Memecoin

{:en}The blockchain security field has recently caused another wave of turmoil. Four.Meme, a memecoin issuance platform based on BNB Chain, announced the resumption of operations after suffering a "sandwich attack" worth about $120,000. This is the second time the platform has suffered a major security vulnerability attack in two months, exposing the technical vulnerability and regulatory gaps of emerging projects in the memecoin ecosystem. Although the Four.Meme team quickly patched the vulnerability and promised to compensate users, this incident once again triggered deep doubts in the market about the security of the memecoin project. Attack incident review: Liquidity hijacking under pre-calculation vulnerability On March 18, Four.Meme issued a statement through its official social platform X, saying that its token issuance function has been reopened after completing a security review. Previously, the platform urgently suspended services due to the detection of abnormal trading activities and confirmed that the system was "under attack." Blockchain security company ExVul later disclosed that the attacker used a technical loophole before Four.Meme went online, bypassed the platform's token transfer restrictions by pre-calculating the addresses of the liquidity pool trading pairs, and carried out a carefully planned "sandwich attack". According to ExVul's analysis, the attacker first predicted…...

{:en}Wolf (WOLF), a new meme coin created by Hayden Davies, the founder of the controversial Libra (LIBRA), is making waves again. The Solana chain token, which piggybacked on the IP of "The Wolf of Wall Street", saw its market value soar to $42.9 million after it went online on March 8, but it plummeted 99% within 48 hours, leaving a market value of only $570,000. Blockchain analysis platform Bubblemaps revealed that 82% of the WOLF token supply is controlled by the same entity, which is exactly the same as the Libra token previously managed by Davies before the collapse. On-chain data shows that Davies transferred funds to 17 wallets through the "OxcEAe" address controlled by him several months in advance, and these wallets eventually became early holders of WOLF tokens. This pattern replicates the collapse trajectory of Libra (LIBRA) - earlier this year, eight internal wallets cashed out $107 million from the Libra liquidity pool, causing $4 billion in market value to evaporate instantly, and even implicated Argentine President Milley in an impeachment crisis. At present, Interpol has considered issuing a red warrant for Davies at the request of Argentine lawyers, accusing him of possibly using crypto assets to abscond.…...

{:en}Since the creation of its genesis block on March 16, 2020, Solana has marked five years of growth. Born during the early days of the COVID-19 pandemic, this high-throughput, low-cost Layer-1 blockchain quickly became one of the most active networks by transaction volume in the crypto industry. Despite being hit hard by the bear market and the FTX collapse, which saw Solana’s price plummet by 96% from its all-time high, its ecosystem resilience drove a nearly 50x rebound in market capitalization post-2023. Now, with the U.S. announcing its inclusion in a digital asset strategic reserve, Solana’s price is once again in the spotlight. Technological Breakthrough Amid the Pandemic Solana's origins can be traced back to the "Proof of History (PoH)" mechanism white paper proposed by Anatoly Yakovenko in 2017, but the actual mainnet launch coincided with the global epidemic lockdown in 2020. With the support of institutions such as Multicoin Capital, Solana has risen as an "Ethereum killer", with a market value of up to $77.8 billion at the peak of the bull market in 2021. However, in 2022, the bear market and the FTX crash crisis caused Solana's price to fall to $8.3, and its market value evaporated by…...

{:en}Recently, despite increased volatility in the broader cryptocurrency market, Dogecoin Price has drawn attention due to positive on-chain signals. Blockchain analyst Ali Martinez pointed out that the number of new Dogecoin addresses surged from 16,400 to 34,600 in the past month, a 110% increase, marking a yearly high. This data suggests that even though Dogecoin Price dropped by 16.62% over the past seven days, adoption of the meme coin continues to grow against the trend. Analysts believe that the sustained growth in new addresses could provide long-term liquidity support for Dogecoin Price, but a short-term breakout above the $0.18 resistance level is needed to confirm a trend reversal. Notably, historical data shows that March has not been a "lucky month" for Dogecoin Price. According to Cryptorank, Dogecoin's average March gain over the past 11 years is only 0.07%, with six years ending in losses, including a 53.3% drop in 2018. Although it recorded an 87.5% monthly increase in 2023, Dogecoin Price has already fallen by 17.2% this March. If the trend is not reversed in the remaining 18 days, Dogecoin Price may continue its "March curse." However, the divergence between on-chain expansion and price performance leaves room for market speculation. From a technical perspective, Dogecoin Price recently found support near 0.14andreboundedby3.220.14andreboundedby3.220.1719. Analysts note…...

