What started as a joke, meme coins have become an integral part of the cryptocurrency ecosystem. Based on popular characters and humor, some coins have found their audience and attracted many supporters, forming strong communities and developers.

最初是開玩笑的是，模因硬幣已成為加密貨幣生態系統不可或缺的一部分。根據流行的角色和幽默，一些硬幣找到了他們的聽眾，並吸引了許多支持者，形成了強大的社區和開發人員。

It would seem that the sector has examples of how to develop further. But instead of offering something unique or innovative, in general meme coins have become one of the most volatile and speculative markets.

看來該行業有如何進一步發展的例子。但是，與其提供獨特或創新的東西，不如說是一般的模因硬幣已成為最動盪和投機的市場之一。

The community closely follows every word of opinion leaders to turn the appropriate into a token, newcomers hope to get rich on it (but only insiders get rich), even politicians get involved in this race. What can lead to this trend and what it threatens the cryptoindustry, we understand in the material.

社區密切關注每個意見領袖，將適當的人變成一個代幣，新移民希望對此致富（但只有內部人士會致富），甚至政客也參與了這場比賽。我們在材料中理解的是什麼可以導致這種趨勢及其威脅加密式引人入勝的東西。

This is not a joke

這不是一個玩笑

The most famous representative of the segment is considered Dogecoin (DOGE). It was the first to enter and consolidate in the top 10 cryptoassets by capitalization (CoinGecko), competing with more serious projects.

該部分最著名的代表被認為是狗狗幣（Doge）。這是第一個通過大寫（Coingecko）進入前十名加密貨物和更嚴肅的項目競爭的人。

Dogecoin was conceived as a joke about the rapidly growing number of cryptocurrencies, but a strong community immediately formed around it. The most important ambassador of the project was billionaire Elon Musk - his active promotion restarted the development of the network and expanded the circle of users. Among other things, this was due to celebrities like Snoop Dogg, Lil Yachty and Mark Cuban.

Dogecoin被認為是關於快速增長的加密貨幣的笑話，但圍繞它立即形成了一個強大的社區。該項目最重要的大使是億萬富翁埃隆·馬斯克（Elon Musk） - 他的積極晉升重新開始了網絡的發展，並擴大了用戶圈子。除其他外，這歸功於史努比·道格（Snoop Dogg），莉爾·遊艇（Lil Yachty）和馬克·古巴（Mark Cuban）等名人。

Dogecoin probably owes its popularity to its non-serious approach to serious things. The project has infrastructure, development plans and a team of developers. In 11 years, the meme token has traveled a long path of acceptance, becoming a popular tool among merchants to pay for purchases. It also launched the trend for the emergence of “dog coins”.

Dogecoin可能應歸功於其對嚴肅事物的非嚴重方法。該項目具有基礎設施，開發計劃和開發人員團隊。在11年的時間裡，模因令牌已經走了很長一段漫長的途徑，成為商人中流行的工具，以購買購買。它還引發了“狗硬幣”出現的趨勢。

Shiba Inu and Floki Inu turned out to be as good as Dogecoin in terms of ideas and internal content. The team of the first project is actively developing it, offering the community a meta-asset, L2 solution on top of Ethereum and plans to turn SHIB - the main asset of the ecosystem - from a meme into a utility token.

就思想和內部內容而言，Shiba Inu和Floki Inu與Dogecoin一樣好。第一個項目的團隊正在積極開發它，為社區提供了以太坊的元資產，L2解決方案，併計劃將Shib（生態系統的主要資產）從模因轉變為實用程序。

Serious plans were also shared at Floki Inu. At the end of 2024, the developers announced preparations to launch an ETP for European investors.

Floki INU也分享了嚴肅的計劃。在2024年底，開發商宣布準備為歐洲投資者推出ETP。

The above examples demonstrate that meme coins are capable of evolving into full-fledged cryptoecosystems with real developments. However, this requires team effort, attention to the final product and community support. As practice shows, such projects are rather the exception, and most of the sector's representatives become tools for speculation.

