Return of Meme Token Hype Enlivens Crypto Markets

Meme 代币炒作的回归活跃了加密市场

After a lull, the revival of meme token enthusiasm signals renewed risk appetite in cryptocurrency markets. The surging popularity of tokens like Pepe (PEPE) indicates a shift towards riskier investments following a period of cautious trading.

平静过后，迷因代币热情的复苏标志着加密货币市场风险偏好的恢复。 Pepe (PEPE) 等代币的激增表明，经过一段时期的谨慎交易后，人们开始转向风险较高的投资。

Data from Artemis reveals that meme tokens are once again outpacing more conventional narratives. During the recent monitoring period, established narratives experienced marginal losses rather than gains, while meme tokens maintained their characteristic high daily returns.

来自阿耳忒弥斯的数据显示，模因代币再次超过了更传统的叙事。在最近的监测期间，既定叙事经历了边际损失而不是收益，而模因代币则保持了其特有的高日回报率。

According to Artemis, however, the behavior of meme tokens has gone beyond typical price fluctuations. It suggests a resurgence of risk appetite within the market. "Memes are a clear indicator of risk-on markets due to their high liquidity and attention," observed Artemis analysts.

然而，根据 Artemis 的说法，meme 代币的行为已经超出了典型的价格波动范围。这表明市场风险偏好回升。 Artemis 分析师表示：“由于 Meme 的高流动性和关注度，它是市场风险的明确指标。”

The market capitalization of meme tokens closely tracked the overall market recovery. These assets benefited from increased trading volumes, boosting their collective market cap by 25% to approximately $50 billion.

Meme 代币的市值密切跟踪整体市场的复苏。这些资产受益于交易量的增加，使其总市值增加了 25%，达到约 500 亿美元。

Other narratives, such as AI and DePin tokens, also recorded modest gains.

其他叙事，例如 AI 和 DePin 代币，也录得小幅上涨。

Meme Tokens Dominate Recent Market Performance

Meme 代币主导近期市场表现

According to Dune Analytics, trading older trends and narratives remains risky, particularly if tokens stagnate. Narrative-based tokens have declined by approximately 20% in 2024, with minimal overall gains in the past month.

根据 Dune Analytics 的说法，交易旧的趋势和叙述仍然存在风险，特别是如果代币停滞不前。基于叙事的代币在 2024 年下降了约 20%，过去一个月的总体涨幅很小。

However, recent gains in meme tokens have primarily benefited the leading assets in the sector. Notably, the Meme 1.0 group outperformed its counterparts and maintained the highest market capitalization. SHIB and DOGE continue to surpass the most successful Meme 2.0 tokens, including PEPE, WIF, and BONK.

然而，近期 meme 代币的上涨主要使该行业的领先资产受益。值得注意的是，Meme 1.0组表现优于同行，并保持最高市值。 SHIB 和 DOGE 继续超越最成功的 Meme 2.0 代币，包括 PEPE、WIF 和 BONK。

Potential Challenges for Meme Tokens

Meme 代币的潜在挑战

Despite their popularity, meme tokens have been criticized for several reasons. They consume a significant amount of liquidity, which could otherwise be allocated to more utility-driven projects. Additionally, the sheer number of meme tokens created can strain the networks on which they operate.

尽管模因代币很受欢迎，但它仍因多种原因而受到批评。它们消耗大量流动性，而这些流动性本来可以分配给更多公用事业驱动的项目。此外，创建的模因代币的绝对数量可能会给它们运行的​​网络带来压力。

For instance, Pump.fun has seen the creation of over 1.4 million new tokens since its inception, placing a strain on its network. Meme tokens may be utilizing valuable bandwidth without providing any real value or even a rudimentary product.

例如，Pump.fun 自成立以来已经创建了超过 140 万个新代币，这给其网络带来了压力。 Meme 代币可能会利用宝贵的带宽，但不会提供任何实际价值，甚至是初级产品。

Some users have also expressed concerns about the impact of meme tokens on networks such as Arbitrum and Base. The unchecked issuance of tokens could lead to higher fees or delays, even for these high-speed chains.

一些用户还对 Meme 代币对 Arbitrum 和 Base 等网络的影响表示担忧。即使对于这些高速链来说，不受控制的代币发行也可能导致更高的费用或延迟。

Rug Pulls and Liquidity Concerns

地毯拉力和流动性担忧

Rug pulls remain a prevalent issue in the meme token space, particularly in smaller liquidity pools. In recent months, the SLURP token abruptly rug pulled after days of seemingly normal trading.

地毯拉动仍然是模因代币领域的一个普遍问题，特别是在较小的流动性池中。近几个月来，SLURP 代币在看似正常的交易几天后突然下跌。

Furthermore, meme tokens are competing for increasingly scarce liquidity. The vast majority of L2 chains rely on stablecoins from Ethereum or other blockchains to facilitate trading. As meme tokens proliferate, they are siphoning funds away from other sectors of the market.

此外，模因代币正在争夺日益稀缺的流动性。绝大多数 L2 链依赖以太坊或其他区块链的稳定币来促进交易。随着模因代币的激增，它们正在从市场其他领域吸走资金。

Conclusion

结论

The meme token craze is currently at near-peak levels. Investors are advised to exercise caution, focusing on established leaders rather than smaller coins. While meme tokens may provide short-term gains, their long-term sustainability remains uncertain.

模因代币热潮目前正处于接近峰值的水平。建议投资者谨慎行事，重点关注成熟的领导者而不是规模较小的代币。虽然模因代币可能会带来短期收益，但其长期可持续性仍然不确定。