{:zh}在经历了一场由迷因币（Memecoin）驱动的疯狂增长后，Solana（SOL-USD）正站在关键的十字路口。尽管美国监管环境对加密货币展现出前所未有的友好姿态——白宫宣布建立「战略比特币储备」、针对数字资产行业的诉讼被驳回、货币监理署（OCC）重申允许银行托管加密资产并参与分布式账本技术——但市场的反应却异常冷淡。价格停滞、投机情绪退潮，似乎印证了那句老话：「利好出尽即利空」。而在这场「去泡沫化」的浪潮中，Solana的「迷因币工厂」叙事正面临严峻考验。 迷因币退潮：Solana的增长引擎熄火 2024年初，Solana凭借「迷因币工厂」平台pump.fun的爆发，迅速成为加密市场最耀眼的明星。从1月到11月，其日均活跃地址（DAA）从69.5万飙升至670万，交易费用一度超越以太坊（ETH-USD），迷因币的造富效应让Solana生态涌入海量用户。然而，这场狂欢并未持久。随着市场对「狗系币」「猫系币」等缺乏实际用途的迷因币审美疲劳，Solana的DAA在2024年11月达到峰值后持续下滑，2025年2月已跌至530万，较峰值缩水21%。与此同时，交易费用收入从1月的1.2亿美元骤降至2月的8520万美元，跌幅近30%。数据清晰地表明：Solana的迷因币叙事已接近尾声。 这一趋势与整个迷因币板块的颓势不谋而合。截至2025年3月，加密行业中迷因币板块年内跌幅达54%，与「AI币」「GameFi」等概念一同沦为重灾区。相反，现实资产代币化（RWA）、隐私币、交易所平台币等具备实际用例的板块表现坚挺。这种分化印证了一个残酷的现实：当市场从「赌场文化」转向关注基本面时，缺乏实用价值的迷因币终将被抛弃。而Solana作为迷因币热潮的最大受益者，也不得不直面生态转型的阵痛。 生态数据隐忧：高增长背后的结构性矛盾 尽管Solana的链上稳定币供应量从2024年初的18亿美元激增至目前的118亿美元，但这一光鲜数据背后暗藏危机。根据Artemis数据，Solana在稳定币转账量中的市场份额从1月的35%骤降至3月的9%，被Coinbase旗下公链Base（COIN）等竞争对手蚕食。这暴露了一个关键矛盾：Solana虽能吸引资金沉淀，却未能有效激活其稳定币的流通场景。换言之，大量稳定币仍停留在「囤积」阶段，而非用于支付、跨境汇款或DeFi等实际应用。 这一矛盾进一步体现在用户行为的转变上。尽管Solana凭借超低手续费（单笔交易成本不足1美分）和即时结算的优势，一度被视为Visa、万事达卡等传统支付巨头的颠覆者，但其链上活跃度却高度依赖迷因币投机。当迷因币热潮退去，Solana尚未找到同等量级的替代应用。以NFT市场为例，尽管Solana的NFT销售额在2024年短暂回暖，但2025年再度陷入低迷，单月销售额不足5000万美元，仅为以太坊的十分之一。DeFi领域虽以67亿美元总锁仓额（TVL）位居第二，但与以太坊的420亿美元差距悬殊。Solana的「基础设施优势」尚未转化为可持续的生态繁荣。 估值困境：低市盈率能否支撑未来预期？ 从估值角度看，Solana当前的价格/费用比率（P/F）已从2024年11月的25倍攀升至88倍，尽管SOL币价年内下跌35%，但市场对其未来收益的预期反而升高。这种「背离」反映出投资者的矛盾心理：一方面认可Solana的技术潜力，另一方面担忧其缺乏新叙事支撑增长。与Aptos（APT-USD）、Near（NEAR-USD）等竞争对手相比，Solana的估值仍处于低位，但这更多是市场对迷因币依赖症的后遗症，而非价值洼地的信号。 值得警惕的是，若Solana无法扭转稳定币转账份额下滑的趋势，其收入结构将更加依赖投机性交易。历史经验表明，当公链陷入「手续费依赖症」时，币价往往与网络效用脱钩。以太坊在2023年合并后的表现便是前车之鉴——尽管通缩机制推高币价，但链上活动萎缩导致估值泡沫破裂。对Solana而言，迷因币退潮已迫使市场重新评估其基本面，若生态无法孵化出下一个「杀手级应用」，SOL的反弹可能仅源于市场情绪波动，而非价值发现。 转型之路：稳定币能否成为Solana的新支点？ 面对迷因币叙事终结的挑战，Solana的破局关键或在于稳定币生态的深化。目前，其链上稳定币规模已占市场总供应量的5%，远超Polygon、Avalanche等竞争对手。若能将稳定币从「囤积资产」转化为「流通媒介」，Solana有望在跨境支付、企业结算等场景开辟新战场。