上面的示例表明，模因硬幣能夠演變成具有實際發展的成熟的加密生殖系統。但是，這需要團隊努力，關注最終產品和社區支持。正如實踐所表明的那樣，這樣的項目是一個例外，大多數部門的代表成為投機的工具。

Young and bold

年輕大膽

Mem-coins lowered the barrier to entry into the industry - no need to buy the first or second cryptocurrencies in the hope of Xs, now you can get them by investing in mem-coins in time. But even this stage still held back mass speculation - creators need to at least understand the technical part, which not everyone could.

Mem-Coins降低了進入該行業的障礙 - 為了希望XS購買第一或第二個加密貨幣，現在您可以通過及時投資Mem-Coins來獲得它們。但是，即使這個階段仍然阻礙了大眾猜測 - 創作者至少需要了解技術部分，這並不是每個人都可以。

The situation was changed by Pump.fun - a platform based on Solana, which simplified the process of new assets to a minimum. Since the launch of the “meme-token factory”, its total revenue from commissions reached $431 million. Users launched over 6.3 million coins with a total capitalization of over $5 billion, but not all of them eventually continued their existence.

Fump.Fun更改了情況 - 基於Solana的平台，將新資產的過程簡化為最低。自“模因工廠”推出以來，其佣金的總收入達到了4.31億美元。用戶推出了超過630萬個硬幣，總資本化超過50億美元，但並非所有人最終都繼續存在。

The ease of creating a meme token led to a boom in speculative coins that were not backed by anything. The work of fraudsters became much easier, and insider trading began to flourish. Any statement by opinion leaders was perceived as a signal for the appearance of another shitcoin.

創建模因令牌的便利性導致投機硬幣的繁榮，這些硬幣並未得到任何東西的支持。欺詐者的工作變得更加容易，內幕交易開始蓬勃發展。意見領導人的任何聲明都被認為是另一個狗屎幣的出現的信號。

In January 2025, a class action lawsuit was filed against the operator of Pump.fun, Baton Corporation. The project was accused of selling unregistered securities in the form of tokens, assisting in the organization of Ponzi schemes and Pump & Dump. However, this came at a time when changes in the approach of the U.S. Securities and Exchange Commission (SEC) and authorities in general to regulating the crypto market had already begun.

2025年1月，針對Baton Corporation的Pump.Fun的運營商提起了集體訴訟。該項目被指控以代幣形式出售未註冊的證券，以協助組織龐氏騙局和泵和垃圾場的組織。但是，這是在美國證券交易委員會（SEC）（SEC）和總體監管加密貨幣市場的當局變化的時候。

Politicians

政客

The meme-coin sector has attracted Donald Trump, who has become unexpectedly friendly to cryptocurrencies. He was not embarrassed by the status of the head of state, possible violations of laws and ethical issues. Two days before the inauguration, the politician announced the launch of TRUMP, which skyrocketed and quickly went into correction - investors suffered losses of about $2 billion. Melania Trump followed her husband's example. At the time of writing, neither the SEC nor any other regulator has yet taken an interest in the asset.

模因領域吸引了唐納德·特朗普（Donald Trump），後者意外地對加密貨幣友好。他並不為國家元首的地位，可能違反法律和道德問題而感到尷尬。就職典禮前兩天，政客們宣布推出特朗普，特朗普猛增並迅速糾正 - 投資者損失約20億美元。梅拉尼亞·特朗普遵循丈夫的榜樣。在撰寫本文時，SEC和任何其他監管機構尚未對資產感興趣。

Around the same time, a strange story was developing on another continent. On February 9, Central African Republic (CAR) President Faustin Archange Touadera's X-account announced the launch of the state-issued meme token CAR. Many doubted the reality of what was happening, although at the peak the capitalization of the asset reached $1.05 billion. But within a day CAR fell in price by 96%, and if it was really an “experiment” designed to help national development and bring the country to the international arena, it failed.

大約在同一時間，一個奇怪的故事正在另一個大陸發展。 2月9日，中非共和國（汽車）總裁浮士金天主教塔圖拉（Touadera）的X-Account宣布推出了國家裁定的模因象徵汽車。許多人懷疑正在發生的事情的現實，儘管在高峰期，資產的資本化達到了10.5億美元。但是，在一天之內，汽車的價格下降了96％，如果它確實是一個“實驗”，旨在幫助國家發展並將該國帶到國際舞台上，那就失敗了。

The title of the most scandalous project so far is held by LIBRA, not without the help of Argentine President Javier Miley. He promoted the token, which provoked its growth, which was also short-lived. Subsequently, the head of state tried to dissociate himself from the project, but he was still accused of fraud, participation in the Pump & Dump scheme and threatened with impeachment.

