The meme coin market has experienced a significant downturn. Since its February 3rd peak, market capitalization has plummeted by 32%, with trading volume falling even more dramatically—a staggering 72% decrease. While CoinGecko co-founder Bobby Ong believes that "meme coins are dead now," he also predicts their eventual return, citing their historically cyclical nature and the survival of a select few through multiple market cycles.

模因硬币市场经历了巨大的衰退。 自2月3日的山峰以来，市值下降了32％，交易量的下降更加明显 - 惊人的72％下降了。 尽管Coingecko联合创始人Bobby Ong认为“ Meme硬币现在已经死了”，但他还预测了他们的最终回报，理由是他们历史上周期性的性质以及通过多个市场周期的少数人的生存。

The Meme Coin Collapse Explained

模因硬币崩溃解释了

The launch of TRUMP and MELANIA tokens marked the zenith of the meme coin craze. Ong attributes the subsequent collapse to these launches draining liquidity and investor interest, effectively ending a speculative cycle. The collapse of LIBRA, in particular, exposed the reality of insider advantages and coordinated profiteering, shattering the illusion of "fair launches." This resulted in a sharp decline across key market indicators, with metrics from Pump.fun—a prominent meme coin platform—falling by over 90% from their February peak.

特朗普和梅拉尼亚代币的推出标志着模因硬币热潮的顶峰。 Ong将随后的崩溃归因于这些发射的发射会排出流动性和投资者的兴趣，从而有效地结束了投机性周期。 尤其是天秤座的崩溃，揭示了内幕优势和协调的掠夺，破坏了“公平发射”的幻想。 这导致关键市场指标的急剧下降，泵的指标（一个著名的模因硬币平台）从2月的峰值起了90％以上。

However, the continued existence of Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) demonstrates the resilience of strong, community-driven memes, particularly those with dedicated followings. The ease of meme coin creation has intensified competition; only projects that successfully capture and maintain attention are likely to survive. Ong predicts a future where the meme coin market adheres to an extreme power law, with the vast majority failing while a tiny fraction thrives.

但是，Dogecoin（Doge），Shiba Inu（Shib）和Bonk（Bonk）的持续存在表明了强大的，社区驱动的模因的韧性，尤其是那些具有专门追随者的模因。 模因硬币创造的便利性加剧了竞争。只有成功吸引和维持关注的项目才能生存。 ONG预测了模因硬币市场遵守极端权力法的未来，绝大多数失败了，而很小的一部分蓬勃发展。

From VC Greed to Regulatory Gaps

从VC贪婪到监管差距

Ong also connects the meme coin frenzy to retail investor frustration with venture capital (VC)-backed tokens launched at inflated valuations in early 2024. Many of these tokens prioritized early investors, leaving later buyers with little upside. This fueled demand for alternative opportunities, contributing to the meme coin boom.

ONG还将Meme Coin Frenzy与散户投资者的挫败感与风险投资（VC）的零售投资者挫败感，在2024年初以夸张的估值发起。其中许多代币优先考虑早期投资者，而后来的买家几乎没有上涨。这加剧了对替代机会的需求，促成了模因硬币繁荣。

The debate surrounding launch mechanisms continues. Some argue that structured launches, like Jupiter's JUP model (which uses liquidity pools to constrain price volatility), are superior to volatile airdrop-driven launches. Alternative fundraising models, such as curated angel investing platforms like Echo.xyz, are also gaining traction. Ong, however, points to a lack of clear regulatory frameworks, particularly in the United States, as contributing to the proliferation of speculative, often meaningless tokens.

围绕发射机制的辩论仍在继续。 一些人认为，结构化的发射，例如木星的JUP模型（使用流动性池来限制价格波动），都优于挥发性AirDrop驱动的发射。 诸如Echo.xyz之类的策划天使投资平台等替代筹款模型也正在吸引。 然而，ONG指出，缺乏明确的监管框架，特别是在美国，这导致了投机性，通常毫无意义的代币的扩散。

Ong maintains optimism regarding the broader trend of tokenization. The success of platforms like Pump.fun has spurred the development of new platforms for AI agents, DAOs, and experimental tokens. Traditional finance (TradFi) institutions are also exploring tokenization, with US treasuries leading the way, and more complex financial products expected to follow. Over 600,000 tokens were created in January 2025 alone, with over 5.5 million tracked on GeckoTerminal.

ONG对令牌化的更广泛趋势保持乐观。 pump.Fun等平台的成功促使了为AI代理，DAOS和实验令牌开发新平台。 传统的金融（TradFI）机构也在探索令牌化，美国国库领先，预计将遵循更复杂的金融产品。 仅2025年1月创建了超过60万个令牌，在壁虎上追踪了超过550万个令牌。

The post Meme Coins Are Dead – But They’ll Be Back: CoinGecko’s Bobby Ong appeared first on CryptoPotato.

帖子模因硬币已经死了 - 但它们会回来的：Coingecko的Bobby Ong首先出现在Cryptopotato上。