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

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Meme幣超級週期是一個錯誤。
過熱、流動性耗盡和賭博。
Meme幣如何改變了市場。🧵👇

根據 Memento Research 的 Ash 的最新分析，2025 年的新代幣發行浪潮（代幣生成事件 - TGE）正成為加密貨幣投資者的一場名副其實的“血洗”……

TGE加密2025展望：近85%的代幣上市後價值大幅縮水

堅持下來，找到自己的優勢，你將會獲得回報。
文章作者：0xJeff
文章來源：深潮TechFlow
2025 年充滿了前所未見的動盪與變化。我們迎來了一位據稱支持加密貨幣和人工智能的美國總統。然而，2025 年的市場並未迎來期待中的牛市，反而成為了整個行業的“屠殺”之年。
- 大多數山寨幣在 2025 年經歷了 80%-99% 的暴跌
- 比特幣市值佔比回到 2019-2020 年的水平（超過 6...

2026 年必須瞭解的 7 大加密趨勢與教訓

一位加密貨幣分析師表示，加密貨幣交易員在社交媒體上尚未表現出足夠的恐慌情緒，不足以確認市場觸底。他認為比特幣仍有可能跌至 75,000 美元左右。

“這看起來很誘人……”

桑蒂門特：加密貨幣市場“還沒到恐慌的地步”，現在斷定底部尚未到來。

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，讓我們回顧一下它是如何開始的。
我想沒有人會否認，2024年秋季是它的起點。當時，一位有影響力的人物發表了一場演講，批評了風險投資的做法。
這使得模因幣成為了接下來六個月的主流話題。

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/ 每天都有新的模因幣出現，並積累了巨大的流動性，但它們的流行也很快就結束了。
到 2024 年 12 月，模因幣的市值超過 1350 億美元，佔整個加密貨幣市值的 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/ “……當時的技術怎麼樣？”
這裡，我們遇到了第一個全球敘事問題。
在追求快速利潤的衝動下，長遠視角對許多人失去了吸引力。隨著模因幣的流行，有意義的敘事失去了流動性。

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，但很多人賺了錢，不是嗎？”
另一個由炒作、社交媒體和“錯失恐懼症”（FOMO）驅動的誤解。你可能看過很多成功的截圖，但統計數據卻並非如此。
大多數交易者處於虧損狀態，並試圖挽回損失

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，那麼下一個問題就是內部人員和騙子了？”
沒錯。歷史上有很多不法之徒利用這種快速發展敘事的例子。
還記得$LIBRA嗎？這些因素加速了模因幣超級週期的終結。

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/ 如果每個人都在虧損，那麼誰在賺錢？
答案很簡單：平臺、團隊、創始人，以及少數幸運兒。讓我們先把幸運兒放在一邊，專注於相關的平臺。
Solana 的收入約為每天 400 萬美元，Pump 的收入約為每天 500 萬美元，而流行的交易終端 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/ 輸家？
如前所述，許多交易者最終一無所獲。在我認識的人中，我只知道一兩個成功的例子。
即使你置身事外，也能感受到流動性和注意力流失的影響。

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/ 總結一下……
當超級週期達到頂峰時，市場已經過熱，出現了大規模的資金外流，就連最堅韌的投資者也感受到了。
與此同時，投資者的興趣也重新燃起，投資者的注意力也越來越多地迴歸到基本面。

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/ 確保加入我的Alpha頻道，這樣您就不會錯過最熱門的更新和新聞。
➢ 鏈接 - 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？關注以下用戶：
@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/ 感謝您的關注。希望本帖能幫助您更深入地瞭解 memecoin 超級週期給我們帶來的問題。
關注我並將本帖添加到您的書籤中。https://twitter.com/1447592829786669056/status/1921260076045828532