The meme coin market has experienced a significant downturn. Since its February 3rd peak, market capitalization has plummeted by 32%, with trading volume falling even more dramatically—a staggering 72% decrease. While CoinGecko co-founder Bobby Ong believes that "meme coins are dead now," he also predicts their eventual return, citing their historically cyclical nature and the survival of a select few through multiple market cycles.

模因硬幣市場經歷了巨大的衰退。 自2月3日的山峰以來，市值下降了32％，交易量的下降更加明顯 - 驚人的72％下降了。 儘管Coingecko聯合創始人Bobby Ong認為“ Meme硬幣現在已經死了”，但他還預測了他們的最終回報，理由是他們歷史上週期性的性質以及通過多個市場週期的少數人的生存。

The Meme Coin Collapse Explained

模因硬幣崩潰解釋了

The launch of TRUMP and MELANIA tokens marked the zenith of the meme coin craze. Ong attributes the subsequent collapse to these launches draining liquidity and investor interest, effectively ending a speculative cycle. The collapse of LIBRA, in particular, exposed the reality of insider advantages and coordinated profiteering, shattering the illusion of "fair launches." This resulted in a sharp decline across key market indicators, with metrics from Pump.fun—a prominent meme coin platform—falling by over 90% from their February peak.

特朗普和梅拉尼亞代幣的推出標誌著模因硬幣熱潮的頂峰。 Ong將隨後的崩潰歸因於這些發射的發射會排出流動性和投資者的興趣，從而有效地結束了投機性週期。 尤其是天秤座的崩潰，揭示了內幕優勢和協調的掠奪，破壞了“公平發射”的幻想。 這導致關鍵市場指標的急劇下降，泵的指標（一個著名的模因硬幣平台）從2月的峰值起了90％以上。

However, the continued existence of Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) demonstrates the resilience of strong, community-driven memes, particularly those with dedicated followings. The ease of meme coin creation has intensified competition; only projects that successfully capture and maintain attention are likely to survive. Ong predicts a future where the meme coin market adheres to an extreme power law, with the vast majority failing while a tiny fraction thrives.

但是，Dogecoin（Doge），Shiba Inu（Shib）和Bonk（Bonk）的持續存在表明了強大的，社區驅動的模因的韌性，尤其是那些具有專門追隨者的模因。 模因硬幣創造的便利性加劇了競爭。只有成功吸引和維持關注的項目才能生存。 ONG預測了模因硬幣市場遵守極端權力法的未來，絕大多數失敗了，而很小的一部分蓬勃發展。

From VC Greed to Regulatory Gaps

從VC貪婪到監管差距

Ong also connects the meme coin frenzy to retail investor frustration with venture capital (VC)-backed tokens launched at inflated valuations in early 2024. Many of these tokens prioritized early investors, leaving later buyers with little upside. This fueled demand for alternative opportunities, contributing to the meme coin boom.

ONG還將Meme Coin Frenzy與散戶投資者的挫敗感與風險投資（VC）的零售投資者挫敗感，在2024年初以誇張的估值發起。其中許多代幣優先考慮早期投資者，而後來的買家幾乎沒有上漲。這加劇了對替代機會的需求，促成了模因硬幣繁榮。

The debate surrounding launch mechanisms continues. Some argue that structured launches, like Jupiter's JUP model (which uses liquidity pools to constrain price volatility), are superior to volatile airdrop-driven launches. Alternative fundraising models, such as curated angel investing platforms like Echo.xyz, are also gaining traction. Ong, however, points to a lack of clear regulatory frameworks, particularly in the United States, as contributing to the proliferation of speculative, often meaningless tokens.

圍繞發射機制的辯論仍在繼續。 一些人認為，結構化的發射，例如木星的JUP模型（使用流動性池來限制價格波動），都優於揮發性AirDrop驅動的發射。 諸如Echo.xyz之類的策劃天使投資平台等替代籌款模型也正在吸引。 然而，ONG指出，缺乏明確的監管框架，特別是在美國，這導致了投機性，通常毫無意義的代幣的擴散。

Ong maintains optimism regarding the broader trend of tokenization. The success of platforms like Pump.fun has spurred the development of new platforms for AI agents, DAOs, and experimental tokens. Traditional finance (TradFi) institutions are also exploring tokenization, with US treasuries leading the way, and more complex financial products expected to follow. Over 600,000 tokens were created in January 2025 alone, with over 5.5 million tracked on GeckoTerminal.

ONG對令牌化的更廣泛趨勢保持樂觀。 pump.Fun等平台的成功促使了為AI代理，DAOS和實驗令牌開發新平台。 傳統的金融（TradFI）機構也在探索令牌化，美國國庫領先，預計將遵循更複雜的金融產品。 僅2025年1月創建了超過60萬個令牌，在壁虎上追踪了超過550萬個令牌。

The post Meme Coins Are Dead – But They’ll Be Back: CoinGecko’s Bobby Ong appeared first on CryptoPotato.

帖子模因硬幣已經死了 - 但它們會回來的：Coingecko的Bobby Ong首先出現在Cryptopotato上。