模因硬币市场已成为骗局和猜测的集市

模因硬币贸易已经变成了一些奇怪的东西。即使对于初学者，加密货币市场的曾经观察到的角也很难忽略。

The meme coin trade has morphed into something bizarre. Even for the uninitiated, the once-obscure corner of the crypto market has become hard to ignore. Often with no actual use case and values derived from speculation, meme coins have gone mainstream, for better or worse.

模因硬币贸易已经变成了一些奇怪的东西。即使对于初学者，加密货币市场的曾经观察到的角也很难忽略。通常，模因硬币没有实际的用例和从投机中得出的值，无论好坏，都会成为主流。

The tokens have been generating baffling headlines and lots of frustration. This week, Argentine President Javier Milei was in hot water after promoting Libra, a meme coin that tanked seismically soon after. Nansen Research found that 86% of investors lost $251 million, a scandal that's left Milei facing impeachment calls for his role in what critics describe as a fraud.

令牌一直在引起令人困惑的头条新闻和许多挫败感。本周，阿根廷总统贾维尔·米利（Javier Milei）在宣传天秤座后，在热水中，这是一种模因硬币，不久之后就在地震中受到了打击。 Nansen Research发现，有86％的投资者损失了2.51亿美元，这一丑闻使Milei面临弹each的丑闻要求他在批评家所说的欺诈行为中的作用。

Milei denied any involvement with the coin or its developers and deleted his post. Regardless, the whole affair had the look of a rug-pull to frustrated crypto players.

麦莉否认与硬币或其开发商的任何参与并删除了他的职位。无论如何，整个事件对沮丧的加密玩家的外观具有地毯扣的外观。

Scams are a regular occurrence in the meme coin universe, and its reputation for fraud has grown alongside the market, experts told Business Insider.

专家告诉Business Insider，骗局是Meme Coin Universe的定期发生，其欺诈声誉已与市场一起增长。

“Everyone's sick and tired of the memecoins,” said Nic Puckrin, founder of The Coin Bureau.

硬币局的创始人尼克·普克林（Nic Puckrin）说：“每个人都厌倦了成人。”

“Sentiment now is probably as low, or probably lower than the FTX collapse,” he said. “It's just every single day there's a new meme coin launch with some new celebrities pumping and dumping some stuff.”

他说：“现在的情绪可能低于FTX崩溃。” “每天都有一个新的模因硬币发布，一些新的名人抽水并倾倒了一些东西。”

It wasn't always this way.

并不总是这样。

When meme coins started edging into crypto consciousness around 2014, they were mainly community-building projects, Puckrin told BI.

Puckrin告诉BI时，当Meme硬币在2014年左右开始融入加密意识时，主要是社区建设项目。

“The initial concept was fun assets that communities could be part of, and the whole memetic culture of memes in general on the internet could now be encapsulated in a shared token, right?” he said. Add to that their low valuations, and the memecoin market became something of a haven for retail investors.

“最初的概念是社区可以成为一部分的有趣资产，现在可以将整个模因的整个模因文化现在可以封装在共享的令牌中，对吗？”他说。除此之外，他们的估值低，而Memecoin市场成为散户投资者的天堂。

Even as momentum stalled amid crypto winter in 2022, Vic Laranja, a content creator and meme coin trader, said the market was still trafficked mainly by crypto enthusiasts who believed in the technology.

即使动量在2022年的加密冬季停滞时，内容创建者兼Meme Coin Coin Trader Vic Laranja表示，该市场仍然主要由信任这项技术的加密爱好者贩运。

That was before last year.

那是去年之前。

“There's been just a drastic emergence of retail investors who see meme coin trading almost as a new form of gambling.”

“散户投资者的出现只是剧烈的出现，他们将Meme Coin几乎是一种新的赌博形式交易。”

Puckin also lamented the state of the market.

Puckin还感叹市场状况。

“Memecoins are no longer about community, no longer about fair launches, no longer about aspects against the [venture capitalists].” he said. “The memecoin industrial complex developed to be able to extract as much as possible, as quickly as possible, for those who invest in it, which is not what the idea was.”

