“这是世界上最大的赌场”——模因币是如何劫持加密货币未来的？专家们这么说

加密货币市场正在蓬勃发展，但 meme 币却占据了交易量的主导地位。它们是否在推动大规模采用，还是将行业引向短期、赌场式的心态？专家们对此发表了看法。

炒作、政治和数十亿美元

Meme 币不再是加密货币市场的边缘元素——它们已经成为加密货币市场的驱动力，推动着一个充满投机、波动和文化转型的时代。

像 Pump.fun 这样的平台，一个基于 Solana (SOL) 的启动板，让任何人都可以比以往更轻松地即时创建和交易 meme 代币，从而将自己确立为病毒式代币发布的中心。

自 2024 年 1 月首次亮相以来，Pump.fun 已促成超过六百万个 meme 币的诞生，其中绝大多数除了用于投机之外没有任何用途。

这股热潮甚至蔓延到了政界，将金融、炒作和治理交织在一起。

在阿根廷，总统哈维尔·米莱因涉嫌支持 LIBRA 模因币而面临强烈反对，该代币在数小时内飙升后又暴跌，导致散户投资者损失惨重。

此事引发了一场政治风暴，反对派领导人要求弹劾他。

Meanwhile, in the U.S., just days before his inauguration, Donald Trump’s own meme coin — named Official Trump (TRUMP) — experienced a meteoric rise, reaching a $15 billion market cap before retreating to $3.35 billion as of Feb. 19. 

更加引人注目的是，梅拉尼娅·特朗普还推出了自己的代币 Melania Meme （MELANIA），也吸引了数十亿美元的交易量。

由于散户交易者将数十亿美元投入到往往缺乏基本效用的资产中，crypto.news 联系了行业专家，以评估模因币是否正在耗尽流动性并抑制创新，或者它们是否正在吸引新一波投资者进入数字资产？

让我们深入讨论一下。

模因币 (Meme Coin) 是流动性流失还是加密货币的门户？

支持 meme 币的一个关键论点是它们能够吸引新资本和新用户，而这些用户原本可能不会参与加密货币。

Unlike technical blockchain projects, meme coins don’t require an understanding of staking mechanisms, interoperability, or smart contract security. Instead, their appeal lies in simplicity — catchy branding, viral marketing, and a low barrier to entry.

Daria Morgen, Head of Research at Changelly, rejects the idea that meme coins are starving serious projects of liquidity. She argues that the traders flocking to these tokens wouldn’t necessarily be investing in blockchain protocols in the first place.

“Many start with meme coins but eventually explore more serious projects. I don’t think meme coins necessarily divert liquidity. While some people might leave crypto altogether, most meme coin traders wouldn’t have invested in blockchain projects anyway — or they already hold assets like BTC or SOL. It’s a free market, and it’s up to utility-driven projects to attract liquidity and build their audience.”

然而，其他人则认为，模因币不仅吸收了零售现金，还改变了更广泛的市场动态，使合法项目更难获得关注。

Seraph Studios 首席执行官 Tobin Kuo 亲身经历了这种转变。他的公司开发基于区块链的 AAA 级角色扮演游戏，玩家可以以 NFT 的形式拥有游戏内资产，并通过游戏获得奖励。但由于交易者追逐 meme 币的快速利润，像他这样的长期项目很难保持参与度。

“对于我们这些在 GameFi 中构建游戏的人来说，这是一个充满挑战的时期。玩家在游戏经济中投入的时间越来越少，在当今‘快进快出’的交易环境中，Axie Infinity 时代的成功很难复制。我和我的团队一直在不断适应，寻找重新引入更深入的参与度和可持续的激励机制的方法。”

他的观点反映了加密货币领域日益增长的趋势。在之前的周期中，投机通常集中在 DeFi 或边玩边赚游戏等新兴领域。现在，大部分投机流动性都流入了 meme 币，而那些依赖持续参与的项目则难以建立活跃的社区。

Cycle Network 首席执行官 Jessica Zheng 看到了争论的双方。虽然她承认 meme 币能吸引零售参与，但她也指出，短期心态日益盛行，导致该行业越来越受炒作驱动，而不是专注于真正的发展。

“The meme coin boom initially started as a pushback against big capital controlling the market — a way for grassroots communities to express their frustration and take a stand. Early on, successful meme coins actually had positive external effects, drawing in Web2 users and sparking interest in Web3. But as the market has matured, meme coins have also revealed major issues. The short-term gains have attracted a lot of people who see crypto as a quick cash grab, making the industry feel more short-sighted and less focused on sustainable growth.”

This shift toward short-termism is precisely what concerns Georgii Verbitskii, Founder of TYMIO. He argues that meme coins have delayed the broader market’s transition into a true altcoin bull run.

