OKX Friends Episode 7 | Conversation with Feng Wuxiang: Earning Millions Monthly, the "Gold Mining Secrets" of Dual Tracks in Haircut and MEME

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

Fengshen said that to succeed, one must continuously work hard on positive EV activities.

The all-round player who understands trading the most in airdrops and understands airdrops the most in trading, @0x0xfeng, will tell you how to trade while participating in airdrops.

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

How to Earn Your First 10 Million?

I used to be the VP of marketing operations at an e-commerce company. In 2021, I accidentally came across the "new listing" business in the cryptocurrency field. I then resolutely resigned from my job and focused on cryptocurrency new listings. 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 listings. The new listing studio 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 hit rate for new listings 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, and then bought People, reaching 10 million. After experiencing the collapses of Luna and FTX, there was also a pullback of more than two years before returning to the peak of that year.

How to Successfully Transition from Airdrop Track to MEME Track

In fact, many people who participate in airdrops do not trade coins. In P Xiaojian's group, there might be 100 CAs 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 working on projects. So these are two different types of people. My ability to quickly transition from airdrops to MEME is because I have friends who play, and I also enjoy playing MEME myself. 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 get large positions.
2. Multiples refer to the potential for several times or even dozens of times returns.
3. Certainty, as the name suggests, means that once you invest, you can definitely 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 enjoy several times or even more than ten times returns), and certainty (a MEME created by Trump himself).

The Road to MEME Gold Mining

I tend to play with second-tier or larger-cap coins. P Xiaojian basically sleeps for 6-8 hours a day, spending the rest of the time on-chain, and often needs 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 is very difficult to get into the internal market. Those fast-paced projects usually fill the internal market themselves, and retail investors rarely have the opportunity to get in, so personally, I play more second-tier projects. Generally, for projects worth tens of millions or hundreds of millions, as long as the narrative is understandable and I can roughly judge the market valuation, it’s easy to achieve a 50% return or even double. Doubling coins on exchanges is very difficult, while achieving a double or several times in the MEME market 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 projects, $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 the major exchange contracts. 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 was fine.

Ultimately, it’s still important to review more, train your understanding and market sense, and accumulate 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 even 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 get on major exchange contracts, which means it still has strong upward expectations. Judging the turnover rate is also simple; if the turnover rate exceeds 1%-5%, it is already considered sufficient. The most significant phenomenon is that the trading volume remains high while the market cap 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 invest. 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 at first; it’s hard to determine the value of a new thing in a track.

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 getting carried away. For example, when a project rises due to a wave of heat and then falls, rationally judge whether it can rise again instead of blindly thinking it will repeat its previous performance.

1. Cut losses in time; don’t stubbornly hold on.

• Many people stubbornly hold onto losing projects out of unwillingness, always hoping to break even, but this often leads to missing the best time to cut losses, resulting in further losses. Learn to judge whether a project still has potential; if you feel it’s not going to rise, decisively cut losses to avoid getting deeper. As Feng Wuxiang said, in the long run, only good cards are worth investing in; bad cards should be abandoned in time.

1. Allocate positions reasonably; avoid excessive concentration.

• Don’t concentrate all your funds on a few projects; allocate positions reasonably to reduce risk. You can increase your margin for error by diversifying trades; even if some projects lose money, it won’t cause 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 instead of continuously adding principal. This can increase investment returns while ensuring the safety of the principal. When profits are gained, some can be used for further trading, but ensure that the principal is not lost. By doing this, 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’s often a good time to take profits; when market sentiment is low, it might be an opportunity to position. For example, when everyone in the 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, you can give more attention and trades. 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 get used to using JUP, knowing that JUP will have airdrops in the future.

I actually don’t use BOTs; I only play second-tier projects. In most cases, for example, after we buy with BOTs and the price stabilizes at a certain level, 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, back and forth, I gained 50,000 dollars from airdrops and saved about 50,000 dollars for 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 judged it to be quite significant. Many times when I sell coins, I tend to increase my single-sided pool in Metaora, then collect the fees and exit. I know that the airdrop from Metaora will also be valuable. For instance, if I currently have coins worth 50,000 dollars and add them to the pool, if I sell them at a price of 70,000 or 80,000 dollars, I can collect fees of 5,000 to 10,000 dollars, and this fee will also be returned to me in future airdrops.

In summary, while playing MEME, I also engage in some very positive EV activities, such as deliberately using more tools from projects with airdrops.

@mia_okx Final Note:

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 feeling comes when you play more.”

He mentioned that the successful industry figures he knows who started from the bottom 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 patiently and persisting, which makes the words "focus" and "diligence" more tangible 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; cut losses in time, allocate funds reasonably, and avoid 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.