对冲筹款者，交易模因硬币

乔·麦肯（Joe McCann）从2000年代初期作为专有的股票交易者开始了他的职业生涯，然后离开华尔街（Wall Street）担任软件行业的高管。

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.

随着对冲基金继续探索加密货币的世界，华尔街和梅米街的交叉路口出现了一个新的边境。交易模因硬币的对冲基金的创始人乔·麦肯（Joe McCann）发现自己处于这个独特的关头。

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.

麦肯（McCann）从2000年代初期以专有股票交易者的身份开始了自己的职业生涯，他离开了华尔街（Wall Street）担任软件行业的高管，同时继续交易股票和期权。在最近接受Business Insider的采访中，他嘲笑了专业返回该行业的想法。

"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."

麦肯说：“我被纹身覆盖了。” “我看上去根本不像传统的对冲基金经理。我提出了一个非常成功的风投的基金，他抢先地向我推销了Marc Andreessen和Chris Dixon成为我从未获得过的第一笔钱甚至创造了。”

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.

他最终于2022年发起了不对称的人，到2024年，他拥有一个以上的基金交易加密货币，包括Meme Coins。根据Preqin的数据，麦肯的原始旗舰基金The Technology Master Fund排名第三，从2024年3月在全球2,280个基金中获得了12个月的累计回报。

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.

对冲基金使用各种策略和工具来购买，简短和部署杠杆作用，以增加更高收益的机会，同时接受增长的波动性。但是，坐在华尔街和梅米街的交叉路口可能是风险峰值的新边界。

"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.

麦肯说：“我现在正坐在迈阿密的公寓甲板上。”他补充说，他有一个办公室，但经常不去那里。他告诉Business Insider，他刚刚使用笔记本电脑的Telegram完成了索拉纳（Solana）的期权合约，然后通过电子邮件进行了贸易确认。

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.

麦肯（McCann）的方法是在拥抱数字资产和采用传统策略和工具之间找到中间立场，华尔街公司用来降低毁灭的风险，其中一个是内部建造的软件，该软件跟踪其公司跨职位的风险敞口，该职位具有多个签名 - 赚钱前享用。

"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."

麦卡恩说：“我会非常清楚。我已经交易了很长时间了，最​​终，您作为交易者的技能将尽可能不感兴趣。” “而且，如果您陷入了欣快感，甚至在市场下降时陷入困境，您将做出不良的交易决定。”

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.

对于McCann而言，至少在某个时候，所有加密货币都是模因硬币，其中包括比特币，他称其为原始硬币，因为它也是围绕互联网炒作而建立的。模因硬币现在被普遍称为数字资产，反映了互联网模因，文化或局部相关事件。它们的吸引力来自在短时间内获得1000％回报率以上的潜力，这是与赌博相匹配的赌注。但是，在机构层面上交易它们的最大挑战是缺乏流动性，这使得很难移动，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.

对于麦肯的资金，这意味着要远离相对较新的令牌。同时，他将相对较大的位置保留给“蓝筹模因硬币”，他将其定义为那些至少持续90天的持续持续10亿美元市值的职位。他还限制了该基金管理资产的2％，而该代币不在加密货币市值的前20％中。一旦到位这些基本的护栏，他就会像其他任何人一样接近资产类别，并使用数据和技术分析来确定接下来会弹出的内容。

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，他观察到了从以太坊转向Solana的Stablecoin流动。同时，索尔的价格在2023年的大部分时间都徘徊在30美元以下。他认为，如果新的流入将其价格推高了关键的电阻点，它将突然吸引更多的市场参与者，包括动量交易者和算法，这些算法将带来更高的价格。

"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.

他说：“当您将稳定的硬币移至另一个协议或区块链时，您不仅将其留在USDC中，还可以购买商品，通常您最终会购买基础资产，在这种情况下为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.

随着Sol的价格上涨，其持有人可能会使用其中一些收益来购买高β或更多挥发性令牌，从而使用房屋的钱获得更陡峭的风险奖励。麦肯（McCann）使用历史推理来猜测索拉纳（Solana）区块链上的高风险赌注是哪种资产。由于原来的模因，dogecoin（shiba inu狗的图像）是从比特币的区块链和以太坊出生的，其模仿版本叫做shiba inu coin，当Eth有价值时，他推出了solana的分支版本是Bonk Coin，是Bonk Coin，是Bonk Coin，它将是Bonk Coin，它还使用shiba inu图像。

Indeed,

的确，