Criticism of memecoins persists. Following Vitalik Buterin and CZ, Cathie Wood has now voiced her skepticism, predicting their inevitable devaluation. However, she makes an exception for Donald Trump's memecoin, $TRUMP, suggesting it might be different. The future of memecoins, therefore, remains highly uncertain.

对模因的批评仍然存在。 在Vitalik Buterin和CZ之后，Cathie Wood现在表达了她的怀疑主义，预测了他们不可避免的贬值。 但是，她例外，唐纳德·特朗普（Donald Trump）的成员$特朗普（Trump）表明可能有所不同。 因此，Memecoins的未来仍然高度不确定。

Cathie Wood's Blunt Assessment: Memecoins' Worthless Future?

Cathie Wood的直率评估：Memecoins的毫无价值的未来？

Wood's assessment is stark: "There is nothing like losing money to learn." She believes most memecoins are destined to fail, a view echoed by Bobby Ong, CoinGecko co-founder, who estimates 99.99% will become obsolete.

伍德的评估很明显：“没有什么比亏钱要学习的。” 她认为，大多数模因注定要失败，这一观点是由Coingecko联合创始人Bobby Ong回应的，他估计有99.99％的人将过时。

Exceptions Exist?

存在异常吗？

Yet, Wood suggests some memecoins could survive as "digital collector's items," citing $TRUMP as a potential long-term speculative asset. The question remains: how many will endure market volatility?

然而，伍德建议一些模因可以作为“数字收藏家的物品”生存，理由是特朗普作为潜在的长期投机资产。 问题仍然存在：市场将持续多少市场波动？

Memecoin Frenzy: A Rollercoaster Ride

Memecoin Frenzy：过山车骑行

The memecoin boom has experienced significant fluctuations. The launch of $TRUMP initially saw Pump.fun reach a peak weekly volume of $3.3 billion. However, this was short-lived:

Memecoin繁荣发生了重大波动。 特朗普的推出最初是泵。Fun每周达到33亿美元的高峰期。但是，这是短暂的：

• Pump.fun volume dropped 63% between January and February.
• The total memecoin market capitalization plummeted from $124 billion to $54 billion.
• Political tokens like $TRUMP and $MELANIA seemingly absorbed market liquidity.

The LIBRA debacle, costing investors $107 million, is highlighted as a critical turning point. This, coupled with a shift in investor interest towards established cryptocurrencies like Bitcoin and Ether, suggests a waning appeal for memecoins. CoinGecko notes a trend away from memecoins towards higher market cap assets.

Pump.Fun数量在1月至2月之间下降了63％。纪念性市值的总市值从1,240亿美元下降到540亿美元。政治代币（如$ trump和$ Melania）似乎吸收了市场流动性。天秤座的爆发似乎使投资者损失了1.07亿美元，这是一个关键的转折点。 这，再加上投资者的利益转移到诸如比特币和以太等既定的加密货币上，这表明对纪念物的吸引力下降。 Coingecko指出了从成员到更高市值资产的趋势。

The SEC's Inaction Fuels Concerns

SEC的无所作为引起了关注

The Securities and Exchange Commission's (SEC) decision not to regulate memecoins, citing their speculative nature, has left investors vulnerable in an unregulated market. This inaction has been followed by numerous scandals, with the LIBRA incident highlighting the potential for manipulation and significant losses. Reports suggest that less than 1% of memecoins on Pump.fun survive.

美国证券交易委员会（SEC）的决定不监管模因，理由是他们的投机性质，使投资者在不受监管的市场中脆弱。 这种无所作为之后是许多丑闻，天秤座的事件突出了操纵和巨大损失的潜力。 报道表明，泵的成熟度不到1％。

The lack of regulation creates a haven for fraudulent activities, deterring institutional involvement. The Kobeissi Letter points out the SEC acknowledges the "limited, if not nonexistent utility" of memecoins but refrains from intervention. Consequently, market liquidity is dwindling, and investor confidence is eroding.

缺乏法规为欺诈活动创造了避风港，阻止了制度的参与。 Kobeissi的信指出，SEC承认Memecoins的“有限，甚至不是不存在的效用”，但避免了干预。 因此，市场流动性正在减少，投资者的信心正在侵蚀。

The Future of Memecoins: A Bleak Outlook?

Memecoins的未来：黯淡的前景？

The consequences for memecoins are severe, with investors and promoters bearing the brunt of the losses. Pump.fun has witnessed a 99% token decline within a month. While the question remains whether this marks the end of the memecoin era or merely a temporary lull before another speculative surge, the lack of a clear regulatory framework ensures only the most resilient will survive.

纪念因素的后果是严重的，投资者和发起人首当其冲。 Pump.Fun在一个月内见证了99％的令牌下降。 虽然问题仍然是这是否标志着Memecoin时代的终结，还是仅仅是在一次投机性激增之前的暂时停滞，但缺乏明确的监管框架可确保只有最有弹性的人才能生存。