Meme 币超级周期：穆拉德·马哈茂多夫专访

每个时代都需要自己的精神领袖，meme领域也不例外。如果说上一轮围绕狗狗币世界亿万富翁马斯克的炒作是老派模因传播者，那么穆拉德就是新一代邪教文化的超级 FOMO 倡导者。

Every era needs its own spiritual leader, and the meme domain is no exception. If the last round of hype around Dogecoin's world billionaire Musk was the old-school meme evangelist, then Murad is the new generation's super FOMO advocate for cult culture.

每个时代都需要自己的精神领袖，meme领域也不例外。如果说上一轮围绕狗狗币世界亿万富翁马斯克的炒作是老派模因传播者，那么穆拉德就是新一代邪教文化的超级 FOMO 倡导者。

From a handful of meme coin projects in 2017 to tens of millions by 2024, a massive market has gradually formed. Meanwhile, many meme coins have seen their market capitalization exceed billions of dollars, becoming an important part of the crypto market.

从2017年的几个米姆币项目到2024年的数千万个，庞大的市场逐渐形成。与此同时，许多迷因币的市值已超过数十亿美元，成为加密货币市场的重要组成部分。

Murad Mahmudov, as a witness and analyst of this trend, has proposed the concept of the "Meme Coin Super Cycle." In his view, meme coins are not just pure speculative tools but the most powerful user adoption engine in the crypto world. He has deeply analyzed the key factors behind the success of meme coins and elaborated on how to drive the growth of these projects through social media and community power.

Murad Mahmudov作为这一趋势的见证者和分析者，提出了“Meme币超级周期”的概念。在他看来，meme 币不仅仅是纯粹的投机工具，而且是加密世界中最强大的用户采用引擎。他深入分析了meme币成功背后的关键因素，并阐述了如何通过社交媒体和社区力量推动这些项目的增长。

In this edition of "LBank Pulse Focus," we are honored to invite Murad, a leading figure in the meme coin space, to share his profound insights on the future of meme coins, especially his outlook on crypto trends in 2025 and beyond.

本期《LBank脉搏聚焦》，我们很荣幸邀请到meme币领域的领军人物Murad，分享他对meme币未来的深刻见解，特别是对2025年及以后加密货币趋势的展望。

His sharing will help us understand how the rise of meme coins is driving the global adoption of cryptocurrencies and leading the future development of the market.

他的分享将帮助我们了解模因币的兴起如何推动加密货币的全球采用并引领市场的未来发展。

LBank: Could you share your career journey with us? From studying at Princeton University to working at Goldman Sachs, and then becoming a well-known figure in the cryptocurrency field, what has that experience been like?

LBank：您能跟我们分享一下您的职业历程吗？从普林斯顿大学学习到在高盛工作，再到成为加密货币领域的知名人物，那段经历是怎样的？

Murad: I come from Azerbaijan and studied in the United States, later spending a year studying in Beijing. During my time in Beijing, I met the fourth employee of OKX, who introduced me to the cryptocurrency field. After graduation, I entered the traditional finance industry, working in options trading in Hong Kong and commodity trading in Singapore.

穆拉德：我来自阿塞拜疆，在美国学习，后来在北京学习了一年。在北京期间，我认识了OKX的第四位员工，他向我介绍了加密货币领域。毕业后，我进入传统金融行业，在香港从事期权交易，在新加坡从事商品交易。

From 2016 to 2017, I began participating in ICOs, cryptocurrencies, and blockchain-related work, realizing that Bitcoin could become the next wave of revolutionary change. Since then, I have devoted myself to this field, including trading, investing, on-chain analysis, asset management, and now developing in the DeFi space. Additionally, I personally actively participate in meme coin-related projects.

从2016年到2017年，我开始参与ICO、加密货币和区块链相关工作，意识到比特币可能成为下一波革命性变革。从那时起，我就致力于这个领域，包括交易、投资、链上分析、资产管理，现在又在 DeFi 领域发展。此外，我个人也积极参与与模因币相关的项目。

LBank: You have some insights on the current and 2025 "Meme Coin Super Cycle." Could you elaborate on that?

