While the largest cryptocurrencies, Bitcoin and Ethereum, attracted the attention of investors with their performances, memcoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) could not exhibit the expected performance.

雖然最大的加密貨幣比特幣和以太坊以其表現吸引了投資者的關注，但狗狗幣（DOGE）和柴犬（SHIB）等記憶幣無法表現出預期的表現。

Evaluating this situation at this point, Nansen analysts claimed that memecoins underperformed because investors focused on market leaders Bitcoin and Ethereum.

Nansen 分析師在評估這一情況時表示，memecoin 表現不佳是因為投資者關注市場領導者比特幣和以太坊。

Speaking to The Block, Nansen analysts stated that it underperformed compared to BTC, ETH and rising altcoins in the same period.

Nansen 分析師在接受 The Block 採訪時表示，與同期 BTC、ETH 和不斷上漲的山寨幣相比，它的表現不佳。

“Memecoins underperformance is likely due to the current strength of underlying cryptocurrencies like Ethereum, diverting investor attention and capital away from them.

「Memecoin 表現不佳可能是由於以太坊等基礎加密貨幣當前的強勢，轉移了投資者的注意力和資本。

“Investors' addiction to social media trends related to cryptocurrencies such as Bitcoin and Ethereum further amplifies this effect.”

“投資者對與比特幣和以太坊等加密貨幣相關的社交媒體趨勢的沉迷進一步放大了這種影響。”

Apart from Nansen analysts, YouHodler Market Chief Ruslan Lienkha also evaluated this situation and said that most investors' interest is focused on Bitcoin and Ethereum due to spot ETFs that have been approved and have the potential to be approved.

除了 Nansen 分析師之外，YouHodler 市場主管 Ruslan Lienkha 也評估了這一情況，並表示，由於現貨 ETF 已經獲得批准並有可能獲得批准，大多數投資者的興趣集中在比特幣和以太坊上。

“The post-approval ETF inflows of Bitcoin ETFs and the possible approval of Ethereum ETFs mostly encourage capital flows into these two cryptocurrencies.

「比特幣 ETF 批准後的 ETF 流入以及以太坊 ETF 可能獲得的批准主要鼓勵資本流入這兩種加密貨幣。

Memecoins are currently extremely illiquid and volatile, with investor interest focused on BTC and ETH. “Aside from Memcoins, much of the cryptocurrency market is still struggling with poor liquidity.”

Memecoin 目前流動性極差且不穩定，投資者的興趣主要集中在 BTC 和 ETH 上。 “除了 Memcoins 之外，大部分加密貨幣市場仍在因流動性不佳而苦苦掙扎。”

Finally, Lienkha added that the last bull run is structurally very different from the rally in 2021.

最後，Lienkha 補充說，上次牛市在結構上與 2021 年的反彈有很大不同。

*This is not investment advice.

*這不是投資建議。

Continue Reading: Why Are Dogecoin, Shiba Inu and Mem Tokens Not Rising? Analysts Announced!

繼續閱讀：為什麼狗狗幣、柴犬和 Mem 代幣沒有上漲？分析師公佈！