對沖籌款者，交易模因硬幣

喬·麥肯（Joe McCann）從2000年代初期作為專有的股票交易者開始了他的職業生涯，然後離開華爾街（Wall Street）擔任軟件行業的高管。

As hedge funds continue to explore the world of cryptocurrencies, a new frontier has emerged at the intersection of Wall Street and Meme Street. Joe McCann, the founder of a hedge fund that trades meme coins, has found himself at this unique juncture.

隨著對沖基金繼續探索加密貨幣的世界，華爾街和梅米街的交叉路口出現了一個新的邊境。交易模因硬幣的對沖基金的創始人喬·麥肯（Joe McCann）發現自己處於這個獨特的關頭。

McCann, who began his career in the early 2000s as a proprietary equities trader, left Wall Street to work as an executive in the software industry while continuing to trade equities and options on the side. In a recent interview with Business Insider, he laughed at the thought of returning to the industry professionally.

麥肯（McCann）從2000年代初期以專有股票交易者的身份開始了自己的職業生涯，他離開了華爾街（Wall Street）擔任軟件行業的高管，同時繼續交易股票和期權。在最近接受Business Insider的採訪中，他嘲笑了專業返回該行業的想法。

"I'm covered in tattoos," McCann said. "I don't look like a traditional hedge fund manager at all. I was propositioned to start my own fund by a very successful VC who preemptively pitched me to Marc Andreessen and Chris Dixon to be the first money into a fund I hadn't even created yet."

麥肯說：“我被紋身覆蓋了。” “我看上去根本不像傳統的對沖基金經理。我提出了一個非常成功的風投的基金，他搶先地向我推銷了Marc Andreessen和Chris Dixon成為我從未獲得過的第一筆錢甚至創造了。”

He eventually launched Asymmetric in 2022, and by 2024, he had more than one fund trading crypto, including meme coins. McCann's original flagship fund, the Technology Master Fund, ranked in third place for a 12-month cumulative return from 2,280 funds globally in March 2024, according to Preqin.

他最終於2022年發起了不對稱的人，到2024年，他擁有一個以上的基金交易加密貨幣，包括Meme Coins。根據Preqin的數據，麥肯的原始旗艦基金The Technology Master Fund排名第三，從2024年3月在全球2,280個基金中獲得了12個月的累計回報。

Trading on Meme Street

在Meme Street上交易

Hedge funds use various strategies and instruments to buy, short, and deploy leverage to increase the chances of higher gains while accepting heightened volatility. But sitting at the intersection of Wall Street and Meme Street is perhaps a new frontier for peak risk exposure.

對沖基金使用各種策略和工具來購買，簡短和部署槓桿作用，以增加更高收益的機會，同時接受增長的波動性。但是，坐在華爾街和梅米街的交叉路口可能是風險峰值的新邊界。

"I'm literally sitting on the deck of my condo in Miami right now," said McCann, adding that he has an office but doesn't often go there. He told Business Insider he had just finished rolling over options contracts on solana using Telegram from his laptop, which was followed by a trade confirmation through email.

麥肯說：“我現在正坐在邁阿密的公寓甲板上。”他補充說，他有一個辦公室，但經常不去那裡。他告訴Business Insider，他剛剛使用筆記本電腦的Telegram完成了索拉納（Solana）的期權合約，然後通過電子郵件進行了貿易確認。

McCann's approach has been to find the middle ground between embracing digital assets and employing traditional strategies and tools Wall Street firms use to mitigate the risk of ruin, one of which is an internally built software that tracks his firm's risk exposure across positions with multiple sign-offs before moving money.

麥肯（McCann）的方法是在擁抱數字資產和採用傳統策略和工具之間找到中間立場，華爾街公司用來降低毀滅的風險，其中一個是內部建造的軟件，該軟件跟踪其公司跨職位的風險敞口，該職位具有多個簽名- 賺錢前享用。

"I'll just be super clear. I've been trading for so long that eventually, your skill as a trader is to be as unemotional as possible," McCann said. "And if you get caught up in the euphoria or even the depression when markets are going down, you're going to make poor trading decisions."

