Memecoins: A Growing Force in the Cryptosphere

Memecoins：加密領域不斷增長的力量

Memecoins have captured significant attention within the crypto community, despite their polarizing nature. Data indicates that they are increasingly gaining prominence in the crypto economy.

儘管 Memecoin 具有兩極分化的性質，但它在加密社區中引起了極大的關注。數據表明，它們在加密經濟中越來越受到重視。

Powered by cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB), the memecoin sector constituted 3.16% of the total crypto market capitalization on December 1, a rise from 1.3% at the year's beginning. Excluding crypto giants Bitcoin (BTC) and Ethereum (ETH), memecoins' market share expands to 11.21% from 4.2%.

在狗狗幣 (DOGE) 和柴犬 (SHIB) 等加密貨幣的推動下，memecoin 產業截至 12 月 1 日佔加密貨幣總市值的 3.16%，高於年初的 1.3%。排除加密貨幣巨頭比特幣（BTC）和以太幣（ETH），memecoin 的市佔率從 4.2% 擴大到 11.21%。

This translates to a substantial market value of over $140 billion, consisting of cryptocurrencies that lack apparent utility. Highly volatile by nature, they often draw inspiration from animals, internet memes, or political figures and events.

這相當於超過 1,400 億美元的龐大市場價值，其中包括缺乏明顯實用性的加密貨幣。它們本質上非常不穩定，經常從動物、網路迷因或政治人物和事件中汲取靈感。

As Bitcoin surpasses $100,000 for the first time, memecoins are also surging. Dogecoin has experienced a 168% increase since Donald Trump's election announcement, which fueled a general rally in the crypto market. Dogecoin is now the seventh-largest cryptocurrency by market capitalization at $64 billion.

隨著比特幣首次突破 10 萬美元，迷因幣也在飆升。自唐納德·川普宣布當選以來，狗狗幣已經上漲了 168%，這推動了加密貨幣市場的普遍上漲。以市值計算，狗狗幣現已成為第七大加密貨幣，達 640 億美元。

Analysts ponder whether memecoins are an early stage indicator of a bull market or a sign of excessive speculation.

分析師思考迷因幣是牛市的早期指標還是過度投機的跡象。

"Historically, memecoins have witnessed significant capital inflows towards the end of bull runs," said Alexandr Kerya, Vice President of Product Management at CEX.IO.

CEX.IO 產品管理副總裁 Alexandr Kerya 表示：“從歷史上看，memecoin 在牛市結束時見證了大量資本流入。”

"However, this cycle differs as memecoin influence has emerged well before the halving and persisted during Bitcoin's mid-year consolidation," Kerya added.

Kerya 補充說：“然而，這個週期有所不同，因為 memecoin 的影響力早在減半之前就已經出現，並在比特幣年中盤整期間持續存在。”

Dogecoin, the pioneer of memecoins, was created in 2013 as a joke and gained traction in the 2021 bull market, partly due to Elon Musk's social media support. Other dog-themed coins, such as SHIB, followed suit, reaching billions of dollars in valuation. Memecoins have evolved into a distinct investment category, akin to DeFi tokens or privacy coins.

狗狗幣是迷因幣的先驅，它於 2013 年作為一個笑話而誕生，並在 2021 年牛市中獲得了關注，部分原因是埃隆馬斯克的社交媒體支持。其他以狗為主題的代幣，例如 SHIB，也緊隨其後，估值達到數十億美元。 Memecoin 已發展成為一種獨特的投資類別，類似於 DeFi 代幣或隱私幣。

"While memecoins may eventually reach a plateau, the market is still determining their equilibrium," wrote Kerya.

Kerya 寫道：“雖然模因幣最終可能會達到穩定水平，但市場仍在決定其平衡。”

Accelerated Growth and Changing Landscape

加速成長和不斷變化的格局

The memecoin sector experienced explosive growth in early 2024, as the number of projects launched on Pump.fun, a Solana-based platform, skyrocketed. The report reveals that over 60,000 memecoins are created daily, with Pump.fun accounting for half.

