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BTC 
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FET 
PENGU 
PEPE 
SHIB 
LIT 
PUMP PENGU下跌11%，迷因币占据加密市场五大跌幅榜中的三席
市场整体走软并不意味着所有迷因币都在同步波动，单日排名也无法单独解释这些代币为何下跌。然而，这确实表明在本次交易时段中，与迷因币相关的交易活动是首批承受压力的市场板块之一。
三只迷因相关代币跻身跌幅前五
PENGU领衔该群体，PUMP下跌8.90%，PEPE下跌7.9%。跌幅前五榜单中的另外两个资产来自市场的不同领域：LIT属于基础设施代币，而FET则与人工智能板块相关联。
PUMP不应被简单归类为迷因币。它出现在榜单中的原因有所不同：pump.fun是发行和交易迷因代币的主要平台，因此其代币与高换手率的迷因市场紧密相连。综合来看，PENGU、PUMP和PEPE的表现指向了迷因相关交易活动的疲软，尽管仅凭每日排名无法确定单一的市场催化剂。
为何迷因相关交易往往反应更快
迷因币的波动性并非仅仅源于其品牌属性。其价格通常由关注度、在线社区、交易所上市情况以及短期交易动能共同塑造。当需求积累时，这些因素可能带来快速上涨，但一旦交易者开始降低风险敞口，逆转也可能同样迅速。
Bitcoin and Ethereum are also volatile assets, but their markets are usually deeper and supported by a wider range of holders and use cases. In contrast, memocoins often lack traditional reference points for valuation. This makes price declines self-reinforcing: falling prices weaken the market momentum that initially attracted buyers.
A working paper by the Bank for International Settlements (BIS) provides a useful explanation of this broader mechanism. Research has found that investor capital flows may cause the market value of a cryptocurrency to change more than the value of the capital flow itself, especially when a large number of tokens are held as investment rather than payment.
Although this study is not specifically focused on memo and therefore cannot explain the specific trend of PENGU or PEPE alone, it reveals why a market, driven mainly by investor position positioning and trading demand, reacts violently when emotions change.
Such a model has been revealed before
Memin was also one of the strongest themes in the crypto market in 2024. The 2025 market outlook released by Coinbase Institutional quoted DefiLlama data to show that meme tokens were the best performing crypto sector with market value growth during the year. The report also linked the rise in minocoin trading volume to the rapid rise of Telegram trading robots and their revenue growth.
Solana played an important role in this expansion because its low-cost, high-speed trading characteristics make frequent transactions and token issuance easier. Our recent analysis of Solana's decentralized exchange (DEX) activity shows that daily trading rankings need to be interpreted in conjunction with long-term volume and participation data.
The downside risks are also clearly visible. The European Securities and Markets Authority (ESMA) report on UCITS Qualified Asset Orders includes a crypto risk analysis appendix that compares Bitcoin's 40-day annualized volatility with Dogecoin, Shiba Inu and PEPE. Its data suggests that major meme tokens have historically experienced greater fluctuations than Bitcoin.
What will make this decline more meaningful
The key question is whether the weakness is limited to the above tokens or whether it will persist after the Bitcoin, Ethereum and the broader altcoin markets stabilize. If the market continues to underperform, accompanied by a decline in trading volume and thinning liquidity, it indicates that meme trading may face a more sustained retreat.
If these tokens rebound while the rest of the market remains stable, the list of "top five losers" may reflect only a volatile trading day rather than a broader market shift. For now, this reminds us that when risk appetite is strong, meme-related assets can climb rapidly, and when risk appetite fades, they are often the first to lose.
本文仅供参考，不构成财务、投资或交易建议。加密货币市场具有高波动性，读者在进行任何投资决策前应自行进行研究。
