Fum.fun上的Memecoin Frenzy撞墙，该平台连续第四周下沉了1％以下的“毕业率”。

“毕业率”是Memecoin Launchpad的代币术语，它可以通过孵化阶段并变得完全可交易。

The memecoin frenzy on Pump.fun is hitting a wall, with the platform’s “graduation rate” sinking below 1% for a fourth straight week.

Fum.fun上的Memecoin Frenzy撞墙，该平台连续第四周下沉了1％以下的“毕业率”。

“Graduation rate” is the memecoin launchpad’s term for tokens that make it through the incubation phase and become fully tradable on a Solana decentralized exchange (DEX). To graduate, a token must meet specific liquidity and trading requirements.

“毕业率”是Memecoin LaunchPad的代币术语，它可以通过孵化阶段，并在Solana Solana分散交易所（DEX）上完全交易。要毕业，代币必须满足特定的流动性和交易要求。

Over the past four weeks, starting Feb. 17, Pump.fun’s graduation rate has remained below 1% for the first time, Dune Analytics data shows:

Dune Analytics数据显示，在过去四个星期（从2月17日开始），Fump.Fun的毕业率首次保持低于1％，Dune Analytics数据显示：

Pump.fun’s graduation rate has never been particularly high. The platform’s best-performing week was in November 2024 when 1.67% of memecoins moved on to the open market.

Fump.Fun的毕业率从未如此高。该平台表现最佳的一周是在2024年11月，当时有1.67％的Memecoins转移到公开市场。

However, the sheer volume of tokens launched on the platform at the time made this percentage more significant. During the week starting Nov. 11, 323,000 tokens were created on Pump.fun, meaning the 1.67% graduation rate translated to roughly 5,400 tokens entering Solana’s DeFi (decentralized finance) economy in a single week.

但是，当时在平台上启动的庞大的令牌使该百分比变得更加重要。在11月11日开始的一周中，在泵中创建了323,000个令牌。FUN，这意味着毕业率的1.67％，大约在一个星期内进入Solana的Defi（分散融资）经济，大约5,400个令牌。

With token creation volume declining on both Pump.fun and Solana, weekly token graduations have plummeted to a four-week average of around 1,500 tokens at the time of writing, according to Dune.

根据Dune的说法，随着代币的创建量在泵。FUN和SOLANA的下降，每周的代币毕业在写作时的平均为1,500个令牌约为1,500个令牌。

Memecoins are dying, and they’re not responding to positive market signals

Memecoin即将死亡，他们没有回应积极的市场信号

Pump.fun’s dropping graduation rate reflects waning investor appetite for memecoins, which have developed a reputation as degenerate lottery tickets or quick cash grabs for their creators.

Pump.Fun的下降毕业率反映了对Memecoins的兴趣，后者以退化的彩票票或快速的现金抢购而闻名。

Several political figures have also launched their own memecoins. US President Donald Trump launched his own token earlier this year, which is currently trading at $24.87, down 84% from its all-time high reached on Jan. 19, according to CoinGecko.

几个政治人物也推出了自己的成员。据Coingecko称，美国总统唐纳德·特朗普（Donald Trump）今年早些时候推出了自己的代币，目前的交易价格为24.87美元，比1月19日的历史最高水平下降了84％。

Memecoins continue to struggle despite improving liquidity, according to crypto intelligence platform Matrixport. In February, Matrixport analysts noted that a strengthening US dollar had been putting pressure on Bitcoin prices by tightening dollar-denominated liquidity.

Crypto Intelligence Platform Matrixport表示，尽管有改善的流动性，但Memecoin仍在挣扎。 2月，Matrixport分析师指出，通过收紧美元计价的流动性，增强美元一直在对比特币价格施加压力。

Since then, the greenback has weakened. Over the past month, the US Dollar Index (DXY), which measures the dollar against a basket of major currencies, peaked at 107.61 on Feb. 28 before dropping to 103.95 on Mar. 14.

从那以后，绿色背负削弱了。在过去的一个月中，美元指数（DXY）衡量了一篮子主要货币的美元，在2月28日达到107.61，然后在3月14日下降至103.95。

“The US dollar has recently weakened, leading to a rebound in liquidity indicators and some marginal improvements in inflation data. Despite these positive shifts, memecoins — one of the strongest narratives during this bull market — are still struggling significantly with no signs of recovery,” Matrixport said in its latest report.

“美元最近削弱了，导致流动性指标的反弹和通货膨胀数据的边缘改善。尽管有这些积极的转变，但Memecoins（这个牛市上最强大的叙述之一）仍在挣扎中，没有恢复的迹象。” Matrixport在其最新报告中说。

Bitcoin caught in memecoin aftershocks

比特币陷入了Memecoin余震中

The struggling memecoin market has also contributed to a $1 trillion wipeout in crypto market capitalization, according to Matrixport.

根据Matrixport的说法，挣扎的Memecoin市场还促成了加密市值的1万亿美元。

“This redistribution of wealth may lead investors to remain cautious about deploying further capital, causing both the strength of the rebound and the sustainability of the rally to be limited,” the report noted.

报告指出：“财富的这种重新分配可能会导致投资者对部署进一步的资本保持谨慎，从而导致反弹的实力和集会的可持续性受到限制。”

Matrixport analysts add that this could lead to further Bitcoin declines, with a potential retracement to as low as $73,000—a level they believe would provide “strong support” for the crypto king to launch the next leg of his bull run.

Matrixport分析师补充说，这可能导致比特币的进一步下降，潜在的回溯到73,000美元，他们认为这一水平将为Crypto King提供“强有力的支持”，以推出他的下一条公牛跑步。