迄今為止，天秤座最醜陋的項目的標題不是沒有阿根廷總統賈維爾·麥莉的幫助。他促進了代幣，它激發了它的增長，這也是短暫的。隨後，國家元首試圖將自己與該項目分離，但他仍然被指控欺詐，參與泵和垃圾箱計劃並受到彈each的威脅。

For some reason regulators were not interested in the situation again, but instead researchers and analysts took up the case. They saw a connection between the teams responsible for launching LIBRA and MELANIA meme-tokens.

由於某種原因，監管機構再次對這種情況不感興趣，而是研究人員和分析師提起了此案。他們看到了負責推出天秤座和梅拉尼亞模因的團隊之間的聯繫。

Consequences

結果

What's happening doesn't seem like a disaster yet, but it already carries serious reputational risks for the crypto industry, which seems to have passed the “Wild West” stage.

正在發生的事情似乎還不是一場災難，但它已經對加密貨幣行業帶來了嚴重的聲譽風險，該行業似乎已經通過了“野生西部”階段。

Speaking to reporters, BOB co-founder Dom Hartz noted that the scandals surrounding LIBRA, and previously TRUMP, MELANIA, BARRON and HAWK, have undermined Solana's reputation. Thus, the network, conceived as a “killer” of Ethereum, has become increasingly associated not with innovation but with fraud, scam, insiders and pamp schemes.

鮑勃（Bob）的聯合創始人唐·哈茨（Dom Hartz）在接受記者講話時指出，天秤座周圍的醜聞以及以前的特朗普，梅拉尼亞，巴倫和霍克都破壞了索拉納的聲譽。因此，被認為是以太坊的“殺手”的網絡已經變得越來越多地與創新相關，而是與欺詐，騙局，內部人士和PAMP計劃相關聯。

“Solana's narrative as the best retail acceptance network has just changed to being associated with scams and insider trading. It will take time to correct this,” believes Rollup Ventures co-founder under the nickname Andy.

“索拉納（Solana）作為最佳零售接受網絡的敘述剛剛變成了與騙局和內幕交易相關聯。暱稱安迪（Andy）的聯合創始人認為，要糾正這一點。

According to Chainplay's survey of 1,066 respondents, nearly 80 percent of crypto investors invested in the president-approved meme coins TRUMP, CAR and LIBRA, but two-thirds lost money.

根據Chainplay對1,066名受訪者的調查，將近80％的加密投資者投資於總統批准的Meme Coins Coins Trump，Car和Libra，但三分之二的人損失了錢。

“Rather than fostering long-term engagement, these meme coins have led to significant disappointment. High volatility, rapid Pump & Dump cycles and lack of sustainable value managed to push many away,” the researchers said.

“這些模因硬幣並沒有促進長期參與，而是引起了極大的失望。研究人員說：“高波動性，快速的泵和垃圾箱週期以及缺乏可持續價值已將許多人推開。”

According to other data, for 37% of investors, the “presidential” tokens were their first experience in the digital asset industry. 21% of newcomers refused to participate further in the market afterward. Thus, an unstable and speculative sector threatens to hinder the mass adoption of cryptocurrencies, which the industry is striving for.

根據其他數據，對於37％的投資者來說，“總統”代幣是他們在數字資產行業中的第一個經驗。隨後，有21％的新移民拒絕進一步參與市場。因此，一個不穩定和投機的部門有可能阻礙行業努力的加密貨幣的大規模採用。

Conclusion

結論

Meme-coins have for the most part ceased to be projects with their own history, infrastructure and goals. They now look like an opportunity to enrich insiders, scammers, and those looking to make a quick buck.

Meme-Coins在很大程度上不再是具有自己歷史，基礎設施和目標的項目。現在，他們看起來像是一個豐富內部人士，騙子和希望快速賺錢的機會。

If the industry needs long-term growth, it is important for its participants to make users see cryptocurrencies not only as a tool for speculation, but also as a financial system of the future.

如果該行業需要長期增長，那麼對於參與者來說，重要的是要使用戶將加密貨幣視為投機工具，而且是未來的金融體系。