例如，通过集成更多法币入口、开发合规工具、拓展商户合作，Solana可将其技术优势转化为实际市场份额。此外，与Circle、Tether等稳定币发行方合作开发链上金融产品，也可能激活DeFi生态的二次增长。 然而，这条转型之路并非坦途。Coinbase通过Base链的「内部导流」策略，正快速抢占稳定币市场份额；Visa、PayPal等传统巨头也在探索自有区块链解决方案。Solana若想突围，必须解决两个核心问题：一是降低用户使用门槛，二是构建差异化的应用场景。例如，针对中小企业开发低成本跨境支付协议，或联合社交媒体平台推出嵌入式稳定币钱包。这些举措需要时间沉淀，而市场留给Solana的窗口期可能并不宽裕。 结论：短期承压，长期仍存想象空间 尽管迷因币退潮让Solana短期内面临增长瓶颈，但其高性能底层架构和活跃的开发者社区仍构成长期价值支撑。从技术角度看，Solana的并行处理能力、低延迟特性在支付、高频交易等场景具备独特优势；从生态角度看，稳定币和DeFi的积累为其转型提供了弹药。然而，在竞争日益激烈的公链赛道中，Solana必须证明自己不仅是「迷因币乐园」，更是「价值互联网」的基础设施。 对于投资者而言，当前SOL的「持有」评级或许是最理性的选择——既不必在生态转型期盲目追高，也无需因短期阵痛否定其技术潜力。毕竟，加密市场的历史反复证明：真正穿越周期的公链，从不依赖单一叙事，而是持续创造真实价值。Solana的下一站，或将决定它能否从「迷因币之王」蜕变为「价值网络之王」。{:}{:en}After a period of explosive growth driven by memecoins, Solana (SOL-USD) stands at a critical crossroads. Despite an increasingly favorable regulatory environment for cryptocurrencies in the U.S.—marked by the White House's announcement of a "Strategic Bitcoin Reserve," dismissals of lawsuits across the digital asset industry, and the OCC reaffirming that national banks can custody crypto assets and engage with distributed ledger technology—market reactions have been tepid. Stagnant prices and receding speculative sentiment seem to confirm the old adage: "Buy the rumor, sell the news." In this wave of "de-bubbling," Solana's "memecoin factory" narrative faces a severe test. Memecoin Fade: Solana's Growth Engine Stalls At the beginning of 2024, Solana quickly became the star of the crypto market, fueled by the explosive rise of the "memecoin factory" platform pump.fun. From January to November, its daily active addresses (DAA) surged from 695,000 to 6.7 million, and transaction fees briefly surpassed those of Ethereum (ETH-USD). The wealth effect of memecoins brought a flood of users to Solana's ecosystem. However, this frenzy did not last. As the market grew weary of memecoins like "dog coins" and "cat coins," which…...

