While the largest cryptocurrencies, Bitcoin and Ethereum, attracted the attention of investors with their performances, memcoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) could not exhibit the expected performance.

虽然最大的加密货币比特币和以太坊以其表现吸引了投资者的关注，但狗狗币（DOGE）和柴犬（SHIB）等记忆币却无法表现出预期的表现。

Evaluating this situation at this point, Nansen analysts claimed that memecoins underperformed because investors focused on market leaders Bitcoin and Ethereum.

Nansen 分析师在评估这一情况时表示，memecoin 表现不佳是因为投资者关注市场领导者比特币和以太坊。

Speaking to The Block, Nansen analysts stated that it underperformed compared to BTC, ETH and rising altcoins in the same period.

Nansen 分析师在接受 The Block 采访时表示，与同期 BTC、ETH 和不断上涨的山寨币相比，它的表现不佳。

“Memecoins underperformance is likely due to the current strength of underlying cryptocurrencies like Ethereum, diverting investor attention and capital away from them.

“Memecoin 表现不佳可能是由于以太坊等基础加密货币当前的强势，转移了投资者的注意力和资本。

“Investors' addiction to social media trends related to cryptocurrencies such as Bitcoin and Ethereum further amplifies this effect.”

“投资者对与比特币和以太坊等加密货币相关的社交媒体趋势的沉迷进一步放大了这种影响。”

Apart from Nansen analysts, YouHodler Market Chief Ruslan Lienkha also evaluated this situation and said that most investors' interest is focused on Bitcoin and Ethereum due to spot ETFs that have been approved and have the potential to be approved.

除了 Nansen 分析师之外，YouHodler 市场主管 Ruslan Lienkha 也评估了这一情况，并表示，由于现货 ETF 已经获得批准并有可能获得批准，大多数投资者的兴趣集中在比特币和以太坊上。

“The post-approval ETF inflows of Bitcoin ETFs and the possible approval of Ethereum ETFs mostly encourage capital flows into these two cryptocurrencies.

“比特币 ETF 批准后的 ETF 流入以及以太坊 ETF 可能获得的批准主要鼓励资本流入这两种加密货币。

Memecoins are currently extremely illiquid and volatile, with investor interest focused on BTC and ETH. “Aside from Memcoins, much of the cryptocurrency market is still struggling with poor liquidity.”

Memecoin 目前流动性极差且不稳定，投资者的兴趣主要集中在 BTC 和 ETH 上。 “除了 Memcoins 之外，大部分加密货币市场仍在因流动性不佳而苦苦挣扎。”

Finally, Lienkha added that the last bull run is structurally very different from the rally in 2021.

最后，Lienkha 补充说，上次牛市在结构上与 2021 年的反弹有很大不同。

*This is not investment advice.

*这不是投资建议。

Continue Reading: Why Are Dogecoin, Shiba Inu and Mem Tokens Not Rising? Analysts Announced!

继续阅读：为什么狗狗币、柴犬和 Mem 代币没有上涨？分析师公布！