LBank：您对当前和2025年的“Meme币超级周期”有一些见解。您能详细说明一下吗？

Murad: The origin of meme coins can be traced back to Dogecoin in 2013. Each cycle has seen the scale of meme coins continuously expand. In 2017, there was only Dogecoin; by 2021, there were 5,000 meme coins, and by 2024, the number of meme coins has reached tens of millions. I believe this trend will continue until Bitcoin becomes a global universal currency.

Murad：meme币的起源可以追溯到2013年的Dogecoin。每个周期都见证了meme币的规模不断扩大。 2017年，只有狗狗币；到2021年，meme币数量已达5000枚，到2024年，meme币数量已达数千万枚。我相信这种趋势将持续下去，直到比特币成为全球通用货币。

From outside the cryptocurrency realm, persistent inflation and global monetary supply pressures are the main driving forces. This pressure compels people to compete, surpass their rivals, and keep moving forward.

从加密货币领域之外来看，持续的通胀和全球货币供应压力是主要驱动力。这种压力迫使人们去竞争、超越对手并不断前进。

At the same time, artificial intelligence is replacing many jobs, and competition across industries is becoming increasingly fierce. Additionally, people are realizing that traditional communities and institutions in the real world are gradually losing influence and significance. All these factors are driving people towards cryptocurrencies, meme coins, and such crypto communities.

与此同时，人工智能正在取代许多工作岗位，跨行业竞争日趋激烈。此外，人们也意识到现实世界中的传统社区和机构正在逐渐失去影响力和意义。所有这些因素都促使人们转向加密货币、模因币和此类加密社区。

From within the industry, from 2015 to 2017, people could still purchase high-quality projects like ETH and BNB, which had a market cap of only $30 million at the time. Now, some projects launch with a trading market cap as high as $30 billion. Successful past crypto projects have all been supported by very strong core communities. The formation of a core community hinges on ordinary people being able to participate early at a low price and thus gain wealth.

从行业内部来看，2015年到2017年，人们仍然可以买到像ETH、BNB这样当时市值只有3000万美元的优质项目。现在，一些项目启动时交易市值高达300亿美元。过去成功的加密项目都得到了非常强大的核心社区的支持。核心社区的形成取决于普通人能够以较低的价格早期参与并获得财富。

The core philosophy of my strategy is: 10,000 people, each holding $1,000, far surpasses 1 person holding $10 million, or 10 million people each holding only $1. The larger the proportion of such holders in a community, the more media attention, passion, and influence it will bring. This is the key to driving the development of meme coins.

我的策略的核心理念是：1万人，每人持有1000美元，远远超过1人持有1000万美元，或者1000万人每人只持有1美元。社区中此类持有者的比例越大，带来的媒体关注度、热情和影响力就越大。这是推动模因币发展的关键。

LBank: What qualities do you think successful meme coins need to possess?

LBank：您认为成功的模因币需要具备哪些品质？

Murad: The most critical concept is "critical mass"—that is, the community must have the conditions for explosive dissemination. For example, having 100,000 holders, a market cap of $500 million, and starting to gradually list on major exchanges. I believe that high market cap meme coins usually rise steadily with lower downside risk; whereas low market cap meme coins carry higher risks, with a success probability of less than 1%. In contrast, mid-cap meme coins offer the best risk-reward ratio, especially those with strong and continuously growing communities,

Murad：最关键的概念是“临界质量”——即社区必须具备爆发性传播的条件。比如拥有10万持有者，市值5亿美元，并开始逐步在各大交易所上市。我认为高市值的 meme 币通常会稳步上涨，下行风险较低；而低市值 Meme 币则风险较高，成功概率低于 1%。相比之下，中型模因代币提供了最佳的风险回报比，尤其是那些拥有强大且持续增长的社区的代币，