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(noun) joke-based crypto tokens with bafflingly enduring appeal
（名词）基于玩笑的加密代币，具有令人费解的持久吸引力
The anarchic streak to markets is thriving in the world of memecoins — an “asset class” (for lack of a better word) targeting those who find the wild west of crypto just not wild enough.
市场中的无政府主义倾向在模因币的世界中蓬勃发展——这种“资产类别”（暂且这么称呼）专门吸引那些觉得加密货币的狂野西部还不够狂野的人。
The biggest crypto asset is bitcoin — essentially a line of code created by computers firing sums at each other to which the wisdom of crowds now attaches a value of almost $100,000 apiece. True believers have made great fortunes here, despite the currency’s lack of everyday utility or underlying institutions and revenues. Its value has more than doubled in 2024, thanks in no small part to Donald Trump’s crypto curiosity.
最大的加密资产是比特币——本质上是由计算机相互运算生成的一行代码，如今大众智慧为其赋予了每枚近10万美元的价值。尽管这种货币缺乏日常实用性或基础机构和收入，真正的信仰者在此赚取了巨额财富。2024年，其价值翻了一倍多，这在很大程度上要归功于唐纳德•特朗普(Donald Trump)对加密货币的好奇心。
Enthusiasts insist bitcoin is the future of money and the foundation for a new financial order. But it is just one crypto asset among thousands. Memecoin backers make no such claims, and explicitly celebrate their silliness rooted in the ephemera of social media crazes. Generally, these things are worth fractions of pennies individually but, in total, the “value” sometimes runs to billions.
爱好者坚称，比特币是货币的未来，是新金融秩序的基础。但它只是数千种加密资产中的一种。Memecoin的支持者并不做这样的主张，他们明确地庆祝其根植于社交媒体热潮的荒诞。通常，这些东西单个价值仅为几分钱的零头，但总“价值”有时却达到数十亿美元。
The best-known is dogecoin, based on an internet-famous dog and beloved of Elon Musk. It is no coincidence that Musk’s role in the Trump 2.0 administration is co-heading the Department of Government Efficiency, or Doge.
最著名的是狗狗币，它基于一只网络知名的狗，并受到埃隆•马斯克(Elon Musk)的喜爱。马斯克在特朗普2.0政府中担任政府效率部(Department of Government Efficiency)的联合负责人，这绝非巧合，该部门简称为Doge。
But it gets much, much sillier. Breakthrough memecoin stars of 2024 include Moo Deng, based on a Thai pygmy hippo; PNUT — a nod to a euthanised squirrel beloved of the US rightwing, and Hawk Tuah, launched by a young woman propelled to internet stardom by an off-the-cuff lewd comment.
但事情变得更加荒谬。2024年的突破性迷因币明星包括以泰国侏儒河马为原型的Moo Deng；PNUT——向美国右翼所钟爱的被安乐死的松鼠致敬；以及Hawk Tuah，由一位因随口猥亵评论而在网上走红的年轻女性推出。
Buy early, and if others follow, you can scoop up huge profits. Buy late and you can quickly find yourself holding something worthless, as many buyers of the Hawk Tuah coin found out. It’s two fingers up to the financial establishment, and not for the cautious or faint of heart.
尽早购买，如果其他人跟进，你可以赚取巨额利润。晚买，你可能很快发现自己持有一文不值的东西，正如许多Hawk Tuah币的买家所发现的那样。这是对金融机构的挑衅，不适合谨慎或胆小的人。