以太坊的挥发性激增：Memecoin Mania，网络升级和转移交易者情绪

以太坊的价格最近在几周内飙升至看不见的水平，引发了潜在反弹的耳语。在激增的后面，是一种狂热的鸡尾酒，网络升级和不断变化的交易者情绪，但怀疑者徘徊。

After weeks of lackluster performance, Ethereum price finally surged on Feb. 17, sparking speculation of a potential price rebound.

经过数周的表现，以太坊价格终于在2月17日飙升，引发了人们对潜在价格反弹的猜测。

The second-largest cryptocurrency by market capitalization soared 7% to reach $2,850 during morning trade in Hong Kong, while network fees also skyrocketed — hitting a maximum of $70 per transaction during the morning surge.

在香港早上贸易期间，市值的第二大加密货币飙升了7％，而网络费也飙升 - 在早晨激增期间，每笔交易的最高为每笔交易70美元。

However, the euphoria was short-lived as prices fell by $100 within hours, and a closer examination of on-chain activity revealed a possible explanation for the chaos.

但是，随着价格在几个小时内下跌100美元，欣快的寿命是短暂的，对链上活动的仔细检查显示了对混乱的可能解释。

According to data from Blockscan, a significant portion of the fee activity was linked to token addresses belonging to the memecoin launchpad, Pepu Pump Pad, which was operational on an Ethereum layer-2 chain.

根据BlockScan的数据，收费活动的很大一部分与属于Memecoin LaunchPad Pepu Pump Pad的令牌地址有关，该地址是在以太坊层链上运行的。

Furthermore, analysis of the token names suggested that they were designed to be quickly noticed by traders, a tactic commonly employed in pump-and-dump schemes.

此外，对令牌名称的分析表明，它们被设计为被交易者迅速注意到的，这是一种通常在泵送和降低计划中采用的策略。

Meanwhile, retail traders appeared to be largely absent from the frenzy, as derivatives metrics indicated a balanced demand for leverage, with funding rates remaining stable at around 0.20% per 8 hours.

同时，零售交易者似乎在疯狂中不存在，因为衍生品指标表明对杠杆的需求平衡，资金率保持稳定，约为每8小时的0.20％。

Despite the morning rally, skepticism prevailed among derivatives traders, evident in the lack of enthusiasm for price discovery.

尽管上午集会，但在衍生品交易员中占了上风，这显然是缺乏对价格发现的热情。

The morning surge highlighted the fragile optimism surrounding Ethereum, as the rally quickly fizzled out, exposing the limited follow-through buying interest.

早晨激增强调了以太坊周围脆弱的乐观情绪，因为拉力赛很快消失了，暴露了有限的后续购买利息。

However, the morning price action also hinted at a broader shift in market sentiment, with traders pivoting away from memecoins and toward assets with stronger fundamentals.

但是，早晨的价格行动也暗示了市场情绪的更大转变，交易员从成员转移到具有更强基本面的资产。

This trend was further supported by observations from analysts, who noted a widening gap between memecoin and "serious" asset performance.

分析师的观察进一步支持了这一趋势，分析师注意到Memecoin和“严重”资产绩效之间的差距扩大。

As a testament to this shift, Solana-related derivatives witnessed lackluster demand despite the token's recent rally, while institutional interest remained skewed toward Bitcoin and Ethereum.

为了证明这一转变，尽管令牌最近的集会，但与Solana相关的衍生工具的需求平淡无奇，而机构的兴趣仍然偏向比特币和以太坊。

Highlighting the competitive landscape, Hyperliquid, a blockchain project backed by Seven Seven Six, announced plans to launch a "gasless" Ethereum chain.

强调了竞争景观，超级流动，这是一个由七个六个六个支持的区块链项目，宣布了推出“无气”以太坊链的计划。

While Ethereum touted upcoming upgrades, such as "Pectra," which aimed to double rollup blob capacity and slash layer-2 transaction costs, challenges remained.

尽管以太坊吹捧即将进行的升级，例如“ Pectra”，旨在使blob容量和削减2层交易成本进行双重滚动，但仍存在挑战。

Community members engaged in heated discussions over optimal strategies for balancing staking rewards with network growth.

