scof谁陷入了Crossfire💀

刚才，pump.fun联合创始人阿隆（Alon）发布了一条消息，说pump.fun的官方X帐户被盗，欺诈的令牌“ pump”发行了

Author: 🔫Scof who got caught in the crossfire💀, ChainCatcher

作者：🔫scof谁陷入了Crossfire💀，Chaincatcher

Editor: TB, ChainCatcher

编辑：TB，ChainCatcher

Pump's bullet hit him right between the eyebrows

泵的子弹直接在眉毛之间击中他

Just now, pump.fun co-founder Alon posted a message saying that the official X account of pump.fun was stolen and the fraudulent token "PUMP" was released, reminding users to pay attention to the risks.

刚才，pump.fun联合创始人阿隆（Alon）发布了一条消息，说pump.fun的官方X帐户被盗，欺诈性令牌“泵”发行了，提醒用户注意风险。

As the most active meme coin launch platform in the Solana ecosystem, Pump.fun once became a myth of wealth creation for retail investors with its two-stage mechanism of "internal incubation + external explosion". The token first accumulates liquidity through the Bonding Curve mechanism within the platform. When the transaction volume exceeds the threshold of 69,000 US dollars, it automatically migrates to the top DEX Raydium to establish a capital pool, completing the closed loop from project launch to market speculation. This set of precisely designed rules is running wildly in 2024:

作为Solana生态系统中最活跃的Meme Coin发射平台，Pump.Fun曾经以其“内部孵化 +外部爆炸”的两阶段机制为散户投资者创造财富创造神话。令牌首先通过平台内的粘结曲线机制积累了流动性。当交易量超过69,000美元的门槛时，它会自动迁移到顶级Dex Raydium以建立资本池，从而完​​成了从项目发布到市场投机的封闭环路。这套精确设计的规则在2024年疯狂运行：

From April 1 last year to date, the tokens launched from pump.fun have contributed $346 billion in trading volume to Raydium, accounting for half of the capital traffic of the DEX. Of the $197 million in fees collected by the platform, $104 million came from pump.fun transactions.

从去年4月1日到迄今为止，从Pump.Fun推出的代币已向Raydium贡献了3460亿美元的交易量，占DEX资本流量的一半。在该平台收取的1.7亿美元的费用中，1.04亿美元来自Pump.Fun Transactions。

However, when celebrities such as Trump entered the market with "flash" tokens (such as TRUMP and MELANIA), this game of passing the parcel began to reveal the naked logic of harvesting. On-chain data shows that more than 70% of meme coins showed a trend of "peaking as soon as the pool was established" during the external market stage, with an average survival time of less than 48 hours.

但是，当像特朗普这样的名人以“闪光”代币（例如特朗普和梅拉尼亚）进入市场时，这种通过包裹的游戏开始揭示出赤裸裸的收获逻辑。链上的数据表明，在外部市场阶段，超过70％的模因硬币显示出“峰值建立”的趋势，平均生存时间少于48小时。

The more dangerous signal comes from the overall retreat of liquidity. On February 24, only one of the graduated tokens of Pump.fun barely broke through one million US dollars in market value, and the on-chain speculation craze has almost frozen. The transaction depth of Raydium's meme coin has shrunk by more than 90% from its peak, and the net outflow of Solana's on-chain stablecoin market value has exceeded US$1 billion in the past 30 days, setting a record for the largest capital loss since the collapse of FTX.

较危险的信号来自流动性的整体撤退。 2月24日，只有一个毕业的泵令牌中只有一个。Fun几乎没有损失100万美元的市场价值，而链上的猜测热潮几乎已经冻结了。 Raydium Meme硬币的交易深度从其峰值开始缩减90％以上，而Solana的链链球菌市场价值的净流出在过去30天内已超过10亿美元，创造了自FTX崩溃以来最大的资本损失的记录。

This collapse is not accidental. When the project owners, trading platforms and celebrities form a "harvesting iron triangle", and when the mathematical model of Bonding Curve becomes a pumping tool, the confidence of retail investors has long been exhausted in the drama of "opening and crashing the market". The failure of Pump.fun is not only a microcosm of the Solana ecosystem liquidity crisis, but also a cruel interrogation of the meme narrative by the entire crypto world - when the bubble recedes and the carnival ends, who will clean up the mess of capital?