{:zh}3月11日，Solana生态协议Meteora联合创始人Ben Chow的社交媒体账号X（原Twitter）遭黑客入侵，发布了一条指控多个memecoin项目方“寄生式敛财”的推文，引发加密社区震荡。该推文直指Libra（LIBRA）、Melania Meme（MELANIA）、Official Trump（TRUMP）等memecoin背后的开发团队DefiTuna，称其创始人Vlad Pozniakov及Dhirk通过操纵代币发行“最大化榨取资金”，并导致Ben Chow因此辞职。Meteora官方随后紧急回应，称Chow及公司账号均被入侵，呼吁用户勿点击可疑链接，相关推文现已删除。 争议核心围绕memecoin生态的信任问题展开。被黑账号发布的“官方声明”中，Ben Chow以“长期Solana建设者”身份控诉：“我辞职是因自己对memecoin领域的寄生性过于轻信”，并附上疑似DefiTuna团队在WhatsApp群聊中讨论如何通过MATES等memecoin“最大化榨取收益”的截图。尽管对话真实性尚未证实，但“寄生式memecoin”一词迅速成为舆论焦点。分析人士指出，此类事件暴露了memecoin项目方与平台间利益捆绑的潜在风险。 事件进一步升级至政治领域。阿根廷总统哈维尔·米莱因支持Solana链上memecoin项目Libra（LIBRA）陷入“拉地毯”指控，该代币市值曾从零飙升至50亿美元后崩盘，致投资者损失惨重。米莱虽以“自由市场政策”为由否认背书责任，但国会已启动弹劾调查。此次Meteora账号被黑事件中，Libra再度被列为争议memecoin之一，凸显此类代币在投机狂热与政治博弈中的双重脆弱性。 Meteora新任CEO Zen证实，黑客同时入侵了公司官方账号，团队已重置权限并加强验证。然而，memecoin生态的信任裂痕恐难短期修复。从Solana到阿根廷政坛，memecoin的投机属性与监管真空正催生连锁危机。行业呼吁建立更透明的发行机制，但匿名文化盛行与暴利诱惑下，寄生式memecoin或将继续游走于灰色地带。{:}{:en}On March 11, the X account (formerly Twitter) of Ben Chow, co-founder of the Solana-based protocol Meteora, was hacked, posting a tweet accusing multiple memecoin projects of “parasitic fund extraction,” causing a stir in the crypto community. The tweet directly targeted the development team behind memecoins such as Libra (LIBRA), Melania Meme (MELANIA), and Official Trump (TRUMP), claiming that DefiTuna founders Vlad Pozniakov and Dhirk were “maximizing fund extraction” through token launches, which led to Ben Chow’s resignation. Meteora’s official account quickly responded, stating that both Chow’s and the company’s accounts had been compromised, urging users to avoid clicking on suspicious links. The controversial tweet has since been deleted. The core of the controversy revolves around trust issues within the memecoin ecosystem. In the “official statement” posted by the hacked account, Ben Chow, identifying himself as a “long-time Solana builder,” lamented, “I resigned because I was too trusting of the parasitic nature of the memecoin space.” The post also included alleged screenshots of WhatsApp conversations among DefiTuna team members discussing how to “maximize extraction” through memecoins like MATES. Although the authenticity of the conversations remains unverified, the term “parasitic memecoin”…...