麥卡恩說：“我會非常清楚。我已經交易了很長時間了，最​​終，您作為交易者的技能將盡可能不感興趣。” “而且，如果您陷入了欣快感，甚至在市場下降時陷入困境，您將做出不良的交易決定。”

For McCann, all cryptos, at least at some point, were meme coins, including bitcoin, which he refers to as the original one because it, too, was built around internet hype. Meme coins are now popularly known as digital assets that reflect internet memes, culture, or topically relevant events. Their attractiveness comes from the potential to reap upward of 1,000% returns in short periods of time — a bet that matches a gamble. But the biggest challenge to trading them on an institutional level is a lack of liquidity, which makes large positions difficult to move, especially if you need to exit fast.

對於McCann而言，至少在某個時候，所有加密貨幣都是模因硬幣，其中包括比特幣，他稱其為原始硬幣，因為它也是圍繞互聯網炒作而建立的。模因硬幣現在被普遍稱為數字資產，反映了互聯網模因，文化或局部相關事件。它們的吸引力來自在短時間內獲得1000％回報率以上的潛力，這是與賭博相匹配的賭注。但是，在機構層面上交易它們的最大挑戰是缺乏流動性，這使得很難移動，尤其是如果您需要快速退出。

For McCann's funds, this means staying away from relatively newer tokens. At the same time, relatively larger positions are reserved for "blue-chip meme coins," which he defines as those that have sustained billion-dollar market caps for at least 90 days. He also limits exposure to 2% of the fund's assets under management for tokens that aren't in the top 20% of crypto's market cap. Once those basic guardrails are in place, he approaches the asset class like any other, using data and technical analysis to determine what might pop off next.

對於麥肯的資金，這意味著要遠離相對較新的令牌。同時，他將相對較大的位置保留給“藍籌模因硬幣”，他將其定義為那些至少持續90天的持續持續10億美元市值的職位。他還限制了該基金管理資產的2％，而該代幣不在加密貨幣市值的前20％中。一旦到位這些基本的護欄，他就會像其他任何人一樣接近資產類別，並使用數據和技術分析來確定接下來會彈出的內容。

In 2023, he observed stablecoin flows moving from Ethereum to Solana. Meanwhile, SOL's price had hovered below $30 for most of 2023. He assumed that if new inflows pushed its price above a key resistance point, it would suddenly attract more market participants, including momentum traders and algorithms that would carry the price even higher.

在2023年，他觀察到了從以太坊轉向Solana的Stablecoin流動。同時，索爾的價格在2023年的大部分時間都徘徊在30美元以下。他認為，如果新的流入將其價格推高了關鍵的電阻點，它將突然吸引更多的市場參與者，包括動量交易者和算法，這些算法將帶來更高的價格。

"When you move stable coins over to another protocol or blockchain, you don't just leave it in USDC, you buy something, and typically you end up buying the underlying asset, in this case, SOL," he said.

他說：“當您將穩定的硬幣移至另一個協議或區塊鏈時，您不僅將其留在USDC中，還可以購買商品，通常您最終會購買基礎資產，在這種情況下為SOL 。”

As SOL's price rose, it would follow that its holders would likely use some of those gains to buy high-beta or more volatile tokens for a steeper risk-to-reward outcome using the house's money. McCann used historical reasoning to guess which asset the higher-risk bet would be on Solana's blockchain. Since the original meme, dogecoin, an image of a shiba inu dog, was born from Bitcoin's blockchain and Ethereum had its copycat version called Shiba Inu coin, which rallied when ETH rose in value, he inferred that Solana's offshoot version would be bonk coin, which also uses a Shiba Inu image.

隨著Sol的價格上漲，其持有人可能會使用其中一些收益來購買高β或更多揮發性令牌，從而使用房屋的錢獲得更陡峭的風險獎勵。麥肯（McCann）使用歷史推理來猜測索拉納（Solana）區塊鏈上的高風險賭注是哪種資產。由於原來的模因，dogecoin（shiba inu狗的圖像）是從比特幣的區塊鍊和以太坊出生的，其模仿版本叫做shiba inu coin，當Eth有價值時，他推出了solana的分支版本是Bonk Coin，是Bonk Coin，是Bonk Coin，它將是Bonk Coin，它還使用shiba inu圖像。

Indeed,

的確，