Memecoin 激增，在加密货币市场中取代了比特币

在前所未有的牛市中，流动性绕过了传统的市场动态，直接从比特币流向模因币。在 Coinbase 的 Base 等平台上叙事驱动的投机推动下，memecoin 的受欢迎程度激增，导致市场动态发生了重大转变。分析师将这一周期称为迄今为止“最奇怪”的牛市，其特点是比特币在减半前异常高，并且缺乏传统的市场模式。

Uncharted Waters: Bitcoin Bypassed, Memecoins Surge in Unprecedented Bull Market

神秘海域：绕过比特币，Memecoin 在前所未有的牛市中飙升

April 1, 2024 - Crypto analysts are grappling with the peculiarities of the ongoing Bitcoin halving cycle, which has witnessed an unprecedented shift in market dynamics. Unlike previous bull cycles, where liquidity cascaded from Bitcoin to Ethereum and subsequently trickled down to lower-cap altcoins, this cycle has seen a direct surge from Bitcoin into the realm of memecoins.

2024 年 4 月 1 日 - 加密货币分析师正在努力解决正在进行的比特币减半周期的特殊性，该周期见证了市场动态的前所未有的转变。与之前的牛市周期不同，在牛市周期中，流动性从比特币级联到以太坊，随后又流向较低市值的山寨币，而在本轮牛市周期中，流动性从比特币直接涌入模因币领域。

Memecoin Mania

模因币狂热

The total market capitalization of memecoins, once dismissed as a trivial footnote in the cryptosphere, has soared to a staggering $70 billion as of April 1. Both established memecoins like Pepe and Bonk (BONK) and newcomers such as 'dogwifhat' (WIF) and Book of Meme (BOME) on Solana have experienced astronomical gains.

曾经被视为加密领域微不足道的模因币的总市值，截至 4 月 1 日已飙升至惊人的 700 亿美元。既包括 Pepe 和 Bonk (BONK) 等老牌模因币，也包括“dogwifhat”(WIF) 等新来者。 Book of Meme (BOME) 在 Solana 上取得了天文数字的收益。

Base, the layer-2 network associated with Coinbase, has emerged as a hotbed for memecoin speculation. Its native token, DEGEN, has surged by an astounding 2,800% over the past month. Remarkably, this token's distribution through Farcaster, a decentralized social network, epitomizes the narrative-driven speculation that has pervaded the current market, eclipsing traditional fundamental analysis.

Base 是与 Coinbase 相关的第 2 层网络，已成为模因币投机的温床。其原生代币 DEGEN 在过去一个月内飙升了 2,800%，令人震惊。值得注意的是，该代币通过去中心化社交网络 Farcaster 的分发集中体现了当前市场普遍存在的叙事驱动的投机行为，超越了传统的基本面分析。

Shifting Sands

流沙

Zach Rynes, a community liaison for Chainlink, highlights the unusual pattern of liquidity bypassing traditional steps and flowing directly into memecoins. "The market is currently driven by an 'attention economy' rather than solid fundamentals," he asserts.

Chainlink 的社区联络员 Zach Rynes 强调了流动性绕过传统步骤直接流入 memecoin 的不寻常模式。 “市场目前是由‘注意力经济’驱动的，而不是坚实的基本面，”他断言。

Anthony Sassano, a renowned Ethereum educator, echoes Rynes' observation, describing the current bull market as the "weirdest" in his decade-long tenure in the crypto industry. He emphasizes the lack of significant retail participation and the isolated sector-specific pumps as indicators of this unique market phase.

著名以太坊教育家 Anthony Sassano 呼应了 Rynes 的观察，将当前的牛市描述为他在加密货币行业十年任期中“最奇怪的”。他强调，缺乏大量的零售参与和孤立的特定行业泵作为这一独特市场阶段的指标。

Bitcoin's Unorthodox Pre-Halving Peak

比特币减半前的非正统峰值

Adding to the enigmas of this cycle, Bitcoin scaled its all-time high of $73,734 on March 14, preceding the highly anticipated halving event scheduled for April 20. This deviates from the patterns observed in previous cycles, where the all-time high typically transpired the year following the halving.

令本周期更加神秘的是，比特币在 3 月 14 日创下历史新高 73,734 美元，而在备受期待的 4 月 20 日减半事件之前。这与之前周期中观察到的模式不同，在之前的周期中，历史高点通常会出现减半后的一年。

Technical analyst Moustache notes that Bitcoin has reclaimed a crucial Fibonacci ratio level witnessed in past cycles, albeit prematurely this time, before the halving. "This is a significant development," Moustache asserts, suggesting the potential for a parabolic surge similar to previous cycles.

技术分析师穆斯塔什指出，比特币已经恢复了过去周期中见证的关键斐波那契比率水平，尽管这次为时过早，在减半之前。 “这是一个重大进展，”穆斯塔奇断言，这表明有可能出现类似于之前周期的抛物线飙升。

Uncertain Trajectory

不确定的轨迹

As Bitcoin approaches its halving, the prevailing market sentiment remains shrouded in uncertainty. The unprecedented dynamics of this cycle have defied historical precedents, leaving analysts and investors grappling with uncharted waters. Whether this liquidity surge into memecoins signifies a fleeting trend or a paradigm shift remains to be seen.

随着比特币减半的临近，当前的市场情绪仍然笼罩在不确定性之中。这一周期前所未有的动态打破了历史先例，让分析师和投资者陷入了未知的领域。模因币的流动性激增是否意味着短暂的趋势或范式转变还有待观察。

The crypto industry stands at a precipice, poised for either a transformative ascent or a tumultuous correction. As the halving event draws near, the market's trajectory remains an enigma, with both bulls and bears anticipating the unfolding drama with bated breath.

加密行业正站在悬崖边，要么迎来变革性的上升，要么迎来动荡的调整。随着减半事件的临近，市场的轨迹仍然是一个谜，多头和空头都屏息以待即将上演的戏剧。