“The meme coin mania has drained market liquidity. We’re seeing thousands of new meme coins launch daily, siphoning capital away from more mature tokens, DeFi protocols, and altcoins with real utility. Many investors now prefer meme coins over sound investments, which is why fundamentally strong altcoins and protocols are getting less attention.”

Pump.fun 等平台的作用

如果没有无摩擦代币发行平台的兴起，模因币就不会达到目前的规模。像 Pump.fun 这样的平台从根本上改变了游戏规则，让任何人（无论技术专长如何）都可以在几秒钟内创建和发行代币。

乍一看，这种创新符合去中心化的精神——开放准入、低准入门槛、摆脱传统看门人的金融体系。但在实践中，它也引发了前所未有的投机性代币泛滥。

问题在于这些平台是否正在扩大金融机会，还是正在助长不可持续的庞氏骗局式循环，从而削弱人们对加密货币的信任。

摩根看到了双方的争论。虽然她承认像 Pump.fun 这样的平台降低了进入门槛，但她警告称，这些平台的易用性也让不法分子更容易利用散户交易者。

“While platforms like this foster creativity and make token launches more accessible, they also contribute to an oversaturation of low-quality assets. This environment enables pump-and-dump schemes, making them easier to execute. Such practices can erode trust in the crypto market and push away legitimate investors.”

That erosion of trust is already playing out. Retail traders, lured by the promise of quick gains, often find themselves on the losing end of highly manipulated cycles.

一些通过 Pump.fun 等平台推出的模因币在数小时内就耗尽了全部流动性——早期采用者带着利润离开，而大多数买家持有的代币价值却跌至接近于零。

郭的立场更加严厉，他认为这些平台已将加密货币的核心叙事从创新转变为赌博。

“说实话，人们对加密货币的信任度并没有达到历史最高水平，而且就目前的情况来看，就连业内资深人士也开玩笑说，加密货币领域正在变成世界上最大的赌场。新进入者来这里不是为了去中心化或区块链创新——他们只是在追逐金钱，没有别的目的。”

郑承认开放式发行平台的作用，但警告称，低质量代币的涌入是不可持续的。

“这取决于你如何看待它。零门槛启动平台可以充当催化剂，加速代币创造并帮助有前途的想法获得曝光。从这个意义上说，它们创造了机会。但催化剂只会加速事情的发展——它不会改变基本面。如果一个项目从一开始就缺乏真正的价值，那么更快地启动它并不能使其可持续发展。它仍然只是空洞的炒作。”

Hence, the issue isn’t the existence of these platforms—it’s how they’re being used. The problem arises when these tokens are marketed purely as speculative bets, often promoted by influencers who pump them to their followers before cashing out.

谁应该为 meme 币的炒作负责？

从社交媒体人物炒作新代币到交易所将其上市以快速提升交易量，多个行业参与者从围绕这些资产的猜测中获利。

但是，当散户交易者亏损时——通常是因为代币被操纵或被操纵——谁来承担责任？

莫根承认加密货币的自由市场性质，但认为平台和影响者必须采取负责任的行动。

“加密货币市场一直与 DYOR 有关。这是一个自由市场——模因币会来来去去，禁止它们并不现实。教育是帮助交易者发现骗局和欺诈的关键。然而，平台和影响者也负有一定的责任。推广可疑项目以快速获利可能会带来短期利润，但它会扼杀信任并随着时间的推移赶走用户。”

Kuo, however, argues that the market isn’t truly free when those with the loudest voices manipulate it.

“Everyone plays a role in this, and yes, this is how the market works. But calling it a ‘free market’ is a stretch when so much of the content is driven by paid promotions and, in many cases, outright manipulation.”

His point highlights a growing concern — many meme coin traders don’t base decisions on independent research but on what’s trending on X, YouTube, or Telegram. 

发起人的影响力巨大，尤其是那些为个人利益而推销项目的有影响力的人，这使得散户交易者很难评估真正的风险。

郑先生的立场更为中立，他承认平台和网红的影响力，同时也指出了他们的责任。

“交易所和影响者影响着市场情绪，尽管市场在技术上是自由的，但许多散户交易者——尤其是新手——可能会被他们的言论所左右，而没有完全了解风险。这可能会导致损失。有影响力的人物和平台有责任在分享观点时保持中立和客观。他们不应该只追求参与度而牺牲散户投资者的利益。”

Tabi Chain 联合创始人 Mori Xu 认为，这是一个平衡问题。虽然许多交易员都鲁莽行事，但他认为，行业内的自我监管有助于遏制最严重的过度行为。

“网红和平台应该对他们推广的内容承担一定的责任。他们应该提供明确的风险披露，避免误导投资者。”

Verbitskii, meanwhile, sees the cycle of hype and loss as self-correcting. He argues that painful lessons will eventually shift market behavior.

“The only thing that will slow it down is painful losses. When enough people get burned, fewer will jump in blindly. That’s the nature of market cycles.”

Why do traders keep coming back?

