模因硬币疯狂：加密货币市场的警钟

加密货币景观通常是一个戏剧性的高潮剧院，最近被一系列活动所震撼

The cryptocurrency landscape, often a theater of dramatic highs and lows, has recently been rocked by a series of events that have cast a long shadow over the meme coin ecosystem and reignited a fierce debate about the practices of centralized exchanges (CEXs) and the inherent risks associated with speculative digital assets.

加密货币景观通常是一个戏剧性的高潮剧院，最近被一系列事件震撼了，这些事件对模因硬币生态系统产生了长长的阴影，并重新激发了有关集中交流（CEXS）的实践以及与投机性数字资产相关的固有风险的激烈辩论。

The precipitous 40% drop of MUBARAK following its listing on Binance, coupled with the volatility surrounding JELLY and HYPE on Hyperliquid, has triggered a wave of scrutiny, prompting users to question the very foundations of the decentralized finance (DeFi) space.

穆巴拉克（Mubarak）上市后，麦巴拉克（Mubarak）上市后的40％下降，再加上果冻周围的波动性和超流动性上的炒作，引发了一波审查，促使用户质疑分散融资（DEFI）空间的基础。

These incidents, far from being isolated anomalies, have brought to the forefront the growing concerns about the quality of listings on major CEXs, the fragility of emerging DeFi platforms, and the potential for systemic fallout from meme-driven market events. As the dust settles, the cryptocurrency community is grappling with the urgent need for greater transparency, stronger safeguards, and a renewed focus on sustainable growth.

这些事件远非孤立的异常事件，使人们对主要CEX的上市质量，新兴DEFI平台的脆弱性以及模因驱动市场事件的系统性后果的潜力越来越关注。随着尘埃落定，加密货币社区正在迫切需要更高的透明度，更强大的保障措施以及对可持续增长的重新关注。

MUBARAK’s Plunge: A Symptom of a Deeper Malaise?

穆巴拉克（Mubarak）的暴跌：更深层不适的症状？

The sharp decline of MUBARAK, a meme coin that experienced a 40% drop shortly after its Binance listing, has ignited a firestorm of criticism directed at the practices of centralized exchanges.

穆巴拉克（Mubarak）的急剧下降是一种模因硬币，其二手股份清单后不久经历了40％的下降，他引发了针对集中交流做法的批评的大火。

Critics argue that such listings, often characterized by a lack of due diligence and a focus on short-term gains, undermine trust in both DeFi and CEX platforms. The timing of this incident is particularly concerning, as it coincides with a period of intense focus on meme coins, which have dominated headlines while more stable crypto sectors struggle for attention.

批评家认为，这种列表通常以缺乏尽职调查以及对短期收益的关注，破坏了对Defi和Cex平台的信任。这一事件的时机尤其令人担忧，因为它与对模因硬币的紧密关注时期相吻合，而这些硬币已经主导了头条新闻，而更稳定的加密部门则努力吸引人们的关注。

This imbalance, critics argue, is indicative of a systemic problem within the cryptocurrency market, where speculative fervor often trumps fundamental value.

批评家认为，这种失衡表明了加密货币市场中的系统性问题，在这种情况下，投机性的热情经常胜过基本价值。

The steep drop in MUBARAK’s price has reignited concerns about the quality of recent listings on centralized exchanges. The debate has been further fueled by Binance’s recent listing vote, which saw meme coins like BROCCOLI and Tutorial experience significant price surges. This has led to questions about the criteria used for listing tokens and the potential for market manipulation.

穆巴拉克（Mubarak）价格的急剧下跌引起了人们对集中交流近期列表质量的担忧。 Binance最近的上市投票进一步推动了这场辩论，该投票看到了像西兰花和教程这样的模因硬币经历了巨大的价格飙升。这导致了有关列表令牌的标准以及市场操纵潜力的问题。

Binance founder Changpeng Zhao (CZ) has attempted to address these concerns, stating that token listings should not dictate long-term price action. He emphasized that while listings can provide liquidity and improve market access, the long-term value of a token should reflect its real fundamentals, such as team commitment, development activity, and network performance.

Binance创始人Changpeng Zhao（CZ）试图解决这些问题，并指出令牌上市不应决定长期价格行动。他强调，尽管上市可以提供流动性并改善市场获取，但令牌的长期价值应反映其真正的基本原理，例如团队承诺，发展活动和网络绩效。

However, despite CZ’s assurances, the community remains skeptical, particularly in light of Binance Alpha’s continued listing of controversial tokens, including two Studio Ghibli-themed meme coins. This has further fueled concerns about the exchange’s commitment to transparency and due diligence.

