Starting from airdrops, then moving to the MEME track, achieving multiple single project profits exceeding ten million along the way.

Fengshen says that to succeed, one must continuously work diligently on positive EV activities.

The all-rounder @0x0xfeng, who knows trading best in airdrops and airdrops best in trading, will tell you how to trade while also participating in airdrops.

This is a series of dialogues with friends from #OKX, interviewed by @mia_okx, welcome to follow!

How to earn the first 10 million?

I used to be the VP of marketing operations at an e-commerce company. In 2021, I had an unexpected opportunity to get involved in the "new token" business in the cryptocurrency field. I then resolutely resigned from my job at the e-commerce company to focus on cryptocurrency new token offerings. At that time, the popularity of Bitcoin and blockchain was gradually rising. By reviewing past projects and calculating costs and returns, I found the profits to be considerable and believed it was an opportunity not to be missed.

The first 10 million was earned through Coinlist new token offerings. The studio for new token offerings was not large; initially, we just set up a table in the living room and hired two college students to work, and that’s how it started. The initial investment included two computers, with a total investment of about 10,000; hiring two fresh graduates with a monthly salary of about 4,000 each, etc. With these investments, each account could invest 500 dollars, and a single project could invest 10,000 to 20,000 USDT.

At that time, although the winning rate for new token offerings was only 3%-5%, very few of those IDO projects lost money. I initially invested over 25,000 dollars in MX and made around 700,000 to 800,000 dollars, then bought People, reaching 10 million. After experiencing the collapse of Luna and FTX, there was also a two-year drawdown before returning to the peak of that year.

How to smoothly transition from airdrop track to MEME track

In fact, many people who participate in airdrops do not trade coins. In the Pionex group, there might be 100 CA in a day, and if you don’t check the news for a while, it could be 999, while in the airdrop group, there might only be a few dozen messages a day, with most of the time spent quietly working on projects. So these are two different types of people. My ability to quickly switch from airdrops to MEME is because I have friends who play it, and I also enjoy playing MEME. Personally, I feel that playing MEME requires positive feedback; otherwise, one may fall into anxiety and self-competition, making it hard to sustain for long. MEME has an impossible triangle—capacity, multiples, and certainty.

1. Capacity means being able to take large positions.
2. Multiples mean being able to achieve several times or even dozens of times in returns.
3. Certainty, as the name suggests, means that once you invest, you can make money.

However, currently, this kind of MEME can only be seen in $TRUMP, which has both capacity (the official added a pool of tens of millions of dollars), multiples (from the beginning, large positions can yield several times or even over ten times), and certainty (the MEME created by Trump himself).

The path to MEME gold mining

I tend to play with second-tier or larger-cap coins. Pionex players generally sleep for 6-8 hours, spending the rest of the time on-chain, and they also need to adjust for time differences. This is very taxing on the body, and I can’t handle it. Secondly, the hundredfold returns we see are usually from very early entries, and it’s very difficult to get into the internal market. Those fast-paced projects usually fill their internal market themselves, and retail investors rarely have the opportunity to get in, so personally, I play more second-tier. Generally, for projects worth tens of millions or over a hundred million, as long as the narrative is understandable and I can roughly judge the market valuation, it’s easy to achieve a 50% return or double. Doubling coins on exchanges is very difficult, while in the MEME market, achieving a double or several times is relatively simple compared to exchanges.

Initially, $BOME and $SLERF earned me quite a bit, and I also made a lot from Japanese cats. $SLERF made 1.2 million dollars in one hour, and Japanese cats made about 1 million dollars in one night; currently, these two have earned me the most. For second-tier, $ChillGuy also earned quite a bit. At that time, I bought a large position in $CHILLGUY at the bottom, and after a big rebound, I sold it when it hit a major exchange's contract. I bought $TRUMP at an average price of 14 dollars for 600,000 dollars. Then I bought $MELANIA for less than 2 million, but made several hundred thousand and ran.

How to judge MEME narratives?

Look at the popularity of the IP and the operational ability of the project team. For such sentiment-driven projects, if you feel the heat has peaked, you need to sell. There’s a saying that goes well: sell when the crowd is cheering, which is the principle. For example, although GOAT was at 600-700 million when it was buzzing, selling at that time was not a problem; even if it wasn’t sold at the highest point, as long as it was a reasonable price in your understanding or psychology, that’s fine.

Ultimately, it’s still about reviewing more, training your understanding and market sense, and accumulating experience. For example, if you have experienced a coin from its inception to its peak, and then from its peak to zero, then you have roughly experienced the life of that token. For instance, with $TRUMP, many people invested hundreds of thousands or a million dollars. $SLERF and $BOME are similar; their biggest feature is fairness. This also aligns with the previously mentioned MEME impossible triangle theory, where capacity, multiples, and certainty are all present.

For $CHILLGUY, it was driven by market heat and sentiment; every time it deeply dipped, there would be a strong buying force. At the same time, observing the trading volume and the number of holding addresses for $CHILLGUY, I felt it should be able to hit a major exchange's contract, which means it still has strong upward expectations. Judging the turnover rate is also very simple; a turnover rate exceeding 1%-5% is already considered sufficient, with the most significant phenomenon being that trading volume remains high while market capitalization does not change much.

