动力输出世界。二是用户基数快速增长。根据 Dune 数据，Memecoin 持有者数量从 2024 年 1 月的不到 100 万增加到 12 月的超过 1000 万，增长了 10 倍以上。日活跃用户数也从不到 10 万增长到超过 100 万，增长超过 10 倍。 输出：标题：今年，Memecoin 成为链上流动性指标，新叙事的吹哨人，以及市场情绪的温度计

Memecoin是2024年不可避免的主题，狗狗币、柴犬等经典meme币2024年平均涨幅超过5倍

the crypto field.

加密领域。

In addition to the attitude of the institution, the user base of Memecoin is also expanding rapidly. According to Footprint Analytics data, the number of Memecoin users has increased by nearly 20 times in 2024, and the number of daily active users has reached nearly 10 million. Among them, the number of users holding DOGE has exceeded 10 million, and the number of users holding SHIB has exceeded 5 million. At present, the number of users holding Memecoin with a market value of more than US$100 million has exceeded 1 million.

除了机构的态度外，Memecoin 的用户群也在迅速扩大。据Footprint Analytics数据显示，2024年Memecoin用户数量增长了近20倍，日活跃用户数量已接近1000万。其中，持有DOGE的用户数量已超过1000万，持有SHIB的用户数量已超过500万。目前，持有市值1亿美元以上Memecoin的用户数量已超过100万。

output: Memecoin, an unavoidable theme in 2024.

输出：Memecoin，2024 年不可避免的主题。

Classic meme coins such as Dogecoin and Shiba Inu have an average increase of more than 5 times in 2024, while the investment returns of emerging meme coins such as MooDeng and PNUT are as high as 100 times. The overproduction of tokens and high circulation and high valuation of VC coins have made this round of bull market a bull market where no one takes over. Therefore, Memecoin has been extremely active in this round. It has become an indicator of on-chain liquidity, a whistleblower of new narratives, and a thermometer of market sentiment.

狗狗币、柴犬等经典模因币2024年平均涨幅超过5倍，而MooDeng、PNUT等新兴模因币投资回报高达100倍。代币的生产过剩和VC币的高流通量、高估值，让本轮牛市成为无人接班的牛市。因此，Memecoin 在这一轮中表现得异常活跃。它已成为链上流动性的指标、新叙事的举报者和市场情绪的温度计。

This year, we have witnessed the process of Memecoin's transition from frenzy speculation to the gradual move towards mainstream culture and consensus effect, and the great wealth transfer has taken place. In this process, the issuance method is constantly innovating, the asset type is rapidly changing, and the mainstream acceptance and adoption have promoted its vigorous development. Every transformation hides a hundred times or a thousand times the opportunity to get rich. Looking back at the 2024 Memecoin super cycle, let us witness the changes and opportunities of this year together.

今年，我们见证了Memecoin从疯狂炒作到逐步走向主流文化和共识效应的过程，财富的大转移已经发生。在此过程中，发行方式不断创新，资产类型快速变化，主流接受和采用促进了其蓬勃发展。每一次转变都隐藏着一百倍、一千倍的致富机会。回顾2024年Memecoin超级周期，让我们一起见证这一年的变化和机遇。

Infrastructure is becoming increasingly complete

基础设施日趋完善

The prosperity of this round of Memecoin super cycle is inseparable from the continuous improvement of infrastructure. Whether it is the innovation of the underlying issuance method of the B-side or the optimization of the C-side user experience, it provides conditions for Memecoin to flow in funds and expand users rapidly.

本轮Memecoin超级周期的繁荣离不开基础设施的不断完善。无论是B端底层发行方式的创新，还是C端用户体验的优化，都为Memecoin资金流动、快速扩大用户提供了条件。

Innovation in issuance methods

发行方式创新

The traditional Memecoin issuance method is similar to that of ordinary tokens. As an attention economy, Memecoin has rapidly changing market hotspots, but the current asset issuance cycle is long and complex. User preferences and hype rhythms on major public chains are also different. These make it difficult to concentrate market attention and liquidity, and it is difficult to quickly push up asset prices in a short period of time.

