What started as a joke, meme coins have become an integral part of the cryptocurrency ecosystem. Based on popular characters and humor, some coins have found their audience and attracted many supporters, forming strong communities and developers.

最初是开玩笑的是，模因硬币已成为加密货币生态系统不可或缺的一部分。根据流行的角色和幽默，一些硬币找到了他们的听众，并吸引了许多支持者，形成了强大的社区和开发人员。

It would seem that the sector has examples of how to develop further. But instead of offering something unique or innovative, in general meme coins have become one of the most volatile and speculative markets.

看来该行业有如何进一步发展的例子。但是，与其提供独特或创新的东西，不如说是一般的模因硬币已成为最动荡和投机的市场之一。

The community closely follows every word of opinion leaders to turn the appropriate into a token, newcomers hope to get rich on it (but only insiders get rich), even politicians get involved in this race. What can lead to this trend and what it threatens the cryptoindustry, we understand in the material.

社区密切关注每个意见领袖，将适当的人变成一个代币，新移民希望对此致富（但只有内部人士会致富），甚至政客也参与了这场比赛。我们在材料中理解的是什么可以导致这种趋势及其威胁加密式引人入胜的东西。

This is not a joke

这不是一个玩笑

The most famous representative of the segment is considered Dogecoin (DOGE). It was the first to enter and consolidate in the top 10 cryptoassets by capitalization (CoinGecko), competing with more serious projects.

该部分最著名的代表被认为是狗狗币（Doge）。这是第一个通过大写（Coingecko）进入前十名加密货物和更严肃的项目竞争的人。

Dogecoin was conceived as a joke about the rapidly growing number of cryptocurrencies, but a strong community immediately formed around it. The most important ambassador of the project was billionaire Elon Musk - his active promotion restarted the development of the network and expanded the circle of users. Among other things, this was due to celebrities like Snoop Dogg, Lil Yachty and Mark Cuban.

Dogecoin被认为是关于快速增长的加密货币的笑话，但围绕它立即形成了一个强大的社区。该项目最重要的大使是亿万富翁埃隆·马斯克（Elon Musk） - 他的积极晋升重新开始了网络的发展，并扩大了用户圈子。除其他外，这归功于史努比·道格（Snoop Dogg），莉尔·游艇（Lil Yachty）和马克·古巴（Mark Cuban）等名人。

Dogecoin probably owes its popularity to its non-serious approach to serious things. The project has infrastructure, development plans and a team of developers. In 11 years, the meme token has traveled a long path of acceptance, becoming a popular tool among merchants to pay for purchases. It also launched the trend for the emergence of “dog coins”.

Dogecoin可能应归功于其对严肃事物的非严重方法。该项目具有基础设施，开发计划和开发人员团队。在11年的时间里，模因令牌已经走了很长一段漫长的途径，成为商人中流行的工具，以购买购买。它还引发了“狗硬币”出现的趋势。

Shiba Inu and Floki Inu turned out to be as good as Dogecoin in terms of ideas and internal content. The team of the first project is actively developing it, offering the community a meta-asset, L2 solution on top of Ethereum and plans to turn SHIB - the main asset of the ecosystem - from a meme into a utility token.

就思想和内部内容而言，Shiba Inu和Floki Inu与Dogecoin一样好。第一个项目的团队正在积极开发它，为社区提供了以太坊的元资产，L2解决方案，并计划将Shib（生态系统的主要资产）从模因转变为实用程序。

Serious plans were also shared at Floki Inu. At the end of 2024, the developers announced preparations to launch an ETP for European investors.

Floki INU也分享了严肃的计划。在2024年底，开发商宣布准备为欧洲投资者推出ETP。

The above examples demonstrate that meme coins are capable of evolving into full-fledged cryptoecosystems with real developments. However, this requires team effort, attention to the final product and community support. As practice shows, such projects are rather the exception, and most of the sector's representatives become tools for speculation.

上面的示例表明，模因硬币能够演变成具有实际发展的成熟的加密生殖系统。但是，这需要团队努力，关注最终产品和社区支持。正如实践所表明的那样，这样的项目是一个例外，大多数部门的代表成为投机的工具。

Young and bold

年轻大胆

Mem-coins lowered the barrier to entry into the industry - no need to buy the first or second cryptocurrencies in the hope of Xs, now you can get them by investing in mem-coins in time. But even this stage still held back mass speculation - creators need to at least understand the technical part, which not everyone could.