这种崩溃并非偶然。当项目所有者，交易平台和名人形成“收获铁三角”时，当粘结曲线的数学模型成为抽水工具时，零售投资者的信心长期以来一直在“开放和崩溃市场”的戏剧中精疲力尽。泵的失败不仅是索拉纳生态系统流动性危机的缩影，而且是整个加密货币世界对模因叙事的残酷审讯 - 当泡泡消退和狂欢节结束时，谁会清理资本的混乱？

SOL has fallen more than 50% from its high point, and the ecosystem is in a downturn

SOL从高点下降了50％以上，生态系统处于低迷状态

As one of the most outstanding public chain tokens in 2024, Solana has been advancing by leaps and bounds on the back of Pump and meme, with an increase of nearly 200% throughout the year.

作为2024年最杰出的公共连锁令牌之一，索拉纳（Solana）一直在泵和模因的背面飞跃，全年增长了近200％。

But since Trump released the token on Solana on January 18, this wave seems to have finally been washed ashore: the price of SOL first hit a record high of US$295 on January 19, and then turned sharply downward, with a drop of more than 50% at one point.

但是自从特朗普于1月18日在索拉纳（Solana）上发布了代币以来，这浪似乎终于被岸上了：索尔（Sol）的价格首先达到了1月19日的纪录高度295美元，然后急剧下降，一度下降了50％以上。

There are only three days left until the largest token unlocking in Solana's history (worth $2 billion). By then, 11.2 million SOLs will be unlocked and put into circulation, most of which will be purchased from the FTX auction at a cost of $64, which may also create a huge selling pressure.

距索拉纳（Solana）历史上最大的代币解锁（价值20亿美元），只剩下三天。到那时，将解锁并流通1,120万辆溶胶，其中大多数将从FTX拍卖中购买，费用为64美元，这也可能造成巨大的销售压力。

In addition to the poor performance of token prices, according to data from Deflama, the TVL of the Solana ecosystem has dropped from a peak of US$12.19 billion to US$7.22 billion today, and daily transaction fee income has also been decreasing.

根据DeFlama的数据，除了代币价格的糟糕性能外，Solana生态系统的TVL还从今天的121.9亿美元的峰值下降到今天的72.2亿美元，每日交易收入也正在下降。

Moreover, Solana ecosystem’s 24-hour net inflow data showed that $260 million flowed out on January 18 and 19 alone, and the inflow of funds has continued to decrease since then, less than in previous pump periods.

此外，Solana生态系统的24小时净流入数据显示，仅1月18日和19日，2.6亿美元就流动了，自那时以来，资金的流入量不断下降，少于以前的泵期。

Not only that, a series of other indicators are not optimistic either. The performance of Solana's mainstream protocol token has also shown a downward trend in the past seven days:

不仅如此，一系列其他指标也不是乐观的。在过去的七天中，Solana主流协议令牌的表现也显示出下降趋势：

Overall, the ecological situation is in a state of "when the tree falls, the monkeys scatter".

总体而言，生态状况处于“当树倒下时，猴子散落”的状态。

This also begs the question: Is Solana’s story over?

这也引出了一个问题：Solana的故事结束了吗？

Solana labs co-founded Toly, and is also afraid of collapse!

Solana Labs共同创立了Toly，也害怕崩溃！

Faced with the risk of token price collapse, the Solana ecosystem is experiencing the greatest fear, uncertainty, and FUD since the FTX crash. Analysts have

面对象征性价格崩溃的风险，自FTX崩溃以来，Solana生态系统正在经历最大的恐惧，不确定性和FUD。分析师有