作者：The DeFi Investor 翻译：善欧巴，金色财经
今年，山寨币的开局表现无疑很糟糕。根据dexu.ai的数据，自2025年初以来，没有任何一个加密货币的叙事实现了正面的价格表现。
那么，市场为何下跌？回头看，我认为有几个原因：
1. 特朗普就职典礼成为了“卖新闻”事件（所有因为特朗普获胜而想买的人，实际上早在就职典礼前就已经买入了）。
2. 美国比特币储备的推出比大多数人预期的要慢。
3. 现在有很多宏观经济的不确定性。
但也许最重要的原因是：
过去几个月，成千上万的低投入迷因币涌入市场。像Pumpdotfun这样的发行平台让任何人都能轻松推出新的币种。
而这显然在长期来看是不可持续的。
在前一个牛市中，我们只有几千种代币。而现在，流动性分散到了数百万个不同的代币上。仅在过去30天里，我们就看到四个主要的迷因币发布：
• $TRUMP——比历史最高点（ATH）下降了76%。
• $MELANIA——比历史最高点下降了90%。
• $CAR——比历史最高点下降了95%。
• $LIBRA——比历史最高点下降了93%。
这些币种在其高峰时都达到了数十亿美元的市值。
虽然我对像DOGE或FARTCOIN这样的迷因币没什么问题，但像我提到的这些名人迷因币对加密货币来说是负面影响，因为一些内部人员通过散户投资者赚取了数亿美金。$TRUMP币的发布让许多名人相信内幕交易现在是合法的。
幸运的是，我相信仍然存在希望。
让我感到乐观的一点是，DeFi 最近首次成功地在叙事思维中颠覆了模因。
根据Dexu.ai的数据，迷因币是过去30天表现最差的第四大加密货币叙事。
在X上的关于迷因币的情绪似乎也已经转向负面。越来越多的人开始意识到名人迷因币是如何从散户身上榨取财富的。
除此之外，证券交易委员会（SEC）刚刚宣布了一个新的网络部门，旨在打击加密货币等领域的欺诈行为。
希望这能够结束那段每个名人都推出一个新的垃圾币然后抛售给粉丝的犯罪季节。
我依然相信，未来几个月将会有很多支持加密货币的政策宣布。但在鼓励创新和容忍骗局之间，还是有很大区别的。我们需要更多的创新，而不是更多的名人欺骗他们的支持者。
我预计，随着我们终于开始在美国和其他主要国家获得更多关于加密货币的监管明确性，实用性季节将最终到来。
加密货币不会消失。
过去几个月确实很艰难，但我们曾经经历过更糟糕的时刻。
A UK court denied James Howells' bid to recover a hard drive with 8,000 Bitcoin buried in a Newport landfill, citing high excavation costs and environmental concerns. Mined in 2009, the lost Bitcoin is now worth over $750 million.
CatherineEl Salvador continues to buy Bitcoin, including a recent purchase of 11 BTC, increasing its total holdings to over 6,000 BTC. President Bukele has also expressed interest in acquiring Bitcoin seized by the U.S. government, further solidifying the country’s commitment to cryptocurrency.
Anais
AlexHo Chi Minh City is using AI to control traffic lights at key intersections to improve traffic flow and reduce congestion. The city is also testing Digital Twin technology to monitor real-time conditions and plans to expand these systems to more areas.
WeatherlySingapore has blocked Polymarket, labelling it an unlicensed gambling platform under its strict betting laws. The platform also faces regulatory scrutiny in the US and France, putting its global future in question.
CatherineMango Markets, a Solana-based DEX, is shutting down after an SEC settlement, governance disputes, and legal issues from a 2022 exploit. Users are urged to close positions as the platform winds down to preserve remaining assets.
KikyoJamie Dimon, CEO of JPMorgan, reiterated his skepticism about Bitcoin, calling it "useless" and without intrinsic value, while highlighting its use in illegal activities. Despite Bitcoin's rise in popularity, Dimon remains unconvinced of its legitimacy and long-term value in the financial landscape.
AnaisLitecoin’s X account was hacked to promote a fake Solana-based token using the LTC ticker, following a similar attack on Foresight Ventures. Hackers are increasingly using phishing emails disguised as X communications to steal user credentials. Will cyber attacks escalate in 2025?
CatherineA 47-year-old man, Kurrimela Ramesh Goud, was arrested in India for defrauding investors of over Rs. 95 crores ($11 million) through a fake cryptocurrency platform. Authorities are investigating the large-scale scam and expect more victims to come forward.
WeatherlyOver 7 million OpenSea user emails have been fully exposed after a data leak from the marketplace’s automation vendor in mid-2022, giving scammers new opportunities for phishing. Is your email at risk?
Kikyo