了解模因币的兴起

币安研究院最近的一份报告揭示了模因币市场的严重不稳定。这项研究表明，模因币非常脆弱，容易受到市场操纵

A recent report from Binance Research reveals significant instability in the meme coin market.

币安研究院最近的一份报告揭示了模因币市场的严重不稳定。

In the report titled “Understanding the Rise of Memecoins,” led by Binance Macro Researcher Josh Wong, 97% of the meme coins have been found to have experienced tremendous declines in trading volume. This research unveils that meme coins are highly fragile and susceptible to market manipulation, presenting a possibility of risk for investors.

在币安宏观研究员 Josh Wong 领导的题为《了解 Meme 币的崛起》的报告中，发现 97% 的 Meme 币的交易量出现了大幅下降。这项研究表明，模因币非常脆弱，容易受到市场操纵，给投资者带来了风险的可能性。

“The majority of memecoins born from the frenzy of 2023 and 2024 have proven to be fleeting. A full 97% have already died, reaching near-zero trading volumes,” noted Wong. Most of these meme coins have gained traction and then lost value within a short time, especially when such gains are made based on speculative trading activities that eye retail investors.

“事实证明，在 2023 年和 2024 年的狂热中诞生的大多数模因币都转瞬即逝。整整 97% 的人已经死亡，交易量几乎为零，”Wong 指出。这些模因币大多数都获得了关注，然后在短时间内贬值，尤其是当这种收益是基于散户投资者的投机交易活动而获得时。

Rapid growth but limited longevity

增长迅速但寿命有限

The report also gives an insight into the growth of meme coins, which are more than 75% of the coins launched in the last year. In comparison to Altcoins, meme coins are largely informed by social media trends and increased access to encourage the formation of communities and catching the eye of the market.

该报告还深入了解了 meme 代币的增长情况，这些代币占去年推出的代币的 75% 以上。与山寨币相比，模因币很大程度上受到社交媒体趋势的影响，并增加了访问机会，以鼓励社区的形成并吸引市场的注意力。

“The time-to-convert for a meme coin consumer is much shorter than that for a technology-focused altcoin investor, leading to a rapid propagation of their narratives,” explained Wong.

“模因币消费者的转换时间比专注于技术的山寨币投资者要短得多，这导致了他们的故事的快速传播，”Wong 解释道。

Due to this environment, capital has flown into meme coins, but only a few of these coins can sustain their value in the long run. For instance, the meme coin WIF hit a $1 billion market cap in 104 days, while Shiba Inu (SHIB) achieved this in 279 days, and DOGE, which is a decade-old meme coin, took eight years. DOGE and SHIB are among the few coins that belong to a market that mostly comprises of temporary tokens.

在这种环境下，资本纷纷涌入模因币，但只有少数币能够长期维持其价值。例如，meme 币 WIF 在 104 天内达到 10 亿美元的市值，而 Shiba Inu (SHIB) 在 279 天内实现了这一目标，而 10 年前的 meme 币 DOGE 则用了 8 年时间。 DOGE 和 SHIB 是属于主要由临时代币组成的市场的少数代币之一。

In a report, Binance Research states that meme coins remain risky assets, even as they gain traction. Because they mostly depend on public opinion, coupled with the fact that they have little intrinsic value, meme coins are highly susceptible to price manipulation. The report reveals that the meme coin market is prone to pump-and-dump scams, which is a way of exploiting the starters while making profits for the early and inside investors.

币安研究院在一份报告中指出，尽管模因币越来越受欢迎，但它们仍然是风险资产。因为它们主要取决于公众舆论，再加上它们几乎没有内在价值，所以模因币非常容易受到价格操纵。该报告显示，迷因币市场很容易出现拉高抛售骗局，这是一种剥削新手的方式，同时为早期和内部投资者赚取利润。

Although meme coins are accessible and transparent, the latter has not always protected investors from deceitful behavior. According to the report, with every DOGE or SHIB that demonstrates longevity, hundreds of meme coins become defunct, which poses a risk to investors.

尽管模因币易于获取且透明，但后者并不总能保护投资者免受欺骗行为的侵害。根据该报告，每有一个 DOGE 或 SHIB 表现出长寿，就会有数百个 meme 币失效，这给投资者带来了风险。

However, Binance Research points out that meme coins are important in the crypto market as they help gather communities worldwide and spread stories that appeal to retail investors. The report suggests that this community aspect may help identify the best practices in fair token launches and decentralized community development within the blockchain industry.

然而，币安研究院指出，模因币在加密货币市场中非常重要，因为它们有助于聚集全球社区并传播吸引散户投资者的故事。该报告表明，社区方面可能有助于确定区块链行业内公平代币发行和去中心化社区发展的最佳实践。