在庞大的加密资产生态系统中，Memecoins脱颖而出，不是因为他们的技术成熟或现实世界实用程序，而是为了激发市场并推动疯狂的活动。

如我们所知，Memecoins是从互联网文化中诞生的代币 - 想想Dogecoin或Shiba Inu-骑在模因，名人代言或病毒时刻的背面。

In the vast ecosystem of crypto assets, memecoins stand out — not for their technical sophistication or real-world utility, but for their power to stir the markets and drive up frenzied activity. As we know, memecoins are tokens born from internet culture — think Dogecoin or Shiba Inu — riding on the back of memes, celebrity endorsements, or viral moments. These are speculative by design and often lack strong fundamentals like that of BTC or ETH.

在庞大的加密资产生态系统中，Memecoins脱颖而出，不是因为他们的技术成熟或现实世界实用程序，而是为了激发市场并推动疯狂的活动。如我们所知，Memecoins是从互联网文化中诞生的代币 - 想想Dogecoin或Shiba Inu-骑在模因，名人代言或病毒时刻的背面。这些是通过设计推测性的，通常缺乏像BTC或ETH这样的强大基础。

Historically, every major crypto cycle has included a memecoin phase. This phase is characterised by high-priced pumps and trader FOMO (or fear of missing out). The current cycle, believed by many to have begun with Donald Trump’s political resurgence, has curiously stayed away from this trend until recently.

从历史上看，每个主要的加密周期都包括一个纪念阶段。此阶段的特征是高价泵和交易者FOMO（或担心错过）。当前的周期被许多人从唐纳德·特朗普（Donald Trump）的政治复兴开始，直到最近才远离这种趋势。

The Calm Before the Meme-Storm

模因风格之前的平静

In mid-February, Argentina’s President Javier Milei briefly tweeted in support of a crypto project called Viva La Libertad. He claimed it could empower Argentina’s economy by supporting small businesses. But the project raised immediate red flags. There was no project whitepaper, no token allocation clarity,and not even a proper website. The ‘Contact Us’ button led to a basic Google Form.

2月中旬，阿根廷总统贾维尔·米利（Javier Milei）短暂发布了推文，以支持一个名为Viva La Libertad的加密项目。他声称，这可以通过支持小型企业来增强阿根廷的经济能力。但是该项目立即提出了危险信号。没有项目白皮书，没有令牌分配的清晰度，甚至没有适当的网站。 “联系我们”按钮导致了基本的Google表格。

Despite the sketchy presentation, eager traders rushed in and hoped for a repeat of the $TRUMP token surge. (TRUMP was another memecoin that skyrocketed after being associated with Donald Trump). Viva La Libertad briefly hit a billion-dollar valuation and then fell below $200 million in hours. Milei later claimed ignorance. So, was this a scam? Possibly not intentionally. But memecoins are easy to hijack, and bad actors often move faster than regulators or retail investors.

尽管有粗略的演讲，但急切的交易者还是希望重复$ trump token的激增。 （特朗普是与唐纳德·特朗普（Donald Trump）相关联后，这是另一个竞争者）。 Viva La Libertad短暂达到了10亿美元的估值，然后在数小时内下跌了2亿美元。麦利后来声称无知。那么，这是一个骗局吗？可能不是故意的。但是，成人很容易劫持，坏演员通常比监管机构或零售投资者更快。

Right in February, the crypto world witnessed another bizarre episode. Binance founder Changpeng Zhao (CZ) said on social media that he would reveal his dog’s name at a specific time. This once again prompted eager developers to prepare for yet another memecoin craze. When the name Broccoli was revealed, chaos ensued. Dozens of Broccoli-themed tokens were instantly launched. Within minutes, millions were siphoned off by quick-response scammers.

二月份，加密货币世界见证了另一个奇怪的情节。 Binance创始人Changpeng Zhao（CZ）在社交媒体上说，他将在特定时间透露他的狗的名字。这再次促使急切的开发人员为另一种模因热潮做准备。当揭露西兰花的名字时，随后发生了混乱。立即启动了数十个以支架为主题的代币。在几分钟之内，快速响应诈骗者将数百万的人抽出。

CZ later clarified he had no role in launching any memecoin and admitted his goal was to boost activity on Binance Smart Chain (BSC). “Yes, I wanted to see more activity on BSC,” he tweeted. “And I did not want to get involved in issuing/running a memecoin, as I have zero experience.” While not malicious, the episode added fuel to the growing frustration in the community about how easy it is to manipulate memecoin markets.

