 2021, also contribute to token price surges. Bitcoin reached $64,000 in April 2021 as institutional interest soared.

此外，整个市场的公牛运行，例如2021年的公牛，也有助于代币的价格飙升。随着机构利益飙升，比特币在2021年4月达到64,000美元。

The report further explains that the most common reason for sharp declines is profit-taking. Investors seeking to secure gains often sell large portions of their holdings, leading to a rapid price correction.

该报告进一步解释说，急剧下降的最常见原因是获利。寻求获得收益的投资者经常出售其大部分持股，从而迅速更正。

In 2021, Bitcoin's price fell from $64,000 to $30,000 in just two months due to such selling pressure.

2021年，由于这种销售压力，比特币的价格从64,000美元下降到短短两个月的$ 30,000。

Fading demand after hype-driven peaks can contribute to further price declines, as can unfavorable regulation. Shiba Inu (SHIB) lost 80% of its value after reaching its ATH in 2021, as excitement around the token diminished without new developments.

炒作驱动的峰值之后的需求逐渐降低，可能会导致进一步的价格下降，而不利的监管也可能导致价格下降。 Shiba Inu（Shib）在2021年到达ATH后损失了80％的价值，因为在没有新事态发展的情况下，令牌上的兴奋会减少。

The study also notes that speculative pump-and-dump cycles accelerate losses.

该研究还指出，投机性的泵送循环加速了损失。

“Tokens that rise rapidly due to hype often face extreme volatility when investor enthusiasm fades,” the research states.

研究指出：“由于投资者热情逐渐消失，由于炒作而迅速上升的代币通常会面临极端波动。”

Importantly, the study concludes that ATHs are often unsustainable without long-term adoption and real-world utility.

重要的是，研究得出的结论是，没有长期采用和现实世界实用性，ATHS通常是不可持续的。

While social media hype and exchange listings may fuel short-term gains, the true test of a token's value lies in its ability to maintain investor interest and innovation.

尽管社交媒体炒作和交流清单可能会促进短期收益，但对代币价值的真实测试在于其维持投资者的兴趣和创新的能力。

“Crypto investors need to distinguish between temporary market excitement and sustainable growth,” the study states. “Without strong fundamentals, most tokens fail to hold onto their peak valuations.”

研究指出：“加密投资者需要区分临时市场兴奋和可持续增长。” “没有强大的基本原理，大多数代币都无法保持其高峰估值。”