Memecoins: A Growing Force in the Cryptosphere

Memecoins：加密领域不断增长的力量

Memecoins have captured significant attention within the crypto community, despite their polarizing nature. Data indicates that they are increasingly gaining prominence in the crypto economy.

尽管 Memecoin 具有两极分化的性质，但它在加密社区中引起了极大的关注。数据表明，它们在加密经济中越来越受到重视。

Powered by cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB), the memecoin sector constituted 3.16% of the total crypto market capitalization on December 1, a rise from 1.3% at the year's beginning. Excluding crypto giants Bitcoin (BTC) and Ethereum (ETH), memecoins' market share expands to 11.21% from 4.2%.

在狗狗币 (DOGE) 和柴犬 (SHIB) 等加密货币的推动下，memecoin 行业截至 12 月 1 日占加密货币总市值的 3.16%，高于年初的 1.3%。不包括加密货币巨头比特币（BTC）和以太坊（ETH），memecoin 的市场份额从 4.2% 扩大到 11.21%。

This translates to a substantial market value of over $140 billion, consisting of cryptocurrencies that lack apparent utility. Highly volatile by nature, they often draw inspiration from animals, internet memes, or political figures and events.

这相当于超过 1400 亿美元的巨大市场价值，其中包括缺乏明显实用性的加密货币。它们本质上非常不稳定，经常从动物、网络迷因或政治人物和事件中汲取灵感。

As Bitcoin surpasses $100,000 for the first time, memecoins are also surging. Dogecoin has experienced a 168% increase since Donald Trump's election announcement, which fueled a general rally in the crypto market. Dogecoin is now the seventh-largest cryptocurrency by market capitalization at $64 billion.

随着比特币首次突破 10 万美元，模因币也在飙升。自唐纳德·特朗普宣布当选以来，狗狗币已经上涨了 168%，这推动了加密货币市场的普遍上涨。按市值计算，狗狗币现已成为第七大加密货币，达 640 亿美元。

Analysts ponder whether memecoins are an early stage indicator of a bull market or a sign of excessive speculation.

分析师思考模因币是牛市的早期指标还是过度投机的迹象。

"Historically, memecoins have witnessed significant capital inflows towards the end of bull runs," said Alexandr Kerya, Vice President of Product Management at CEX.IO.

CEX.IO 产品管理副总裁 Alexandr Kerya 表示：“从历史上看，memecoin 在牛市结束时见证了大量资本流入。”

"However, this cycle differs as memecoin influence has emerged well before the halving and persisted during Bitcoin's mid-year consolidation," Kerya added.

Kerya 补充道：“然而，这个周期有所不同，因为 memecoin 的影响力早在减半之前就已经出现，并在比特币年中盘整期间持续存在。”

Dogecoin, the pioneer of memecoins, was created in 2013 as a joke and gained traction in the 2021 bull market, partly due to Elon Musk's social media support. Other dog-themed coins, such as SHIB, followed suit, reaching billions of dollars in valuation. Memecoins have evolved into a distinct investment category, akin to DeFi tokens or privacy coins.

狗狗币是模因币的先驱，它于 2013 年作为一个笑话而诞生，并在 2021 年牛市中获得了关注，部分原因是埃隆·马斯克的社交媒体支持。其他以狗为主题的代币，例如 SHIB，也紧随其后，估值达到数十亿美元。 Memecoin 已经发展成为一种独特的投资类别，类似于 DeFi 代币或隐私币。

"While memecoins may eventually reach a plateau, the market is still determining their equilibrium," wrote Kerya.

Kerya 写道：“虽然模因币最终可能会达到稳定水平，但市场仍在决定其平衡。”

Accelerated Growth and Changing Landscape

加速增长和不断变化的格局

The memecoin sector experienced explosive growth in early 2024, as the number of projects launched on Pump.fun, a Solana-based platform, skyrocketed. The report reveals that over 60,000 memecoins are created daily, with Pump.fun accounting for half.

