在过去一年

在过去的一年中，Memecoins在加密诗歌的叙述中占据了主导地位，导致了一系列备受瞩目的活动

The past year has been dominated by the memecoin narrative, leading to a series of events that have left most traders in the red and insiders in the black. With the Libra token alone leading to an estimated $4.4 billion in public losses by some estimations, this cycle contrasts sharply with previous cycles where broader market growth rewarded holders with a chance to exit in profit.

过去的一年一直由纪念因素叙事主导，导致一系列事件使大多数交易者陷入了黑色和内部人士。仅凭天秤座令牌，据估计，估计估计有44亿美元的公共损失，这一周期与以前的周期形成鲜明对比，在这种周期中，更广泛的市场增长使持有者有机会退出利润。

However, today’s memecoin speculation has created an environment where the average trader’s chances of success are slim to none. How did memecoins manage to drive the market to such a dead end, and will this ever end?

但是，当今的Memecoin猜测创造了一个环境，在这种环境中，普通交易者的成功机会却很小。 Memecoins如何设法将市场推向如此艰难的尽头，这将终结？

Investing and speculation are fundamentally different games with distinct rules. Investing isn’t about making quick money. It is about purchasing the right assets to protect capital in the long haul. Usually, investors don’t wait for the “right” entry point but purchase assets to be held for years. Such assets grow relative to fiat currencies based on fundamental factors. For example, stocks, gold and Bitcoin (BTC) rise against the US dollar, which faces unlimited issuance and inflation.

投资和猜测是具有不同规则的根本不同的游戏。投资不是要赚钱。这是关于购买合适的资产来长期保护资本。通常，投资者不要等待“右”入口点，而是要持有多年的购买资产。基于基本因素，此类资产相对于法定货币的增长。例如，股票，黄金和比特币（BTC）违反了美元，该美元面临着无限的发行和通货膨胀。

Some assets have extra growth drivers — rising property demand, growing company profits or even Bitcoin adoption by governments — but these are bonuses. The key point is that your investment is not supposed to lose all its value against the fiat. Investors follow long-term macroeconomic trends, which helps them preserve purchasing power.

一些资产具有额外的增长驱动因素 - 财产需求不断增长，公司利润增长，甚至是政府采用比特币 - 但这是奖金。关键点是，您的投资不应该对菲亚特失去所有价值。投资者遵循长期宏观经济趋势，这有助于他们保持购买力。

On the other hand, speculation is a zero-sum game where the skilled minority profits because of the uninformed majority. Typically, such people are chasing quick profits. This is what happens with memecoins. Unlike traditional investments, they lack intrinsic value, dividends or interest returns. While in the case of Bitcoin, the “greater fools” who buy after a trader could be companies adopting the Bitcoin standard, followed by entire nations establishing strategic Bitcoin reserves after the US, in the case of a token like LIBRA, the greater fool is the one who bought it after Javier Milei’s announcement on X. That’s it — there are no more buyers.

另一方面，猜测是一款零和游戏，由于多数席位，熟练的少数派利润。通常，这样的人正在追逐快速利润。这就是Memecoins发生的事情。与传统投资不同，它们缺乏内在价值，股息或利息收益。在比特币的情况下，“大傻瓜”以交易者购买的“大傻瓜”可能是采用比特币标准的公司，其次是在美国之后建立战略性比特币储备的整个国家，如果像天秤座这样的代币，那么大傻瓜就是在javier Milei在X上宣布X.的人 - 不再是购买者。

Memecoins operate similarly to online casinos. They provide entertainment and promise quick profits but favor only those who create and promote them. Unlike regulated gambling, where risks are well-known, memecoins are often hyped by influential figures — starting from the famous crypto influencer Murad and ending with the US president — and, consequently, social media narratives. The harsh reality is that, like in a casino, the odds overwhelmingly favor insiders and early adopters while the majority suffer losses.

Memecoins的运作与在线赌场相似。他们提供娱乐和保证快速利润，但只有那些创造和推广他们的人。与受监管的赌博不同，风险是众所周知的，纪念因素通常被有影响力的人物大肆宣传 - 从著名的加密影响者穆拉德（Murad）开始，并与美国总统结束 - 因此，社交媒体叙事。苛刻的现实是，就像在赌场中一样，在大多数人遭受损失的同时，赔率压倒性地赞成内部人士和早期采用者。

Recent: Solana’s token minting frenzy loses steam as memecoins get torched

最近：索拉纳（Solana）的象征薄荷狂热失去了动力，因为模因被烧毁

The memecoin craze clearly thrives on speculation and psychological triggers — this is the game that evolves emotions and leaves players’ wallets empty. Platforms like Pump.fun, which facilitate memecoin launches, have reaped massive profits, proving that selling shovels is the best way to profit from a gold rush. How can opening a casino require a license and choosing a.

Memecoin热潮显然在猜测和心理触发因素上蓬勃发展 - 这是演变情绪并使玩家的钱包空的游戏。促进Memecoin推出的Pump.Fun等平台已获得巨额利润，证明销售铲是从淘金热中获利的最佳方式。打开赌场如何需要许可并选择一个。