标题： 一个仲夏 meme 的梦想：研究 meme 币生态系统中的市场操纵行为 显示英文标题

标题： A Midsummer Meme's Dream: Investigating Market Manipulations in the Meme Coin Ecosystem

摘要： 从病毒式玩笑到十亿美元的现象，模因币已成为加密货币市场中最受欢迎的领域之一。 与以实用为导向的加密资产如比特币或以太坊不同，模因币的价值主要来源于社区情绪，这使其容易受到操控。 本研究对模因币生态系统进行了跨链分析，检查了以太坊、BNB智能链、Solana和Base上的34,988个代币。 我们描述了模因币的代币经济学，并在三个月的纵向分析中跟踪了它们的增长情况。 我们发现，在高回报代币（>100%）中，令人担忧的是，82.6%的代币显示出广泛使用人工增长策略的证据，这些策略旨在制造市场兴趣的虚假表象。 这些包括洗钱交易和一种我们定义为基于流动性池的价格通胀（LPI）的操纵形式，其中小规模的战略性购买会引发价格的剧烈上涨。 我们还发现了旨在以投资者利益为代价获利的计划的证据，例如拉高出货和跑路骗局。 特别是，大多数涉及的代币之前曾经历过洗钱交易或LPI，这表明初始的操纵行为往往为后来的剥削设定了舞台。 这些发现表明，在表现良好的模因币中，操纵行为普遍存在，并且它们的大幅上涨往往是由于协调努力而非自然的市场动态所驱动的。 显示英文摘要

摘要： From viral jokes to a billion-dollar phenomenon, meme coins have become one of the most popular segments in cryptocurrency markets. Unlike utility-focused crypto assets like Bitcoin or Ethereum, meme coins derive value primarily from community sentiment, making them vulnerable to manipulation. This study presents a cross-chain analysis of the meme coin ecosystem, examining 34,988 tokens across Ethereum, BNB Smart Chain, Solana, and Base. We characterize the tokenomics of meme coins and track their growth in a three-month longitudinal analysis. We discover that among high-return tokens (>100%), an alarming 82.6% show evidence of extensive use of artificial growth strategies designed to create a misleading appearance of market interest. These include wash trading and a form of manipulation we define as Liquidity Pool-Based Price Inflation (LPI), where small strategic purchases trigger dramatic price increases. We also find evidence of schemes designed to profit at the expense of investors, such as pump and dumps and rug pulls. In particular, most of the tokens involved had previously experienced wash trading or LPI, indicating how initial manipulations often set the stage for later exploitation. These findings reveal that manipulations are widespread among high-performing meme coins and suggest that their dramatic gains are often likely driven by coordinated efforts rather than natural market dynamics.