Memecoins, emerging from internet culture and community-driven narratives, have rapidly evolved into a unique class of crypto assets. Unlike technology-driven cryptocurrencies, their market dynamics are primarily shaped by viral social media diffusion, celebrity influence, and speculative capital inflows. To capture the distinctive vulnerabilities of these ecosystems, we present the first Memecoin Ecosystem Fragility Framework (ME2F). ME2F formalizes memecoin risks in three dimensions: i) Volatility Dynamics Score capturing persistent and extreme price swings together with spillover from base chains; ii) Whale Dominance Score quantifying ownership concentration among top holders; and iii) Sentiment Amplification Score measuring the impact of attention-driven shocks on market stability. We apply ME2F to representative tokens (over 65\% market share) and show that fragility is not evenly distributed across the ecosystem. Politically themed tokens such as TRUMP, MELANIA, and LIBRA concentrate the highest risks, combining volatility, ownership concentration, and sensitivity to sentiment shocks. Established memecoins such as DOGE, SHIB, and PEPE fall into an intermediate range. Benchmark tokens ETH and SOL remain consistently resilient due to deeper liquidity and institutional participation. Our findings provide the first ecosystem-level evidence of memecoin fragility and highlight governance implications for enhancing market resilience in the Web3 era.

翻译：迷因币源于互联网文化与社区驱动的叙事，已迅速发展为一类独特的加密资产。与技术驱动的加密货币不同，其市场动态主要受病毒式社交媒体传播、名人效应及投机性资本流入的影响。为捕捉这些生态系统的独特脆弱性，我们首次提出迷因币生态系统脆弱性框架（ME2F）。ME2F从三个维度形式化迷因币风险：i）波动动态评分，捕捉持续且极端的价格波动及基础链的溢出效应；ii）巨鲸主导评分，量化顶级持有者的所有权集中度；iii）情绪放大评分，衡量注意力驱动冲击对市场稳定性的影响。我们将ME2F应用于代表性代币（市场份额超65%），结果表明脆弱性在生态系统中分布不均。政治主题代币如TRUMP、MELANIA和LIBRA风险最高，兼具波动性、所有权集中度及对情绪冲击的敏感性。成熟迷因币如DOGE、SHIB和PEPE处于中等风险区间。基准代币ETH和SOL因更深的流动性与机构参与而持续表现出韧性。本研究首次提供了生态系统层面的迷因币脆弱性证据，并强调了Web3时代增强市场韧性的治理意义。