Meme 币已经崩盘无数次了。每一次周期，都会有少数币飙升，一夜之间造就百万富翁，但很快又会崩盘，留下一连串的损失。

尽管存在这种可预测的兴衰模式，交易员们仍不断投入其中，向那些通常没有实际潜在价值的代币投入数十亿美元。

乍一看，这种行为似乎不合理。投资者为何愿意重返一个让他们屡屡受创的市场？

Kuo 将模因币投机与传统市场中存在了几个世纪的情绪化交易模式进行了比较。

“这是典型的从众效应心理——几个世纪以来，这种现象一直在股票市场中上演。投资者购买资产只是因为其他人在赚钱，而他们往往没有完全理解基本面。这种循环在股票和加密货币中都重复出现，模因币也不例外。”

For example, stocks like GameStop (GME) and AMC experienced similar hype cycles during the retail trading frenzy of 2021. The difference is that in crypto, these cycles unfold much faster — sometimes within hours or days rather than months.

Xu believes meme coins are driving a deeper shift in crypto, moving the market away from fundamentals-based investing and toward narrative-driven speculation.

“Despite multiple crashes, traders keep chasing meme coins because of their high return potential, social media hype, and strong community influence. The excitement and FOMO around these tokens make them impossible to ignore.”

Morgen offers a different perspective, arguing that crypto traders have always been split into two distinct camps — those seeking long-term stability and those embracing high-risk speculation.

“It’s almost human nature to chase quick profits. There will always be risk-averse and risk-seeking investors: the former will hodl Bitcoin (or avoid crypto altogether), and the latter will gamble on meme coins. I don’t think there’s any real shift — crypto markets have always been like this.”

LIBRE 丑闻及其后续影响

LIBRE 丑闻是模因币监管争论的转折点。当阿根廷总统与该代币挂钩时，其价格飙升——但在数小时内就崩盘，让数百万投资者资金化为乌有。

随着模因币影响全球政治和金融市场，问题不再是政府是否应该干预，而是多少监管才算过度。

郭对监管能否产生实际影响持怀疑态度。他认为，加密货币过于分散，政府限制无法有效发挥作用。

“这是一个有趣的讨论，尤其是在 meme 币发行平台上要求 KYC 的呼声越来越高的情况下。有人建议 Pump.fun 应该要求开发人员在发行代币之前验证他们的身份。但让我们现实一点。如果你监管 Pump.fun，另一个平台就会出现来取代它。这个循环会重复发生——就像监管收紧时 CEX 让位于 DEX 一样。”

Zheng takes a more measured stance. While she agrees that decentralization should be protected, she acknowledges that certain safeguards could help prevent market manipulation and retail losses.

“The LIBRE scandal showed how easily meme coins — especially those with no real substance — can be manipulated by a small group of people, which isn’t good for the market. If nothing is done, a lot of retail investors could end up getting hurt.”

Xu believes the solution lies in smart regulation — rules that protect investors without imposing excessive restrictions.

“The LIBRE scandal highlighted how easily meme coins can be manipulated. I think governments should step in carefully. They have a role in protecting investors and maintaining market integrity, but overregulation could stifle the decentralized spirit of crypto.”

“智能监管”方法与一些国家已经在探索的方法一致。监管机构可以要求制定披露规则、强制有影响力的人披露付费推广活动，或对高风险代币实施安全审计，而不是直接禁止 meme 币。

与此同时，1inch Labs 首席合规官 Hedi Navazan 认为，缺乏监督使得 meme 币特别容易受到欺诈、哄抬和抛售周期以及政治滥用的影响。

“发行 meme 币存在多种风险，包括市场操纵和利用公众人物影响价格走势以利于其核心圈子。治理和结构是关键。在 2025 年达沃斯世界经济论坛上，meme 币成为讨论的主要话题，大多数专家对像梅拉尼娅币和特朗普币这样的高调发行表示担忧。这些举措可能会向市场传递错误的信息，可能会导致失望和怀疑，而不是展示区块链的真正潜力。”

与此同时，维比茨基认为，投机狂潮已接近顶峰。尽管模因币已经吸收了市场的大部分流动性，但他认为，模因币的主导地位可能只是昙花一现。

“我相信这种 meme 币热潮的顶峰已经过去。TRUMP 代币的发行可能是转折点，所以现在是时候进入冷却期了。许多备受瞩目的 meme 币让买家损失惨重，这给市场带来了负面印象，并可能阻碍未来的投资者。”

However, history suggests this cooling-off period will be temporary. New narratives — whether political meme coins, celebrity-backed tokens, or AI-generated projects — will likely emerge, reviving speculation all over again.

For now, crypto remains a wild west — where high risks, high rewards, and minimal oversight define the meme coin market. Whether governments step in or not, the next phase of crypto regulation will likely be shaped by how the industry responds to scandals like LIBRE and the political meme coin boom.