The memecoin supercycle was a mistake.
Overheating, liquidity drain, and gambling.
How memecoins changed the market. 🧵👇 

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Meme币超级周期是一个错误。
过热、流动性耗尽和赌博。
Meme币如何改变了市场。🧵👇

以太坊 (ETH) 创始人 Vitalik Buterin 继续抛售发送到他钱包中的低交易量山寨币。
过去两天，Buterin共售出114,500份KNC、3057万份STRAYDOG和10.5亿份……

以太坊创始人 Vitalik Buterin 出售了三种山寨币，链上数据显示

坚持下来，找到自己的优势，你将会获得回报。
文章作者：0xJeff
文章来源：深潮TechFlow
2025 年充满了前所未见的动荡与变化。我们迎来了一位据称支持加密货币和人工智能的美国总统。然而，2025 年的市场并未迎来期待中的牛市，反而成为了整个行业的“屠杀”之年。
- 大多数山寨币在 2025 年经历了 80%-99% 的暴跌
- 比特币市值占比回到 2019-2020 年的水平（超过 6...

2026 年必须了解的 7 大加密趋势与教训

作者：Santiago Roel Santos
编译：Tim，PANews
价格与采用悖论
加密采用将继续，但市场价格可能很长时间不会回升。
现实采用加速与市场价格滞后之间的这种矛盾并非缺陷，而是当前加密市场演进阶段的一个必要特征。
如果你以十年期视角看待加密市场，那么它的前景将非常具有吸引力。然而，保持这种长期视角在心理层面充满挑战。你应当做好这样的准备：看着采用率不断扩张，而价格却停滞不前或缓...

放弃幻想，准备迎接加密市场最煎熬的时刻

2/ First of all, let's remember how it started.
I think no one will argue that the starting point can be considered the fall of 2024. At that time, an influencer gave a presentation criticizing the VC approach.
This made memecoins the main narrative for the next six months.

2/ 首先，让我们回顾一下它是如何开始的。
我想没有人会否认，2024年秋季是它的起点。当时，一位有影响力的人物发表了一场演讲，批评了风险投资的做法。
这使得模因币成为了接下来六个月的主流话题。

3/ New memecoins appeared every day and gathered huge liquidity, but just as quickly their popularity ended.
By December 2024, the capitalization of memecoins exceeded $135B, which was more than 5% of the entire crypto market capitalization. 

3/ 每天都有新的模因币出现，并积累了巨大的流动性，但它们的流行也很快就结束了。
到 2024 年 12 月，模因币的市值超过 1350 亿美元，占整个加密货币市值的 5% 以上。

4/ "...What was happening with technology back then?"
Here, we encounter the first global narrative issue.
In the rush for quick profits, the long-term perspective lost its appeal to many. As memecoins gained popularity, meaningful narratives lost liquidity.

4/ “……当时的技术怎么样？”
这里，我们遇到了第一个全球叙事问题。
在追求快速利润的冲动下，长远视角对许多人失去了吸引力。随着模因币的流行，有意义的叙事失去了流动性。

5/ "...Okay, but a lot of people made money, didn't they?"
Another misconception that is driven by hype, social media, and FOMO. You've probably seen plenty of successful screenshots, but the statistics say otherwise.
Most traders stay at a loss, and in an attempt to recoup 

5/ “……好吧，但很多人赚了钱，不是吗？”
另一个由炒作、社交媒体和“错失恐惧症”（FOMO）驱动的误解。你可能看过很多成功的截图，但统计数据却并非如此。
大多数交易者处于亏损状态，并试图挽回损失

6/ "...Hmm, then the next problem is insiders and scammers?"
That's right. History provides many examples of unscrupulous people taking advantage of the rapid pace of this narrative.
Remember $LIBRA? These factors only accelerated the end of the memecoin supercycle.

6/ “……嗯，那么下一个问题就是内部人员和骗子了？”
没错。历史上有很多不法之徒利用这种快速发展叙事的例子。
还记得$LIBRA吗？这些因素加速了模因币超级周期的终结。

7/ If everyone is losing, who is making money?
The answer is simple: platforms, teams, founders, and the lucky few. Let's set aside the lucky ones and focus on the platforms involved.
Solana revenue was about $4M/d, Pump fun around $5M/d, and the popular trading terminal GMGN 

7/ 如果每个人都在亏损，那么谁在赚钱？
答案很简单：平台、团队、创始人，以及少数幸运儿。让我们先把幸运儿放在一边，专注于相关的平台。
Solana 的收入约为每天 400 万美元，Pump 的收入约为每天 500 万美元，而流行的交易终端 GMGN 

8/ The losers?
As mentioned earlier, many who traded ended up with nothing. Among my acquaintances, I know of only 1-2 success stories.
Even if you stood on the sidelines, you can still feel the impact of the liquidity and attention drain.

8/ 输家？
如前所述，许多交易者最终一无所获。在我认识的人中，我只知道一两个成功的例子。
即使你置身事外，也能感受到流动性和注意力流失的影响。

9/ To summarize...
When the supercycle reached its peak, the market was already too overheated, and there was a massive outflow that even the most resilient felt.
Along with this, interests were renewed, and mindshare more and more returned to fundamentals.

9/ 总结一下……
当超级周期达到顶峰时，市场已经过热，出现了大规模的资金外流，就连最坚韧的投资者也感受到了。
与此同时，投资者的兴趣也重新燃起，投资者的注意力也越来越多地回归到基本面。

10/ Make sure to join my alpha channel so you don't miss out on the hottest updates and news.
➢ Link - http://bit.ly/3KbglyH. 

10/ 确保加入我的Alpha频道，这样您就不会错过最热门的更新和新闻。
➢ 链接 - http://bit.ly/3KbglyH. 

11/ Wanna more alpha? Follow these chads:
@AlphaFrog13 / @Defi_Warhol / @the_smart_ape / @kem1ks /  @splinter0n / @0xDefiLeo / @0xJok9r / @Haylesdefi / @eli5_defi / @belizardd / @0xAndrewMoh / @DOLAK1NG / @kenodnb / @YashasEdu / @rektdiomedes / @thelearningpill / @Flowslikeosmo

11/ 想要Alpha？关注以下用户：
@AlphaFrog13 / @Defi_Warhol / @the_smart_ape / @kem1ks / @splinter0n / @0xDefiLeo / @0xJok9r / @Haylesdefi / @eli5_defi / @belizardd / @0xAndrewMoh / @DOLAK1NG / @kenodnb / @YashasEdu / @rektdiomedes / @thelearningpill / @Flowslikeosmo

12/ Thank you for your attention. I hope this thread helps you get closer to the problems that the memecoin supercycle has presented us with.
Follow me and save this thread in your bookmarks. https://twitter.com/1447592829786669056/status/1921260076045828532

12/ 感谢您的关注。希望本帖能帮助您更深入地了解 memecoin 超级周期给我们带来的问题。
关注我并将本帖添加到您的书签中。https://twitter.com/1447592829786669056/status/1921260076045828532