然而，尽管CZ有保证，社区仍然持怀疑态度，尤其是鉴于Binance Alpha继续列出了有争议的令牌，其中包括两个吉卜力吉布利主题的模因硬币。这进一步引起了人们对交易所对透明度和尽职调查的承诺的担忧。

Hyperliquid’s Crisis: A Wake-Up Call for DeFi?

Hyperliquid的危机：对Defi的警钟？

The MUBARAK incident was not the only crisis to rock the meme coin ecosystem this week. The volatility surrounding JELLY and HYPE on Hyperliquid has triggered widespread speculation about the role of emerging DeFi platforms and the potential for systemic risks.

穆巴拉克事件并不是本周震撼模因硬币生态系统的唯一危机。果冻和高流动性上的炒作的波动性引发了人们对新兴Defi平台的作用和系统性风险的潜力的广泛猜测。

The JELLY short squeeze, which led to a sharp decline in HYPE’s price, has raised concerns about the fragility of emerging platforms and the adequacy of safeguards in place to prevent systemic fallout from meme-driven market events. Some users have even questioned whether this could be the beginning of an FTX-style collapse, as concerns grow over the unchecked volatility tied to meme coin derivatives.

果冻的短挤压导致炒作价格急剧下降，引起了人们对新兴平台的脆弱性以及适当的保障措施的适当性，以防止模因驱动的市场事件的系统性后果。一些用户甚至质疑这是否可能是FTX风格崩溃的开始，因为对与模因硬币衍生物相关的不受检查的波动性的担忧增加。

In response to the backlash, Hyperliquid has pledged to strengthen its security measures to prevent similar incidents in the future. However, the damage has already been done, and the incident has ignited a debate about the need for greater transparency and accountability within the DeFi space.

为了应对强烈反对，超级流动性已承诺加强其安全措施，以防止将来发生类似的事件。但是，损害已经造成，该事件激发了关于在Defi空间内需要更高透明度和问责制的辩论。

Jean Rausis, co-founder of the decentralized finance ecosystem SMARDEX, has called on the DeFi community to consider the image it projects to the market. He argued that if DeFi is to achieve widespread adoption, it must gain the trust of both existing and potential users.

分散的金融生态系统Smardex的联合创始人让·劳西斯（Jean Rausis）呼吁Defi社区考虑IT投影到市场的图像。他认为，如果DEFI要获得广泛的采用，它必须获得现有用户和潜在用户的信任。

He warned that the proliferation of projects falsely labeling themselves as “decentralized” will only lead to more incidents like the Hyperliquid crisis.

他警告说，错误地将自己标记为“分散”的项目的扩散只会导致更多的事件，例如超流动危机。

The Credibility Conundrum: DeFi’s Image Problem

信誉难题：Defi的图像问题

The incidents involving MUBARAK and Hyperliquid have dealt a significant blow to DeFi’s credibility. Kevin Rusher, founder of decentralized lending protocol RAAC, described the situation as “another setback for DeFi adoption.” He argued that the meme coin frenzy has reignited retail greed and diverted liquidity away from more sustainable sectors of the ecosystem.

涉及Mubarak和超级流动的事件对Defi的信誉造成了重大打击。权力下放贷款协议RAAC的创始人凯文·拉什（Kevin Rusher）将这种情况描述为“采用Defi采用的另一个挫折”。他认为，模因硬币狂潮已经重新点燃了零售贪婪，并将流动性从生态系统的更可持续性部门转移了出来。

“The narrative that we are seeing play out is one of complete chaos. We have TRUMP, MELANIA, and a new generation of meme coins attracting attention while the more stablecoins are struggling to maintain value,” Rusher observed.

“我们看到的叙述是完全混乱的。我们有特朗普，梅拉尼亚和新一代的模因硬币引起了人们的注意，而更加稳定的人则在努力维持价值，”拉什（Rusher）观察到。

He warned that the dominance of meme coins during the recent market surge has left DeFi vulnerable to speculative chaos. However, Rusher expressed optimism about the involvement of institutions like BlackRock, which he believes understand the need for stability in the cryptocurrency market.

他警告说，在最近的市场激增中，模因硬币的主导地位使Defi容易受到投机性混乱的影响。但是，Rusher对BlackRock等机构的参与表达了乐观，他认为这了解加密货币市场中稳定的需求。