CZ后来澄清说，他没有在发起任何模因中发挥作用，并承认他的目标是提高对Binance Smart Chain（BSC）的活动。 “是的，我想在BSC上看到更多活动，”他在推特上说。 “而且我不想参与发行/运行模因，因为我的经验为零。”尽管不是恶意，但这一集为社区中日益增长的挫败感增加了动力，因为它如何操纵Memecoin市场有多容易。

Understanding the Memecoin Allure

了解纪念因素

So why do memecoins continue to attract attention, despite there being clear warning signs?

那么，尽管有明确的警告信号，但为什么Memecoins仍会继续引起人们的注意呢？

The psychology is simple: they promise overnight riches. For many, buying a meme token at ₹0.01 and watching it grow 100x is the crypto equivalent of winning the lottery. But the harsh reality is this: every memecoin that succeeds leaves behind thousands that fail. Most are pump-and-dump schemes orchestrated by insiders who exit before retail traders even click ‘buy.’

心理学很简单：他们保证了一夜之间的财富。对于许多人来说，以0.01卢比的价格购买模因令牌并观看100倍，这相当于赢得彩票的加密货币。但是苛刻的现实是：每个成功的纪念物都将留下数千个失败的人。大多数是由内部人士精心策划的泵和降雨计划，他们在零售交易者之前退出，甚至点击“购买”。

And in today’s maturing crypto ecosystem, the easy money era of memecoins may be over. The hype cycle is fading. Token launches are down. Volume has thinned. Memecoins, once the darlings of every Telegram group, are now seen by many as high-risk traps.

在当今成熟的加密生态系统中，Memecoins的Easy Money时代可能已经结束。炒作周期正在消失。令牌发布量下降。体积变薄。 Memecoins曾经是每个电报组的宝贝，现在被许多人视为高风险陷阱。

Before You Dive In: A Memecoin Quick Checklist

在潜水之前：memecoin快速清单清单

If you still think there is a memecoin worth exploring, you should ensure the following checks right:

如果您仍然认为有一个值得探索的模因，则应确保正确的检查正确：

If it feels rushed or too good to be true, it probably is too good to be true.

如果感觉匆忙或太好了，无法实现，那可能太好了。

Investing in Memecoins: Do’s and Don’ts

投资Memecoins：Do and Nots

Here are three essential principles every retail investor must follow when navigating the memecoin maze:

这是每个零售投资者在浏览Memecoin迷宫时必须遵循的三个基本原则：

What to Watch in 2025

2025年要看什么

In the crypto ecosystem, it seems, memecoins are not going away. However, their landscape is evolving. Here's what to expect going forward:

似乎在加密生态系统中，模因并没有消失。但是，他们的景观正在发展。这是期望的事：

Meanwhile, institutional investors are steering clear of memecoins and doubling down on Bitcoin, Solana, and Layer-1 assets. ETFs are offering safe entry points for the masses. The market is maturing — even if meme-driven chaos lingers at the edges.

同时，机构投资者正在避开内存，并在比特币，索拉纳和1层资产上加倍。 ETF为群众提供安全的入口点。市场正在成熟 - 即使模因驱动的混乱在边缘徘徊。

Extreme caution is key

极端谨慎是关键

Memecoins are a mirror of internet culture — unpredictable, fast-moving, and often absurd. They are not inherently evil, nor inherently profitable. But they demand extreme caution, deep awareness, and prudent allocation.

Memecoins是互联网文化的镜子 - 不可预测的，快速移动，而且常常荒谬。他们不是天生的邪恶，也不是天生的盈利。但是他们要求极端的谨慎，深刻的意识和审慎分配。

If you are stepping into this world, do it with both eyes open. And always remember: in a market where a president’s tweet or a dog’s name can move millions, discipline is your best defence.

如果您踏入这个世界，请双眼睁开。永远记住：在一个市场上，总统的推文或狗的名字可以移动数百万美元，纪律是您最好的防御。

(The author is the CEO of Giottus Crypto Platform)

（作者是Giottus Crypto平台的首席执行官）