推出代币的 Solana 加密平台 Pump.fun 继续成为头条新闻

根据最近的评估，管理该项目的公司可能拥有 15 亿美元的市值。

Crypto platform Pump.fun continues to make headlines, with the latest being a possible market valuation of $1.5 billion for the company that operates it.

加密货币平台 Pump.fun 继续成为头条新闻，最新的消息是运营该平台的公司的市场估值可能达到 15 亿美元。

The valuation was derived from a news article by SecondLane.

该估值源自 SecondLane 的一篇新闻文章。

On its official Telegram channel, SecondLane posted yesterday that the FDV of Pump.fun is $1,500,000,000.

SecondLane 昨天在其官方 Telegram 频道上发布消息称 Pump.fun 的 FDV 为 1,500,000,000 美元。

FDV stands for Fully Diluted Valuation, a metric used to gauge the future potential of a crypto project.

FDV 代表完全稀释估值，是一种用于衡量加密项目未来潜力的指标。

It is calculated by multiplying the price of a token by its total supply, assuming that all its tokens are in circulation.

它是通过将代币的价格乘以其总供应量来计算的，假设所有代币都在流通。

While market capitalization is calculated by multiplying the price of a token by the number of tokens actually in circulation (circulating supply), FDV is obtained by multiplying it by the total number of tokens.

市值是通过代币价格乘以实际流通的代币数量（流通供应量）来计算的，而 FDV 则是通过将其乘以代币总数来计算的。

For example, Bitcoin currently has a circulating supply of around 19.8 million BTC, and at a price of about $95,000, its market capitalization is around $1.9 trillion.

例如，比特币目前的流通供应量约为1980万枚，以约9.5万美元的价格计算，其市值约为1.9万亿美元。

However, as we know, its total supply is 21 million BTC, so its FDV would be almost $2 trillion.

然而，据我们所知，其总供应量为 2100 万个 BTC，因此其 FDV 将接近 2 万亿美元。

In other cases, such as XRP or TON, the difference is greater, as their total supply is much higher than their circulating supply.

在其他情况下，例如 XRP 或 TON，差异更大，因为它们的总供应量远高于其流通供应量。

However, Pump.fun does not yet have its own token, so such calculations cannot be made.

然而，Pump.fun 还没有自己的代币，因此无法进行此类计算。

It should also be noted that these calculations are purely theoretical and arithmetical, and do not have any real-world significance.

还应该指出的是，这些计算纯粹是理论和算术，不具有任何现实意义。

That said, market capitalization is also calculated in the stock market by multiplying the number of outstanding shares by the price of a single share.

也就是说，在股票市场上，市值也是通过将已发行股票数量乘以每股价格来计算的。

The calculation of Pump.fun's FDV was done precisely by hypothesizing the total number of outstanding shares.

Pump.fun 的 FDV 的计算是通过假设流通股总数来精确计算的。

The starting figures for this calculation are derived from the listing on SecondLane of 1% of Pump.fun's outstanding shares for $15 million, from which it is easy to calculate an FDV of $1.5 billion.

此计算的起始数字来自 Pump.fun 1% 流通股在 SecondLane 上市的情况，价值 1500 万美元，由此可以轻松计算出 15 亿美元的 FDV。

However, it is possible that Pump.fun will launch its own token on the crypto markets before the bull run ends.

然而，Pump.fun 可能会在牛市结束之前在加密市场上推出自己的代币。

Launching a token on Solana is currently easy, fast, and cheap.

目前在 Solana 上发行代币非常简单、快速且便宜。

Anyone can do it, but the token usually starts out with a value of zero at the time of its creation.

任何人都可以做到这一点，但令牌在创建时通常以零值开始。

As a result, those who launch a token that can be easily created from nothing in this manner often feel the need to "pump it," and Pump.fun serves this exact purpose.

因此，那些推出可以通过这种方式轻松从无到有创建的代币的人常常会觉得有必要“拉动它”，而 Pump.fun 正是满足了这个目的。

It is important to note that Pump.fun is not intended to add value to a token but rather to temporarily inflate its price on the crypto markets, particularly on DEXs where anyone can list a token.

值得注意的是，Pump.fun 的目的并不是为了增加代币的价值，而是为了暂时抬高其在加密市场上的价格，特别是在任何人都可以列出代币的 DEX 上。

The tokens that are launched through Pump.fun typically follow a pump&dump scheme, which consists of an initial launch phase, in which the price is artificially inflated by increasing buying pressure, and a second phase, in which the dump inevitably occurs as profits are realized and buying pressure stops growing.

通过 Pump.fun 推出的代币通常遵循拉高&抛售计划，该计划包括初始启动阶段（通过增加购买压力人为抬高价格）和第二阶段（随着利润的实现而不可避免地发生抛售）购买压力停止增长。

This phenomenon is well-known to many participants in these initiatives, though unfortunately not to all, and it usually takes the form of a competition in which the winner buys very early and sells before the dump, and the loser buys too late and is unable to monetize before the dump.

这种现象对于这些举措的许多参与者来说都是众所周知的，但不幸的是并非所有人都知道，而且它通常采取竞争的形式，其中获胜者很早就买入并在抛售之前卖出，而失败者买入得太晚并且无法卖出。在转储之前获利。

Furthermore, approximately 98% of the tokens launched through Pump.fun fail.

此外，大约 98% 通过 Pump.fun 发行的代币都失败了。

It is possible, therefore, that the success of Pump.fun will be limited to the current bull run and that it will fade away once the next bear market begins.

因此，Pump.fun 的成功可能仅限于当前的牛市，一旦下一个熊市开始，它就会消失。

However, it is worth noting that Pump.fun has so far generated $86 million in revenue from user fees, which represents the platform's true current commercial value.

不过，值得注意的是，Pump.fun 迄今为止已从用户费用中产生了 8600 万美元的收入，这代表了该平台当前的真实商业价值。

The memecoin

模因币

The tokens that are launched on Pump.fun are essentially memecoins.

Pump.fun 上推出的代币本质上是模因币。

The issue with memecoins is that they are tokens that are directly tied to memes, and memes are inherently ephemeral phenomena that experience one or more (typically brief) moments of popularity followed by a period of obscurity.

模因币的问题在于，它们是与模因直接相关的代币，而模因本质上是短暂的现象，会经历一个或多个（通常是短暂的）流行时刻，然后是一段默默无闻的时期。

These initiatives can be likened to a gambling race to anticipate the pump, with the risk, however, that the pump may not materialize.

这些举措可以比作一场预测暴涨的赌博竞赛，但也存在暴涨可能不会实现的风险。

Occasionally, they are even outright scams, particularly when the creators themselves encourage others to buy while they are dumping the memecoins in the markets.

有时，它们甚至是彻头彻尾的骗局，特别是当创作者自己在市场上倾销模因币时鼓励其他人购买时。

The key to avoiding losses is to capitalize on the pump by selling when the price has risen rather than waiting for the price to rise in order to buy. Those who are purchasing during the pump are essentially giving money to those who anticipated it.

避免损失的关键是利用上涨的机会，在价格上涨时卖出，而不是等待价格上涨才买入。那些在上涨期间购买的人本质上是在把钱送给那些预期的人。

It is crucial to restate that in the vast majority of cases, the pump never begins, rendering the majority of tokens generated in this manner ultimately unsuccessful.

需要重申的是，在绝大多数情况下，泵永远不会启动，从而导致以这种方式生成的大多数代币最终都不会成功。