{:zh}随着加密货币市场模因币（Memecoin）狂潮的退烧，Solana生态正经历剧烈震荡。数据显示，Solana价格自1月中旬创下293美元历史高点后持续走低，当前已跌至122美元附近，跌幅高达58%。这一颓势与链上收入及锁定资产（TVL）的崩盘形成共振——据DefiLlama统计，Solana网络周收入从1月峰值5530万美元暴跌93%至上周的400万美元，链上TVL更在两个月内蒸发近50%，从120亿美元锐减至64亿美元。 作为Solana生态收入支柱的模因币交易，其贡献占比在高峰期曾达到80%。以头部平台Pump.fun为例，其单日收入在1月下旬达到1500万美元顶峰，但至3月7日已缩水95%至80万美元。市场分析师指出，这种断崖式下跌与特朗普家族代币的戏剧性波动密切相关。1月18日特朗普推出同名代币TRUMP后，其价格虽一度飙升，但随后暴跌86%至10.5美元；梅拉尼娅发行的MELANIA代币更在七周内缩水95%，现报价仅0.71美元。 CoinGecko创始人Bobby Ong对此评价称："特朗普系代币的登场成为模因币市场的转折点，它们吸走了其他加密货币的流动性与市场关注度。" 受此影响，Solana价格持续承压，与生态内DApp收入的暴跌形成恶性循环。数据显示，Solana去中心化应用周收入已从1月中旬的2.38亿美元骤降86%至3200万美元，这进一步加剧了投资者对Solana价格支撑力的担忧。 当前模因币总市值较去年12月1370亿美元的峰值蒸发68%，仅剩440亿美元。市场信心的流失不仅反映在Solana价格走势上，更体现在链上活跃度的大幅萎缩。尽管部分开发者试图通过技术创新重振生态，但Solana价格能否止跌仍高度依赖市场风险偏好的回暖。行业观察人士警告，若模因币投机热潮未能再现，Solana价格或将面临更深层次的估值修正压力。{:}{:en}As the Memecoin craze in the cryptocurrency market cools down, the Solana ecosystem is experiencing severe shocks. Data shows that the price of Solana has continued to fall since it hit an all-time high of $293 in mid-January and has now fallen to around $122, a drop of 58%. This decline resonates with the collapse of on-chain revenue and locked assets (TVL) - according to DefiLlama statistics, Solana network weekly revenue plummeted 93% from the peak of US$55.3 million in January to US$4 million last week, and the on-chain TVL evaporated by nearly 50% in two months, from US$12 billion to US$6.4 billion. Memecoin transactions, which are the mainstay of Solana's ecosystem revenue, contributed 80% at its peak. Taking the leading platform Pump.fun as an example, its daily revenue peaked at US$15 million in late January, but by March 7 it had shrunk by 95% to US$800,000. Market analysts pointed out that this cliff-like drop is closely related to the dramatic fluctuations in the Trump family token. After Trump launched the eponymous token TRUMP on January 18, its price soared for a time, but then plummeted 86% to $10.5; the MELANIA token issued by Melania…...

{:zh}自1月20日美国总统唐纳德·特朗普就职典礼前夕推出以来，备受争议的“特朗普模因币”（Trump Memecoin）经历了一场戏剧性的崩盘。尽管白宫首届加密峰会即将召开，主流加密货币市场迎来普涨，但特朗普及其夫人梅拉尼娅的官方模因币却陷入流动性枯竭与价值缩水的双重困境。截至发稿，Trump Memecoin（代码TRUMP）较历史高点暴跌81%，而梅拉尼娅同名币（MELANIA）更缩水92%。这场由政治光环与投机狂热催生的加密实验，不仅暴露了模因币市场的脆弱性，更因监管真空与仿盘泛滥引发广泛争议。 价格崩盘与市场信心危机 根据CoinGecko数据，Trump Memecoin在1月20日前夕一度飙升至72美元的历史高点，随后迅速跳水至13美元，市值蒸发超80%。梅拉尼娅币的走势更为惨烈，从峰值缩水逾90%，现报价不足发行价的十分之一。分析人士指出，这种断崖式下跌与项目方操控筹码分配密切相关。区块链追踪机构Chainalysis报告显示，Trump Memecoin的早期持有者中，50个大型钱包通过抛售获利超千万美元，而约20万散户投资者则深陷亏损泥潭。 尽管白宫宣称将借加密峰会推动“美国成为全球加密资本”，但Trump Memecoin的崩盘已对市场情绪造成冲击。一位匿名交易员表示：“当总统本人成为项目背书者时，人们很容易忽略风险。但现在看来，这更像是一场精心设计的‘收割游戏’。”更讽刺的是，就在特朗普团队高调宣传“战略比特币储备”计划（拟五年内购入100万枚比特币）之际，其同名模因币的流动性池却持续萎缩，日交易量不足高峰期的5%。 近亿美元交易费争议：利益输送疑云 在这场泡沫破裂中，真正的赢家或许隐藏在幕后。路透社援引三家区块链分析公司数据称，Trump Memecoin上线两周内，其关联实体通过交易手续费攫取近1亿美元收入，而主要受益方正是特朗普家族控制的CIC Digital公司。根据项目白皮书，CIC Digital有权从代币交易中永久抽取分成。尽管白宫以“加密技术创新”为由拒绝回应质疑，但哥伦比亚大学法学教授理查德·布里福特直言：“总统既制定行业规则，又通过家族企业获利，这构成了严重的利益冲突。” 这一商业模式的核心在于去中心化交易所Meteora的流动性池机制。