Mem-Coins降低了进入该行业的障碍 - 为了希望XS购买第一或第二个加密货币，现在您可以通过及时投资Mem-Coins来获得它们。但是，即使这个阶段仍然阻碍了大众猜测 - 创作者至少需要了解技术部分，这并不是每个人都可以。

The situation was changed by Pump.fun - a platform based on Solana, which simplified the process of new assets to a minimum. Since the launch of the “meme-token factory”, its total revenue from commissions reached $431 million. Users launched over 6.3 million coins with a total capitalization of over $5 billion, but not all of them eventually continued their existence.

Fump.Fun更改了情况 - 基于Solana的平台，将新资产的过程简化为最低。自“模因工厂”推出以来，其佣金的总收入达到了4.31亿美元。用户推出了超过630万个硬币，总资本化超过50亿美元，但并非所有人最终都继续存在。

The ease of creating a meme token led to a boom in speculative coins that were not backed by anything. The work of fraudsters became much easier, and insider trading began to flourish. Any statement by opinion leaders was perceived as a signal for the appearance of another shitcoin.

创建模因令牌的便利性导致投机硬币的繁荣，这些硬币并未得到任何东西的支持。欺诈者的工作变得更加容易，内幕交易开始蓬勃发展。意见领导人的任何声明都被认为是另一个狗屎币的出现的信号。

In January 2025, a class action lawsuit was filed against the operator of Pump.fun, Baton Corporation. The project was accused of selling unregistered securities in the form of tokens, assisting in the organization of Ponzi schemes and Pump & Dump. However, this came at a time when changes in the approach of the U.S. Securities and Exchange Commission (SEC) and authorities in general to regulating the crypto market had already begun.

2025年1月，针对Baton Corporation的Pump.Fun的运营商提起了集体诉讼。该项目被指控以代币形式出售未注册的证券，以协助组织庞氏骗局和泵和垃圾场的组织。但是，这是在美国证券交易委员会（SEC）（SEC）和总体监管加密货币市场的当局变化的时候。

Politicians

政客

The meme-coin sector has attracted Donald Trump, who has become unexpectedly friendly to cryptocurrencies. He was not embarrassed by the status of the head of state, possible violations of laws and ethical issues. Two days before the inauguration, the politician announced the launch of TRUMP, which skyrocketed and quickly went into correction - investors suffered losses of about $2 billion. Melania Trump followed her husband's example. At the time of writing, neither the SEC nor any other regulator has yet taken an interest in the asset.

模因领域吸引了唐纳德·特朗普（Donald Trump），后者意外地对加密货币友好。他并不为国家元首的地位，可能违反法律和道德问题而感到尴尬。就职典礼前两天，政客们宣布推出特朗普，特朗普猛增并迅速纠正 - 投资者损失约20亿美元。梅拉尼亚·特朗普遵循丈夫的榜样。在撰写本文时，SEC和任何其他监管机构尚未对资产感兴趣。

Around the same time, a strange story was developing on another continent. On February 9, Central African Republic (CAR) President Faustin Archange Touadera's X-account announced the launch of the state-issued meme token CAR. Many doubted the reality of what was happening, although at the peak the capitalization of the asset reached $1.05 billion. But within a day CAR fell in price by 96%, and if it was really an “experiment” designed to help national development and bring the country to the international arena, it failed.

大约在同一时间，一个奇怪的故事正在另一个大陆发展。 2月9日，中非共和国（汽车）总裁浮士金天主教塔图拉（Touadera）的X-Account宣布推出了国家裁定的模因象征汽车。许多人怀疑正在发生的事情的现实，尽管在高峰期，资产的资本化达到了10.5亿美元。但是，在一天之内，汽车的价格下降了96％，如果它确实是一个“实验”，旨在帮助国家发展并将该国带到国际舞台上，那就失败了。

The title of the most scandalous project so far is held by LIBRA, not without the help of Argentine President Javier Miley. He promoted the token, which provoked its growth, which was also short-lived. Subsequently, the head of state tried to dissociate himself from the project, but he was still accused of fraud, participation in the Pump & Dump scheme and threatened with impeachment.