The number of holding addresses for $CHILLGUY exceeds 100,000, while $TRUMP has over 700,000 holding addresses, and most MEME holding addresses are around 40,000 to 50,000. This clearly shows that $CHILLGUY has a large flow, and its on-chain trading volume has topped the charts for several consecutive days. Additionally, it belongs to a very novel concept in the TIKTOK track, so I chose to get in. My biggest feeling is that MEME has a significant difference from traditional VC coins; due to its novelty, especially as a leader in a track, we cannot accurately value it, unlike traditional Layer 2 public chains, which can be judged based on TVL, user numbers, and ecosystem to estimate their value. Even $ORDI was difficult to value initially; for a new thing in a track, it’s hard to determine its valuation.

How to control profit-taking, stop-loss, and position management?

1. Don’t be overly optimistic; avoid self-brainwashing.

• Traders often become overly optimistic about the projects they choose, ignoring potential risks. Learn to analyze projects from a calm and objective standpoint to avoid self-brainwashing and self-indulgence. For example, when a project rises due to a wave of heat and then falls, rationally judge whether it can rise again, rather than blindly thinking it will repeat its previous trend.

1. Stop-loss in time; don’t stubbornly hold on.

• Many people stubbornly hold onto losing projects out of unwillingness, always thinking about breaking even, but this often leads to missing the best stop-loss opportunity, resulting in further losses. Learn to judge whether a project still has potential; if you feel the project is not going to rise, decisively stop-loss to avoid getting deeper into trouble. As Feng Wuxiang said, in the long run, only good cards are worth investing in; bad cards should be abandoned in time.

1. Reasonably allocate positions; avoid excessive concentration.

• Don’t concentrate all your funds on a few projects; allocate positions reasonably to reduce risk. You can increase the margin of error through diversified trading; even if some projects incur losses, it won’t deal a devastating blow to your overall assets. For example, I once mentioned that even if 5 out of 10 projects are halved, through reasonable position management, the overall asset safety can still be ensured.

1. Use profits for rolling investments; keep the principal safe.

• Learn to use profits for rolling trades rather than continuously adding principal. This can increase investment returns while ensuring the safety of the principal. When profits are obtained, part of the profit can be used for further trading, but ensure that the principal is not lost. Through this method, assets can be steadily increased over the long term.

1. Pay attention to project narratives and market sentiment.

• Project narratives and market sentiment are crucial for trading decisions. Learn to judge whether a project’s narrative is attractive and whether market sentiment is high. When market sentiment peaks, it is often a good time to take profits; when market sentiment is low, it may be an opportunity to position. For example, when the whole world is shouting about a project, it’s likely time to sell.

1. Choose projects with high certainty.

• In trading, try to choose projects with high certainty. For those with clear application scenarios, strong team backgrounds, and good market prospects, more attention and trading can be given. At the same time, avoid investing in projects with high uncertainty to reduce trading risks.

How to mine gold in both MEME and airdrop tracks?

Because participating in airdrops is a very positive EV activity, for example, when playing MEME, I often habitually use JUP, knowing that JUP will have airdrops in the future.

I actually don’t use BOTs; I only play second-tier. In most cases, for example, after we buy with the BOT and it rises to a certain level and stabilizes, when I want to sell, I also use JUP to sell. This way, I not only boost JUP’s trading volume but also reduce the BOT’s 1% fee. So, in and out, I took 50,000 dollars from the airdrop and saved about 50,000 dollars from this Trading BOT, totaling 100,000 dollars, which offsets the wear and tear from playing MEME. When calculated this way, it’s actually quite a bit of money.

The same goes for Metaora; many people previously judged it to be quite significant. Many times when I sell coins, I habitually increase my position in Metaora’s single-sided pool, then collect the fees and exit. I know that Metaora’s airdrop will also be valuable. For example, if I currently have 50,000 dollars worth of coins and add them to the pool, when it sells for 70,000 or 80,000 dollars, I collect 5,000 to 10,000 dollars in fees, and this fee will also feedback to me in the future.

In summary, it’s about playing MEME while doing some very positive EV activities, such as deliberately using tools from projects that have airdrops more often.

@mia_okx writes in conclusion:

Fengshen is a very straightforward and sincere person. Many times in our conversations, I tried to get him to summarize some high-win-rate methodologies for everyone, but he didn’t say anything lofty; he simply said, “The more you play, the more you’ll feel it.”

He said that the successful industry figures he knows who started from the bottom all work 16 hours a day, 6 days a week, fully committed, and persist for one or two years or even longer to succeed. Doing positive EV activities, calculating expected returns, and then it’s just about sitting still and persisting, which once again made the words “focus” and “diligence” more vivid in Mia’s mind.

This time, Fengshen also shared methods for sustained profitability without reservation. A multi-dimensional strategy is key, combining airdrops and MEME tracks, leveraging the advantages of various platforms, and focusing on long-term returns. Risk control is equally important; timely stop-loss, reasonable fund allocation, and avoiding chasing highs and killing lows. In terms of mindset, he suggests maintaining objectivity and calmness, not pursuing perfection, and accepting market rules. Long-term development requires continuous learning, patience, and a focus on stability. I hope everyone gains something from this.

Finally, a big thank you to @0x0xfeng for sharing, and welcome everyone to continue following the "Friends of OKX" dialogue series.

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