项目方通过预先囤积80%的代币（约8亿枚，价值超16亿美元），向交易市场注入流动性并收取手续费。链上记录显示，三个被标记为“创始人钱包”的地址在1月17日至30日间累计获得8600万至9400万美元收益。与此同时，Meteora平台联合创始人Ben Chow在Telegram聊天中承认，其团队与Trump Memecoin项目方“并无直接联系”，这进一步加剧了外界对交易透明度的质疑。 仿盘泛滥：700余种山寨币围攻“正版” Trump Memecoin的崩盘并未阻止投机者的疯狂。英国《金融时报》调查发现，自官方代币发布后，特朗普的数字钱包中涌现超700种仿盘与诈骗币，其中逾200种直接盗用“特朗普家族”名义。这些山寨币从名称到标识均刻意模仿正版，例如“Official Trump”“Official Melania”，甚至出现“Official Hitler”等极端案例。康奈尔大学教授埃斯瓦尔·普拉萨德批评称：“特朗普亲手打开了欺诈的潘多拉魔盒，让普通投资者暴露于巨大风险中。” 仿盘乱象的破坏力在梅拉尼娅币上体现得尤为明显。链上记录显示，首个“梅拉尼娅仿盘”竟比官方正版早一天存入特朗普钱包，而正版代币上线后，其市值因仿盘分流直接腰斩。更荒诞的是，部分仿盘利用特朗普与马斯克的舆论关联，推出“Elon Trump”“Musk Army”等蹭热币种，进一步混淆市场认知。业内人士警告，此类“土狗盘”通常通过拉高抛售或卷款跑路收割散户，投资者可能面临“归零”风险。 白宫加密峰会：监管与利益的博弈场 面对乱局，即将召开的白宫加密峰会被寄予厚望。特朗普计划在会上公布“战略比特币储备”细节，并会见Coinbase、Chainlink等企业高管，探讨监管框架与创新平衡。然而，这场峰会本身却因Trump Memecoin的争议蒙上阴影。美国商务部长霍华德·威廉·卢特尼克虽强调“比特币储备将增强国家金融安全”，但批评者指出，政府大规模干预加密货币市场可能扭曲价格机制，甚至为内部交易提供温床。 与此同时，监管真空仍是核心难题。尽管特朗普自称“首位加密总统”，但其家族企业深度参与Trump Memecoin的事实，令外界担忧政策制定可能向既得利益者倾斜。民主党议员已公开呼吁对CIC Digital的收益来源展开调查，并推动立法限制公职人员涉足加密商业活动。然而，特朗普之子埃里克·特朗普强硬回应称：“我们为加密领域的成就自豪，Trump Memecoin仍是地球上最热门的数字模因。” 未来：泡沫破灭后的市场重构 Trump Memecoin的兴衰如同一面棱镜，折射出加密市场狂热与无序并存的现实。一方面，模因币凭借名人效应与社区裂变仍吸引大量投机资金；另一方面，缺乏实用价值与监管约束的项目终将沦为“击鼓传花”游戏。分析机构Merkle Science预测，随着白宫监管框架逐步清晰，市场或将经历新一轮洗牌，而Trump Memecoin能否借政策红利复苏，仍取决于特朗普团队能否挽回投资者信任。 讽刺的是，在这场资本游戏中，真正的“战略储备”或许不是比特币，而是特朗普家族通过Trump Memecoin收割的巨额手续费。当监管试图为市场套上缰绳时，权力与利益的纠葛仍可能成为最大的不确定因素。正如一位亏损散户在论坛的留言：“我们以为在投资未来，结果只是为‘MAGA’（让美国再次伟大）的幻觉买单。{:}{:en}Since its launch just before U.S. President Donald Trump’s inauguration on January 20, the controversial "Trump Memecoin" has experienced a dramatic collapse. Despite a broader rally in the cryptocurrency market ahead of the White House’s first-ever Crypto Summit, Trump’s and First Lady Melania’s official memecoins have plunged into a dual crisis of liquidity drought and value erosion. As of press time, Trump Memecoin (ticker: TRUMP) has plummeted 81% from its all-time high, while Melania’s namesake token (MELANIA) has nosedived by 92%. This crypto experiment, fueled by political glamour and speculative frenzy, has not only exposed the fragility of the memecoin market but also sparked widespread controversy over regulatory gaps and copycat scams. Price Collapse and Crisis of Confidence According to CoinGecko data, Trump Memecoin surged to a historic peak of 72justbeforetheJanuary20inauguration,onlytocrashto72justbeforetheJanuary20inauguration,onlytocrashto13 shortly after, erasing over 80% of its value. Melania’s token fared even worse, shedding more than 90% of its value and now trading at less than a tenth of its launch price. Analysts attribute the…...