传统的 Memecoin 发行方式与普通代币类似。 Memecoin作为注意力经济，市场热点瞬息万变，但目前的资产发行周期漫长且复杂。各大公链的用户偏好和炒作节奏也不同。这些都导致市场注意力和流动性难以集中，资产价格难以在短时间内快速推高。

PUMP.FUN: The core engine of the super cycle

PUMP.FUN：超级循环的核心引擎

The pre-sale model of BOME and SLERF has changed the issuance method to a certain extent and attracted market attention. However, RUGs of the Memecoin are frequent, and the above problems have not been effectively solved. The emergence of PUMP.FUN has effectively solved this situation. The Memecoin issuance cycle has begun to shorten, funds have been continuously circulated, and users have gradually concentrated, laying the foundation for the opening of the Memecoin super cycle.

BOME和SLERF的预售模式在一定程度上改变了发行方式，引起了市场关注。但Memecoin的RUG频发，上述问题尚未得到有效解决。 PUMP.FUN的出现有效地解决了这一情况。 Memecoin发行周期开始缩短，资金不断流通，用户逐渐集中，为Memecoin超级周期的开启奠定了基础。

PUMP.FUN was created by founder Alon in January 2024, but it had few followers at the time, and it did not gradually enter the public eye until April. At present, it has issued nearly 5 million Memecoins, accounting for nearly 70% of Solana's daily token issuance, becoming the highest-earning protocol on Solana. As the engine of the Memecoin super cycle, the optimization of asset issuance methods is its core advantage. It allows users to create tokens without any technology (after the August update, there is no need to pay a $2 creation fee). Fair intra-disk fundraising + a reasonable price curve (Bonding Curve) successfully reduces the cost of asset issuance and increases the speed of asset issuance. This is an effective solution to the problem of rapid conversion of Memecoin hot spots and difficulty in concentrating capital speculation in the current market.

PUMP.FUN由创始人Alon于2024年1月创建，但当时粉丝很少，直到4月份才逐渐进入公众视野。目前已发行近500万个Memecoin，占Solana每日代币发行量的近70%，成为Solana上收益最高的协议。作为Memecoin超级周期的引擎，资产发行方式的优化是其核心优势。它允许用户无需任何技术即可创建代币（8月更新后，无需支付2美元的创建费）。公平的盘内募资+合理的价格曲线（Bonding Curve）成功降低了资产发行成本，提高了资产发行速度。这有效解决了当前市场Memecoin热点快速转换、资金炒作难以集中的问题。

In addition, the success of PUMP.FUN is not only due to the innovation of the mechanism. Its user positioning and product design are also excellent. From the user side, it solves the real problem of most people in the Web3 market, "users want to get higher multiples of returns in a simpler, faster and lower-cost way." From the product side, it is one of the few projects with a complete commercial closed loop, and the source of profit is clear and traceable. (1% of the platform transaction fee before listing on Raydium, and the "currency listing fee" of 6 SOL during the packaging and listing on Raydium.)

此外，PUMP.FUN的成功不仅仅得益于机制的创新。其用户定位和产品设计也很出色。从用户端来说，它解决了Web3市场上大多数人的现实问题，“用户希望以更简单、更快、更低成本的方式获得更高倍数的回报”。从产品端来说，是为数不多的具有完整商业闭环的项目之一，且利润来源清晰可追溯。 （Raydium上币前1%的平台交易费，以及Raydium打包上币时6SOL的“上币费”。）

Currently, according to Dune data, as of December 23, PUMP.FUN has deployed nearly 5 million Memecoins since its launch, with 300,000 daily active users and 170,000 new addresses added daily. According to DefiLlama data, PUMP.FUN's protocol revenue in the past

目前，根据 Dune 数据，截至 12 月 23 日，PUMP.FUN 自上线以来已部署近 500 万个 Memecoin，日活跃用户达 30 万，日新增地址达 17 万个。根据 DefiLlama 数据，PUMP.FUN 过往协议收入