迄今为止，天秤座最丑陋的项目的标题不是没有阿根廷总统贾维尔·麦莉的帮助。他促进了代币，它激发了它的增长，这也是短暂的。随后，国家元首试图将自己与该项目分离，但他仍然被指控欺诈，参与泵和垃圾箱计划并受到弹each的威胁。

For some reason regulators were not interested in the situation again, but instead researchers and analysts took up the case. They saw a connection between the teams responsible for launching LIBRA and MELANIA meme-tokens.

由于某种原因，监管机构再次对这种情况不感兴趣，而是研究人员和分析师提起了此案。他们看到了负责推出天秤座和梅拉尼亚模因的团队之间的联系。

Consequences

结果

What's happening doesn't seem like a disaster yet, but it already carries serious reputational risks for the crypto industry, which seems to have passed the “Wild West” stage.

正在发生的事情似乎还不是一场灾难，但它已经对加密货币行业带来了严重的声誉风险，该行业似乎已经通过了“野生西部”阶段。

Speaking to reporters, BOB co-founder Dom Hartz noted that the scandals surrounding LIBRA, and previously TRUMP, MELANIA, BARRON and HAWK, have undermined Solana's reputation. Thus, the network, conceived as a “killer” of Ethereum, has become increasingly associated not with innovation but with fraud, scam, insiders and pamp schemes.

鲍勃（Bob）的联合创始人唐·哈茨（Dom Hartz）在接受记者讲话时指出，天秤座周围的丑闻以及以前的特朗普，梅拉尼亚，巴伦和霍克都破坏了索拉纳的声誉。因此，被认为是以太坊的“杀手”的网络已经变得越来越多地与创新相关，而是与欺诈，骗局，内部人士和PAMP计划相关联。

“Solana's narrative as the best retail acceptance network has just changed to being associated with scams and insider trading. It will take time to correct this,” believes Rollup Ventures co-founder under the nickname Andy.

“索拉纳（Solana）作为最佳零售接受网络的叙述刚刚变成了与骗局和内幕交易相关联。昵称安迪（Andy）的联合创始人认为，要纠正这一点。

According to Chainplay's survey of 1,066 respondents, nearly 80 percent of crypto investors invested in the president-approved meme coins TRUMP, CAR and LIBRA, but two-thirds lost money.

根据Chainplay对1,066名受访者的调查，将近80％的加密投资者投资于总统批准的Meme Coins Coins Trump，Car和Libra，但三分之二的人损失了钱。

“Rather than fostering long-term engagement, these meme coins have led to significant disappointment. High volatility, rapid Pump & Dump cycles and lack of sustainable value managed to push many away,” the researchers said.

“这些模因硬币并没有促进长期参与，而是引起了极大的失望。研究人员说：“高波动性，快速的泵和垃圾箱周期以及缺乏可持续价值已将许多人推开。”

According to other data, for 37% of investors, the “presidential” tokens were their first experience in the digital asset industry. 21% of newcomers refused to participate further in the market afterward. Thus, an unstable and speculative sector threatens to hinder the mass adoption of cryptocurrencies, which the industry is striving for.

根据其他数据，对于37％的投资者来说，“总统”代币是他们在数字资产行业中的第一个经验。随后，有21％的新移民拒绝进一步参与市场。因此，一个不稳定和投机的部门有可能阻碍行业努力的加密货币的大规模采用。

Conclusion

结论

Meme-coins have for the most part ceased to be projects with their own history, infrastructure and goals. They now look like an opportunity to enrich insiders, scammers, and those looking to make a quick buck.

Meme-Coins在很大程度上不再是具有自己历史，基础设施和目标的项目。现在，他们看起来像是一个丰富内部人士，骗子和希望快速赚钱的机会。

If the industry needs long-term growth, it is important for its participants to make users see cryptocurrencies not only as a tool for speculation, but also as a financial system of the future.

如果该行业需要长期增长，那么对于参与者来说，重要的是要使用户将加密货币视为投机工具，而且是未来的金融体系。