Return of Meme Token Hype Enlivens Crypto Markets

Meme 代幣炒作的回歸活躍了加密市場

After a lull, the revival of meme token enthusiasm signals renewed risk appetite in cryptocurrency markets. The surging popularity of tokens like Pepe (PEPE) indicates a shift towards riskier investments following a period of cautious trading.

平靜過後，迷因代幣熱情的復甦標誌著加密貨幣市場風險偏好的恢復。 Pepe (PEPE) 等代幣的激增表明，經過一段時期的謹慎交易後，人們開始轉向風險較高的投資。

Data from Artemis reveals that meme tokens are once again outpacing more conventional narratives. During the recent monitoring period, established narratives experienced marginal losses rather than gains, while meme tokens maintained their characteristic high daily returns.

來自阿耳忒彌斯的數據顯示，迷因代幣再次超過了更傳統的敘事。在最近的監控期間，既定敘事經歷了邊際損失而不是收益，而迷因代幣則保持了其特有的高日回報率。

According to Artemis, however, the behavior of meme tokens has gone beyond typical price fluctuations. It suggests a resurgence of risk appetite within the market. "Memes are a clear indicator of risk-on markets due to their high liquidity and attention," observed Artemis analysts.

然而，根據 Artemis 的說法，meme 代幣的行為已經超出了典型的價格波動範圍。這顯示市場風險偏好回升。 Artemis 分析師表示：“由於 Meme 的高流動性和關注度，它是市場風險的明確指標。”

The market capitalization of meme tokens closely tracked the overall market recovery. These assets benefited from increased trading volumes, boosting their collective market cap by 25% to approximately $50 billion.

Meme 代幣的市值密切追蹤整體市場的復甦。這些資產受益於交易量的增加，使其總市值增加了 25%，達到約 500 億美元。

Other narratives, such as AI and DePin tokens, also recorded modest gains.

其他敘事，例如 AI 和 DePin 代幣，也錄得小幅上漲。

Meme Tokens Dominate Recent Market Performance

Meme 代幣主導近期市場表現

According to Dune Analytics, trading older trends and narratives remains risky, particularly if tokens stagnate. Narrative-based tokens have declined by approximately 20% in 2024, with minimal overall gains in the past month.

根據 Dune Analytics 的說法，交易舊的趨勢和敘述仍然存在風險，特別是如果代幣停滯不前。基於敘事的代幣在 2024 年下降了約 20%，過去一個月的整體漲幅很小。

However, recent gains in meme tokens have primarily benefited the leading assets in the sector. Notably, the Meme 1.0 group outperformed its counterparts and maintained the highest market capitalization. SHIB and DOGE continue to surpass the most successful Meme 2.0 tokens, including PEPE, WIF, and BONK.

然而，近期 meme 代幣的上漲主要使該行業的領先資產受益。值得注意的是，Meme 1.0組表現優於同行，並維持最高市值。 SHIB 和 DOGE 繼續超越最成功的 Meme 2.0 代幣，包括 PEPE、WIF 和 BONK。

Potential Challenges for Meme Tokens

Meme 代幣的潛在挑戰

Despite their popularity, meme tokens have been criticized for several reasons. They consume a significant amount of liquidity, which could otherwise be allocated to more utility-driven projects. Additionally, the sheer number of meme tokens created can strain the networks on which they operate.

儘管模因代幣很受歡迎，但它仍因多種原因而受到批評。它們消耗大量流動性，而這些流動性本來可以分配給更多公用事業驅動的項目。此外，創建的模因代幣的絕對數量可能會給它們運行的網路帶來壓力。

For instance, Pump.fun has seen the creation of over 1.4 million new tokens since its inception, placing a strain on its network. Meme tokens may be utilizing valuable bandwidth without providing any real value or even a rudimentary product.

例如，Pump.fun 自成立以來已經創建了超過 140 萬個新代幣，這給其網路帶來了壓力。 Meme 代幣可能會利用寶貴的頻寬，但不會提供任何實際價值，甚至是初級產品。

Some users have also expressed concerns about the impact of meme tokens on networks such as Arbitrum and Base. The unchecked issuance of tokens could lead to higher fees or delays, even for these high-speed chains.

一些用戶也對 Meme 代幣對 Arbitrum 和 Base 等網路的影響表示擔憂。即使對於這些高速鏈來說，不受控制的代幣發行也可能導致更高的費用或延遲。

Rug Pulls and Liquidity Concerns

地毯拉力和流動性擔憂

Rug pulls remain a prevalent issue in the meme token space, particularly in smaller liquidity pools. In recent months, the SLURP token abruptly rug pulled after days of seemingly normal trading.

地毯拉動仍然是​​模因代幣領域的一個普遍問題，特別是在較小的流動性池中。近幾個月來，SLURP 代幣在看似正常的交易幾天後突然下跌。

Furthermore, meme tokens are competing for increasingly scarce liquidity. The vast majority of L2 chains rely on stablecoins from Ethereum or other blockchains to facilitate trading. As meme tokens proliferate, they are siphoning funds away from other sectors of the market.

此外，模因代幣正在爭奪日益稀缺的流動性。絕大多數 L2 鏈依賴以太坊或其他區塊鏈的穩定幣來推廣交易。隨著迷因代幣的激增，它們正在從市場其他領域吸走資金。

Conclusion

結論

The meme token craze is currently at near-peak levels. Investors are advised to exercise caution, focusing on established leaders rather than smaller coins. While meme tokens may provide short-term gains, their long-term sustainability remains uncertain.

模因代幣熱潮目前正處於接近高峰的水平。建議投資者謹慎行事，重點關注成熟的領導者而不是規模較小的代幣。雖然模因代幣可能會帶來短期收益，但其長期可持續性仍不確定。