Solana DEX 活动飙升和下降：Memecoin 地毯拉动和市场波动的故事

Solana 的去中心化交易所 (DEX) 交易量在 2024 年加快步伐，在 3 月份达到 600 亿美元，仅次于以太坊的 770 亿美元。然而，一系列预售的模因币在 4 月份出现下跌。

Solana Decentralized Exchange Activity Surges and Declines: A Tale of Memecoin Rug Pulls and Market Volatility

Solana 去中心化交易所活动激增和下降：Memecoin 地毯拉动和市场波动的故事

In 2024, the resurgence of decentralized exchange (DEX) volumes on the Solana blockchain garnered significant attention, with March witnessing an all-time high of $60 billion, trailing only Ethereum's $77 billion. However, April witnessed a decline in these volumes, attributed in part to a series of rug pulls from memecoins that had conducted presales.

2024 年，Solana 区块链上去中心化交易所 (DEX) 交易量的复苏引起了广泛关注，3 月份创下了 600 亿美元的历史新高，仅次于以太坊的 770 亿美元。然而，四月份的销量有所下降，部分原因是已进行预售的模因币出现一系列下跌。

Rug pulls, a fraudulent practice where developers abandon a project after raising funds from investors, have long been associated with increased risks due to the potential for creators to fail to deliver on their promises. Yet, memecoins have also been known for their meteoric rises, presenting a high-risk, high-reward environment.

“地毯拉动”是一种欺诈行为，即开发商在从投资者那里筹集资金后放弃项目，长期以来，由于创作者可能无法兑现承诺，因此与风险增加联系在一起。然而，模因币也因其迅速崛起而闻名，呈现出高风险、高回报的环境。

Presale Memecoins: A Risky Proposition

预售模因币：一个有风险的提议

The recent rug pulls in Solana's memecoin scene have raised questions about the viability and potential rewards of such projects. Memecoins, often lacking a clear developmental purpose, have historically relied on presales to raise funds, a practice that Solana founder Anatoly Yakovenko has criticized as unnecessary and detrimental to users.

最近 Solana 的 memecoin 场景引起了人们对此类项目的可行性和潜在回报的质疑。 Memecoin 往往缺乏明确的发展目的，历来依赖预售来筹集资金，Solana 创始人 Anatoly Yakovenko 批评这种做法不必要且对用户有害。

Data suggests that of the approximately $122 million raised through Solana memecoin presales in March, only $26 million were lost to rug pulls. However, this does not account for the numerous projects that failed to launch or underperformed, leaving investors with significant losses.

数据显示，3 月份通过 Solana memecoin 预售筹集的约 1.22 亿美元中，只有 2600 万美元因地毯拉动而损失。然而，这并没有考虑到众多项目未能启动或表现不佳，从而给投资者带来重大损失。

Performance of Non-Rugged Memecoins

非坚固型 Memecoin 的性能

An analysis of non-rugged memecoins from the March presales reveals a bleak performance. SMOLE, the highest fundraiser, has experienced a 55% decline since launch, while SNAP and SHROOM have fallen by over 40% and 50%, respectively.

对 3 月份预售的非坚固 memecoin 的分析显示其表现黯淡。筹款额最高的 SMOLE 自推出以来已下跌 55%，而 SNAP 和 SHROOM 则分别下跌了 40% 和 50% 以上。

Among the surviving memecoins, only SLERF has managed to achieve a top #500 ranking, securing listings on multiple centralized exchanges. However, its price action has been volatile, and its overall performance remains uncertain.

在幸存的 memecoin 中，只有 SLERF 成功跻身前 500 名，并在多个中心化交易所上市。然而，其价格走势一直波动，整体表现仍存在不确定性。

Solana Memecoin Performance Mirrors Ethereum

Solana Memecoin 的性能反映了以太坊

Despite the inherent risks associated with Solana memecoins, their performance has largely mirrored that of their Ethereum counterparts. A basket of the top Solana memecoins has recorded an 11% decline in the past 30 days, comparable to the 15% decrease seen in a similar basket of Ethereum memecoins.

尽管 Solana memecoin 存在固有风险，但其表现在很大程度上反映了以太坊同类产品的表现。过去 30 天内，一篮子顶级 Solana memecoin 下跌了 11%，而类似的一篮子以太坊 memecoin 则下跌了 15%。

This observation suggests that the risks associated with Solana memecoins do not translate into higher returns, with established memecoins on Ethereum offering similar reward levels with potentially lower risks.

这一观察结果表明，与 Solana memecoin 相关的风险不会转化为更高的回报，以太坊上已建立的 memecoin 提供类似的回报水平，但风险可能较低。

Conclusion

结论

The Solana DEX volume resurgence and subsequent decline, coupled with the prevalence of memecoin rug pulls, highlights the volatile and speculative nature of memecoin investments. While certain memecoins may show promise, the overall performance and risk profile of non-rugged projects suggest that comparable rewards can be obtained through established memecoins on more mature blockchains like Ethereum.

Solana DEX 交易量的复苏和随后的下降，再加上 memecoin 地毯拉动的盛行，凸显了 memecoin 投资的波动性和投机性。虽然某些模因币可能显示出前景，但非坚固项目的整体表现和风险状况表明，可以通过在以太坊等更成熟的区块链上建立的模因币获得类似的回报。

Investors are advised to exercise caution when considering memecoin investments, carefully scrutinizing projects and developers before committing funds. Rug pulls and market volatility remain significant risks that can result in substantial losses, underscoring the importance of thorough due diligence and a disciplined investment strategy.

建议投资者在考虑 memecoin 投资时保持谨慎，在投入资金之前仔细审查项目和开发商。地毯拉力和市场波动仍然是重大风险，可能导致重大损失，这凸显了彻底的尽职调查和严格的投资策略的重要性。