Memecoins like Dogecoin or Shiba Inu continue to divide crypto experts. While Arthur Hayes, co-founder of BitMEX, sees them as a driver of adoption, Vitalik Buterin, the creator of Ethereum, warns of their risks.

像狗狗幣或柴犬這樣的 Memecoin 繼續對加密專家產生分歧。雖然 BitMEX 聯合創始人 Arthur Hayes 將其視為採用的推動力，但以太坊創始人 Vitalik Buterin 警告其風險。

Arthur Hayes defends the usefulness of memecoins for the crypto industry

Arthur Hayes 捍衛迷因幣對加密產業的有用性

For Arthur Hayes, memecoins, despite their apparent triviality, can be beneficial for the crypto ecosystem. In an interview with Raoul Pal, CEO of Real Vision, he claims they attract attention and draw new users and developers to the blockchains that host them, like Solana or Ethereum.

對 Arthur Hayes 來說，迷因幣儘管看似微不足道，但卻對加密生態系統有益。在接受 Real Vision 執行長 Raoul Pal 採訪時，他聲稱它們吸引了注意力，並將新用戶和開發人員吸引到託管它們的區塊鏈上，例如 Solana 或以太坊。

This media attention translates into an influx of users and engineers, beneficial for the development of the concerned blockchains. “Chains that can support this culture will be the ones that have value“, asserts Hayes. He particularly cites Solana and Ethereum as being well-positioned to benefit from it.

這種媒體關注轉化為用戶和工程師的湧入，有利於相關區塊鏈的發展。海耶斯斷言，「能夠支持這種文化的連鎖店將是有價值的」。他特別提到 Solana 和以太坊處於有利位置，可以從中受益。

Facts seem to prove him right. Following a memecoin frenzy in November, the Solana network activity saw a significant increase, with the launch of numerous serious projects in the following months. A similar scenario occurred on Bitcoin, driven by the wave of BRC-20 tokens and Ordinals.

事實似乎證明他是對的。繼 11 月 memecoin 熱潮之後，Solana 網路活動顯著增加，在接下來的幾個月裡推出了許多重要項目。在 BRC-20 代幣和 Ordinals 浪潮的推動下，比特幣也出現了類似的情況。

Raoul Pal, meanwhile, attributes the growing popularity of memecoins to the “playful mentality” prevalent among Generations Z and Y. “For them, it’s simply another way to play with money“, he analyzes.

與此同時，拉烏爾·帕爾(Raoul Pal) 將模因幣的日益流行歸因於Z 世代和Y 世代中普遍存在的「好玩的心態」。他分析道，「對他們來說，這只是另一種玩錢的方式」。

Risks not to be ignored

風險不容忽視

The contributions of memecoins should not, however, overshadow their dangers. The absence of fundamental value exposes investors to brutal losses. This is underlined by Franklin Templeton, warning against the lure of easy gains.

然而，模因幣的貢獻不應掩蓋其危險。基本價值的缺失使投資者面臨慘重的損失。富蘭克林鄧普頓強調了這一點，警告不要輕易獲利的誘惑。

Vitalik Buterin, co-founder of Ethereum, also expresses his skepticism. While he understands the playful appeal of memecoins, he calls on their creators to provide them with real utility or a charitable purpose. Simply pointing out their flaws is not enough according to him.

以太坊聯合創始人 Vitalik Buterin 也表達了他的懷疑。雖然他理解模因幣的有趣吸引力，但他呼籲其創作者為它們提供真正的實用性或慈善目的。他認為，僅僅指出他們的缺點是不夠的。

Despite these reservations, it is clear that memecoins have been the best performing asset class this month. CoinGecko reports weekly gains of 20%, far ahead of DeFi tokens (+5.4%) and Layer 1 tokens (+6%). 

儘管有這些保留，但模因幣顯然是本月表現最好的資產類別。 CoinGecko 報告每週漲幅為 20%，遠遠領先 DeFi 代幣（+5.4%）和 Layer 1 代幣（+6%）。

The craze shows no signs of waning, as evidenced by the meteoric rise of dogwifhat (WIF). This canine memecoin even managed to surpass Ethereum’s Arbitrum (ARB) token in terms of market capitalization.

這種熱潮絲毫沒有減弱的跡象，dogwifhat (WIF) 的迅速崛起就證明了這一點。這種犬類迷因幣的市值甚至超越了以太坊的 Arbitrum（ARB）代幣。

Memecoins, despite their meteoric success, divide opinion. Between being a driver of adoption and a threat to the foundations of the ecosystem, their added value remains ambiguous. A phenomenon that must be approached with nuance to make the most of it, without falling into its pitfalls.

儘管模因幣取得了巨大的成功，但人們對它的看法卻存在分歧。在成為採用的推動者和對生態系統基礎的威脅之間，它們的附加價值仍然模糊不清。必須仔細對待這種現象，才能充分利用它，而不落入陷阱。