社区成员就最佳策略进行了激烈的讨论，以平衡积分奖励与网络增长。

Until Ethereum devised a sustainable solution for its fee structure, attempts to breach the $3,000 resistance appeared unlikely. However, proponents maintained optimism, arguing that the upgrades could pique institutional interest.

直到以太坊为其费用结构设计了可持续的解决方案，试图违反3,000美元的抵抗力似乎不太可能。但是，支持者保持乐观，认为升级可能会引起机构的利益。

Solana's meme-driven rally showed signs of faltering, with analysts like Michael van de Poppe flagging bearish divergences in SOL's price action, comparing it to Ethereum's 2020 decentralized finance (DeFi) boom.

索拉纳（Solana）的模因驱动的集会表现出步履蹒跚的迹象，分析师在索尔（Sol）的价格行动中像迈克尔·范·德·波普（Michael van de Poppe）一样标记了看跌差异，将其与以太坊（Ethereum）的2020年分散融资（DEFI）BOOM进行了比较。

Charting SOL/ETH valuations, van de Poppe noted a recent peak in the ratio, followed by a divergence in technical indicators.

范德波普（Van de Poppe）在绘制索尔/伦理估值时指出了该比率的最新高峰，随后是技术指标的分歧。

Highlighting the shift in trader interest, he noted a pivot away from memecoins toward assets with stronger fundamentals.

他指出了交易者利益的转变，他指出了一个从成员朝着具有更强基础的资产的枢纽。

Likenning the development to 2020's "altcoin season," where ETH thrived post-Bitcoin rallies, van de Poppe suggested, "ETH's time is coming," alluding to a waning momentum in memecoin trades.

范德·波普（Van de Poppe）将这一开发项目比作《埃德（Eth）》（Eth）蓬勃发展后集会的“ altcoin赛季”，在那里蓬勃发展，“ Eth的时间来了，”提到了Memecoin Trade的势头。

Fresh perspectives emerged as rival blockchains showcased strengths, with Hyperliquid aiming to introduce "gasless" transactions on an Ethereum chain.

新鲜的视角出现了，作为竞争对手的区块链展示了优势，旨在在以太坊链上引入“无气”交易。

Altcoins faced difficulties amid a broader market downturn, with Bitcoin's recent $500 dip exerting a strong influence.

在更广泛的市场下滑中，Altcoins面临困难，比特币最近的500美元下降产生了强大的影响力。

While Ethereum experienced morning gains, technical indicators pointed toward a possible reversal, as noted by analyst Daniel Lenz, who observed a rejection at the SMA20 level.

正如分析师丹尼尔·伦茨（Daniel Lenz）指出的那样，尽管以太坊经历了早晨的收益，但技术指标指出了可能的逆转，后者观察到SMA20水平的拒绝。

Despite the setbacks, some remained bullish. "Ethereum fundamentals outlast memes," argued ripdoteth, a prominent developer, underscoring the technology's enduring value.

尽管遇到了挫折，但仍有一些看涨。著名开发商Ripdoteth认为，“以太坊的基本原理都超出了模因，强调了该技术的持久价值。

Despite Bitcoin's market dominance, Ethereum's upcoming ecosystem upgrades provided a buffer against broader declines.

尽管比特币的市场占主导地位，以太坊即将进行的生态系统升级为更广泛的下降提供了缓冲。

Stable derivatives metrics and institutional exchange-traded fund inflows, albeit modest, hinted at cautious optimism within the market.

稳定的衍生品指标和机构交易所交易的基金流入，尽管谦虚，这暗示了市场中谨慎的乐观情绪。

Is Ethereum Primed for a Turnaround?

以太坊是为周转的吗？

Ethereum's recent volatility highlighted a market torn between memecoin mania and long-term potential.

以太坊最近的波动率强调了Memecoin Mania和长期潜力之间的市场崩溃。

While upgrades like Pectra promised efficiency, lingering fee debates and Bitcoin's dominance loomed large. For now, derivatives data suggested traders awaited clearer signals.

尽管像Pectra这样的升级承诺效率，但挥之不去的费用辩论和比特币的主导地位隐约可见。目前，衍生品数据建议交易者在等待更清晰的信号。

Until Ethereum conquered $3,000, the entry point remained a high-stakes gamble.

直到以太坊征服了3,000美元，入口点仍然是一场高风险的赌博。