隨著基於 Solana 的平台 Pump.fun 上啟動的專案數量激增，memecoin 行業在 2024 年初經歷了爆炸性增長。報告顯示，每天有超過 60,000 個迷因幣被創建，其中 Pump.fun 佔一半。

Since January 1, memecoins have witnessed a 330% surge in combined market capitalization, outpacing Bitcoin's 140% and Ethereum's 71% growth. Memecoin trading volume has also increased by 979%, representing 5.27% of the total crypto market volume. Notably, memecoins maintained significant volume even during market downturns.

自 1 月 1 日以來，memecoin 的總市值飆升了 330%，超過了比特幣 140% 和以太坊 71% 的成長。 Memecoin 交易量也成長了 979%，佔加密市場總交易量的 5.27%。值得注意的是，即使在市場低迷時期，模因幣也保持著巨大的交易量。

"The growth of memecoins underscores the influence of retail investors in the crypto market," said Kerya. "They reflect market optimism and anticipation of a sustained rally."

Kerya 表示：“模因幣的成長凸顯了散戶投資者在加密市場的影響力。” “它們反映了市場的樂觀情緒和對持續反彈的預期。”

"However, the increased prominence of memecoins also raises concerns about the potential for speculative bubbles, which could amplify the intensity but potentially shorten the duration of a bull run," he added.

「然而，迷因幣的日益突出也引發了人們對投機泡沫潛力的擔憂，這可能會加劇牛市的強度，但可能會縮短牛市的持續時間，」他補充道。

The memecoin sector has undergone diversification over the years. While Dogecoin and Shiba Inu dominated in 2021, newer coins such as Dogwifhat (WIF), Brett (BRETT), Peanut the Squirrel (PNUT), and Popcat (POPCAT) have gained prominence.

多年來，模因幣行業經歷了多元化。雖然狗狗幣和柴犬在 2021 年佔據主導地位，但 Dogwifhat (WIF)、Brett (BRETT)、Peanut the Squirrel (PNUT) 和 Popcat (POPCAT) 等新幣也獲得了關注。

Dog-themed memecoins initially dominated, but cat-themed and AI-themed tokens have gained market share. Political memecoins also experienced a surge during the U.S. election in November, followed by a significant decline in trading volume.

狗主題的迷因幣最初佔據主導地位，但貓主題和人工智慧主題的代幣已經獲得了市場份額。政治迷因幣在 11 月美國大選期間也經歷了飆升，隨後交易量大幅下降。

Blockchain Networks and Integrations

區塊鏈網路和集成

The networks supporting memecoin trading have also evolved. Dogecoin operates on its proof-of-work blockchain, similar to Bitcoin. Ethereum-based memecoins have also gained traction.

支持模因幣交易的網路也在不斷發展。狗狗幣在其工作量證明區塊鏈上運行，類似於比特幣。基於以太坊的模因幣也受到了關注。

However, Solana has emerged as a major beneficiary of the memecoin craze in 2024, due to Pump.fun. The network accounts for 30% of the sector's trading volume and 15% of its market capitalization.

然而，由於 Pump.fun，Solana 已成為 2024 年迷因幣熱潮的主要受益者。該網絡佔該行業交易量的 30% 和市值的 15%。

Telegram's TON network has also seen substantial growth in memecoin trading volume, albeit with a still relatively small market share.

Telegram 的 TON 網路的 memecoin 交易量也大幅成長，儘管市佔率仍然相對較小。

"Memecoins' ability to attract retail investors and generate revenue for DeFi platforms could lead to stronger integrations between launchpads and decentralized exchanges," said Kerya. "However, overreliance on memecoins in ecosystems like Solana could raise concerns and potentially hinder broader development."

Kerya 表示：“Memecoin 吸引散戶投資者並為 DeFi 平台創造收入的能力可能會導致啟動板和去中心化交易所之間更緊密的整合。” “然而，像 Solana 這樣的生態系統中對模因幣的過度依賴可能會引起擔憂，並可能阻礙更廣泛的發展。”