“ Memecoin不再关心社区，不再关心公平发射，而不再关心对[风险投资家]的方面。”他说。 “ Memecoin工业综合体能够尽快提取到投资其中的人，这不是想法。”

The casino opensAccording to Laranja, the first stage of the meme coin explosion took place around the time spot bitcoin ETFs were launched at the beginning of 2024. The resulting surge in liquidity stirred up risk appetite in the crypto market.

赌场向拉兰加（Laranja）开放，模因硬币爆炸的第一阶段是在2024年初发射的斑点比特币ETF周围发生的。导致的流动性激增了加密市场中的风险食欲。

The same month the ETFs debuted, traders were introduced to Pump.Fun, a Solana-based launchpad that simplified the process of minting the tokens.

同个月，ETF首次亮相，将贸易商介绍给Pump.Fun，这是一个基于Solana的发射台，简化了造成令牌的过程。

The result? An “explosion of meme coins,” said Puckrin. According to Wired, there were nearly 6 million meme coins launched on the platform by January 2025.

结果？ Puckrin说，“模因硬币的爆炸”。根据Wired的说法，到2025年1月，该平台上推出了近600万个模因硬币。

In some ways, the launchpad helped do away with some nefarious behavior. Before its existence, Laranja suspects about eight out of 10 memecoin trades were “honeypot” scams, in which a buyer cannot sell their memecoin holdings once purchased.

在某些方面，Launchpad帮助消除了一些邪恶的行为。在存在之前，拉兰加（Laranja）怀疑在10个纪念品交易中约有8个是“ Honeypot”骗局，其中买家一旦购买，买方就无法出售其Memecoin Holdings。

“Pump.Fun came into the picture, and they standardized the contract address. They made it so you had to revoke freeze authority. You had to revoke mint authority — meaning that the developer couldn't just mint a billion more tokens and keep them for themselves.”

“ Pump.Fun进入了图片，他们标准化了合同地址。他们做到了，因此您必须撤销冻结权威。您不得不撤销薄荷的权威 - 这意味着开发人员不能仅仅造成十亿个代币并保留它们。”

But the protocol's design did not curb pump-and-dump schemes or other practices that have given meme coins their reputation as essentially another way to gamble.

但是，该协议的设计并没有遏制泵送泵送方案或其他赋予模因的实践，而这些实践本质上是赌博的另一种方式。

A class action lawsuit was brought against the firm last month, alleging that it is operating an “evolution of Ponzi and pump-and-dump schemes.”

上个月针对该公司提起了集体诉讼，称其正在进行“庞氏骗局和泵送计划的进化”。

Memecoin trading on the platform has ruffled investors in other ways. For a time, it allowed livestreaming as a way to promote tokens, but given the wild extremes users went to in order to draw attention their coins — from nudity, guns, and suicide threats — that went away in November.

该平台上的Memecoin交易以其他方式使投资者陷入困境。一段时间以来，它允许生活作为促进令牌的一种方式，但是鉴于用户去了狂野的极端，以便引起他们在11月消失的裸露，枪支和自杀威胁的硬币（裸体，枪支和自杀威胁）。

“I believe that the problem in the space right now, with the insiders and the bundlers and the snipers is not so much about the bad actors in the space, but because of the way that the protocols are set up to launch these meme coins,” he said.

“我相信，现在空间中的问题，内部人士，捆绑器和狙击手并不重要，而是在空间中的坏演员，而是因为设置了协议来启动这些模因硬币的方式，他说。

A need for changeWhen the Trump Organization launched its own meme token just before the inauguration, some say the dramatic price swings blew the doors open for imitators.

当特朗普组织在就职典礼前推出自己的模因令牌时，需要改变，有人说，戏剧性的价格波动吹开了为模仿者开放的大门。

“[Investors] would have been somewhat apprehensive to launch a meme coin just because of the regulatory risk, the risk of getting sued and whatnot,” BCA Research associate strategist Juan Correa said. “Well, now the president has done it. It's okay to

BCA研究助理策略师胡安·科雷亚（Juan Correa）说：“仅仅因为监管风险，被起诉和其他方面的风险，[投资者]将有些担心发起模因硬币。” “好吧，现在总统已经做到了。没关系