随着基于 Solana 的平台 Pump.fun 上启动的项目数量猛增，memecoin 行业在 2024 年初经历了爆炸性增长。报告显示，每天有超过 60,000 个模因币被创建，其中 Pump.fun 占一半。

Since January 1, memecoins have witnessed a 330% surge in combined market capitalization, outpacing Bitcoin's 140% and Ethereum's 71% growth. Memecoin trading volume has also increased by 979%, representing 5.27% of the total crypto market volume. Notably, memecoins maintained significant volume even during market downturns.

自 1 月 1 日以来，memecoin 的总市值飙升了 330%，超过了比特币 140% 和以太坊 71% 的增长。 Memecoin 交易量也增长了 979%，占加密市场总交易量的 5.27%。值得注意的是，即使在市场低迷时期，模因币仍保持着巨大的交易量。

"The growth of memecoins underscores the influence of retail investors in the crypto market," said Kerya. "They reflect market optimism and anticipation of a sustained rally."

Kerya 表示：“模因币的增长凸显了散户投资者在加密市场的影响力。” “它们反映了市场的乐观情绪和对持续反弹的预期。”

"However, the increased prominence of memecoins also raises concerns about the potential for speculative bubbles, which could amplify the intensity but potentially shorten the duration of a bull run," he added.

“然而，模因币的日益突出也引发了人们对投机泡沫潜力的担忧，这可能会加剧牛市的强度，但可能会缩短牛市的持续时间，”他补充道。

The memecoin sector has undergone diversification over the years. While Dogecoin and Shiba Inu dominated in 2021, newer coins such as Dogwifhat (WIF), Brett (BRETT), Peanut the Squirrel (PNUT), and Popcat (POPCAT) have gained prominence.

多年来，模因币行业经历了多元化。虽然狗狗币和柴犬在 2021 年占据主导地位，但 Dogwifhat (WIF)、Brett (BRETT)、Peanut the Squirrel (PNUT) 和 Popcat (POPCAT) 等新币也获得了关注。

Dog-themed memecoins initially dominated, but cat-themed and AI-themed tokens have gained market share. Political memecoins also experienced a surge during the U.S. election in November, followed by a significant decline in trading volume.

狗主题的模因币最初占据主导地位，但猫主题和人工智能主题的代币已经获得了市场份额。政治模因币在 11 月美国大选期间也经历了飙升，随后交易量大幅下降。

Blockchain Networks and Integrations

区块链网络和集成

The networks supporting memecoin trading have also evolved. Dogecoin operates on its proof-of-work blockchain, similar to Bitcoin. Ethereum-based memecoins have also gained traction.

支持模因币交易的网络也在不断发展。狗狗币在其工作量证明区块链上运行，类似于比特币。基于以太坊的模因币也受到了关注。

However, Solana has emerged as a major beneficiary of the memecoin craze in 2024, due to Pump.fun. The network accounts for 30% of the sector's trading volume and 15% of its market capitalization.

然而，由于 Pump.fun，Solana 已成为 2024 年模因币热潮的主要受益者。该网络占该行业交易量的 30% 和市值的 15%。

Telegram's TON network has also seen substantial growth in memecoin trading volume, albeit with a still relatively small market share.

Telegram 的 TON 网络的 memecoin 交易量也大幅增长，尽管市场份额仍然相对较小。

"Memecoins' ability to attract retail investors and generate revenue for DeFi platforms could lead to stronger integrations between launchpads and decentralized exchanges," said Kerya. "However, overreliance on memecoins in ecosystems like Solana could raise concerns and potentially hinder broader development."

Kerya 表示：“Memecoin 吸引散户投资者并为 DeFi 平台创造收入的能力可能会导致启动板和去中心化交易所之间更紧密的集成。” “然而，像 Solana 这样的生态系统中对模因币的过度依赖可能会引起担忧，并可能阻碍更广泛的发展。”