随着交流和做市商从疯狂而盈利，模因硬币面临着跌宕起伏

Meme硬币是席卷互联网的有趣且幽默的加密货币，今年已经开创了艰难的开始。

Meme coins, the fun and often humorous cryptocurrencies that took the internet by storm last year, have had a rocky start this year.

Meme硬币是去年互联网上互联网的有趣且幽默的加密货币，今年开创了艰难的开始。

According to a recent Kaiko report, most meme tokens have struggled, with losses ranging from 10% to as much as 70% since the beginning of the year. But does this mean the meme coin frenzy is over? Not quite.

根据Kaiko最近的一份报告，大多数模因令牌都在挣扎，自今年年初以来，损失范围从10％到70％不等。但这是否意味着模因硬币狂热结束了？不完全。

Meme Coins Face Ups and Downs

模因硬币面临起伏

Kaiko’s recent report highlights that while popular meme tokens like Dogecoin, Shiba Inu, and newer coins have seen significant price drops this year, their popularity hasn’t faded completely.

Kaiko最近的报告强调，虽然像Dogecoin，Shiba Inu和Newer Coins这样的流行模因标记今年的价格下降了大幅下降，但它们的受欢迎程度并未完全消失。

Last year, these tokens outperformed many other cryptocurrencies thanks to their hype and the chance of making quick profits.

去年，由于它们的炒作和快速利润的机会，这些代币的表现超过了许多其他加密货币。

This year, despite the volatility, the recent surge in new meme coin launches, particularly on Solana, is evidence that traders continue to engage with these assets, betting on the next viral success.

今年，尽管有波动性，但最近在新的模因硬币推出的速度，尤其是在Solana上的激增，证明交易者继续与这些资产互动，押注下一个病毒式成功。

Meme coins also faced challenges this year due to the lack of liquidity and the fast pace of new token launches. Kaiko's analysis shows that these tokens can have trading volumes that are much higher than their available liquidity, especially at launch.

由于缺乏流动性和新代币发射的快速步伐，Meme Coins今年还面临着挑战。 Kaiko的分析表明，这些代币的交易量可能比其可用流动性高得多，尤其是在发布时。

For example, the TRUMP token saw $16 billion in trading volume on January 20 — nearly 30% of Bitcoin’s daily volume — despite having limited liquidity. This mismatch between volume and liquidity can lead to extreme price swings, forcing market makers to widen bid-ask spreads to manage risk.

例如，尽管流动性有限，但特朗普代币在1月20日的交易销量达到了160亿美元的交易销量，占比特币每日数量的近30％。数量和流动性之间的这种不匹配可能会导致极端的价格波动，从而迫使做市商扩大了出价差异以管理风险。

Ultimately, this drives up costs for traders, making meme coins a high-risk, high-reward investment.

最终，这为交易者带来了成本，使Meme硬币成为高风险，高回报的投资。

What’s Next for Meme Coins?

Meme硬币的下一步是什么？

Even though meme coin hype has slowed this year, it’s far from over. Their mix of humor, community-driven support, and speculative appeal keeps attracting investors.

即使Meme Coin Hype今年放慢了速度，但远未结束。他们幽默，社区驱动的支持和投机性吸引力的混合不断吸引投资者。

As exchanges adjust their listing strategies moving from “allowlists” to “blocklists” to better manage new tokens, meme coins will likely remain a key part of the crypto world.

随着交流调整其从“允许清单”到“区块列表”以更好地管理新代币的清单策略，Meme硬币可能仍然是加密货币世界的关键部分。