Multichain Journal

To make it clear: this journey started around the Safemoon days in 2021.

I went back to nearly zero in 2024. It took me around 2.5 years to build back up to a new ATH now.

That came from consistently working on my mistakes and managing my portfolio. Most of my wins are in the 5–20k range. Adding those up can be enough over time.

I had one bigger win on Degen Chain, but mainly I try to play it slow and steady. You can read the whole journey here in the journal.

Sure, you can go all in and try to make it in one trade. But you can also get zeroed out very quickly.

You don’t have to make it all in one play.

This isn’t a call channel. It’s my journey.

It started a long time ago. From 50 to 500k, back to nearly zero, and now just above seven figures again.

The wins, the mistakes, the frustration. All part of it.

Let’s see where this run takes me.

Don’t be fooled by the PnL screenshots on FOMO. They don’t tell the full story.

Some tweets worth reading below. I can’t vouch for every claim or detail, but I’m sharing them because of the broader picture they point to.

Don’t glorify these people. Some make money through access, connections and advantages you simply don’t have. It is what it is. Most people would probably use those advantages too.

But don’t treat their PnL as a verdict on the market or a benchmark for your own results. Trying to copy someone’s trades when you can’t copy their circumstances is a different game.

Go your own way, at your own pace. Your portfolio, your money. You have to find your own edge.

I’m just trying to be a voice for the small degen here. I’m no KOL. I don’t have insider alpha or special connections. I’m a normal trencher like you, trying to prove we can still make it.

https://x.com/CryptoMikli/status/2088691919819767957
https://x.com/ShockerWeb3/status/2102763209811960201
https://x.com/StarPlatinum_/status/2083972054186098761
https://x.com/Xeer/status/2102235903355936817
https://x.com/badattrading_/status/2095138823529275724
https://x.com/kaitodan/status/2102301180307095827

Don’t be fooled by the PnL screenshots on FOMO. They don’t tell the full story. Check out these tweets for some context on how these people make their money.

Again, not trying to FUD anyone. Just don’t use their screenshots as your benchmark.

Go your own way, at your own pace. It’s your portfolio and your money. If you don’t have access to the same alpha or advantages, you can’t expect to replicate their results.

Find your own edge. Chasing someone else’s PnL isn’t one.

This phase is fucking hard. Been here many times before. Nothing really happens, and plenty of coins just slowly bleed.

It’s tempting to sell some of my bags just because nothing is happening. I’ve done that plenty of times in previous runs, and regretted it more often than not.

This is what holding actually feels like. It’s boring most of the time. Things you believe are undervalued can stay that way for weeks or months.

Then, if the repricing comes, it often feels random and violent. Weeks of nothing, followed by a move that barely gives you time to react.

No guarantee every bag gets that moment. But if your thesis still holds, sitting through the boring part is part of the trade.

https://x.com/sherwoodagent/status/2102774082353999949

$Wood back at 8m, x2 from the bottom call and still x4 to go back to ATH

If you wanna make money right now, you basically need a live X feed tracking hundreds of people, ape the right coin from a random tweet on the right chain, and survive a PvP against 10 other coins.

All that just for the winner to top out below 5–10m, with only a few x left from your entry.

Feels like you can only lose in this kind of market.

Worst market in a while.

Nothing sending except crime and random animals from someone’s latest tweet.

Good luck out there. I’ll wait until it feels like the real trenches again.

Some of my holdings in no particular order. I haven’t talked about all of them here.

As I’ve mentioned before, I don’t like concentrating everything into just one or two plays. I prefer holding a broader mix and following more projects, while keeping most of my exposure in a few core positions.

$UBIK
$ZZZ
$STATICS
$WOOD
$WALLET
$WL1
$SZR
$SLEUTH
$MERRYMEN
$BIKETYSON

Good channel to follow imho. I covered $STATICS at a higher MC, and I still hold a decent bag here and think it should be a decent play.

One of the long-term holds I mentioned before.

Sizing into STATICS around these levels. With product dropping soon it should move

https://x.com/OnlyHades_/status/2102483796939452469

chart:
https://dexscreener.com/robinhood/0xe79228d6cae086a58bf5b22220b454e5d1ca4f13da767ea5bbe032d5a1e82e8a

The problem is that even on bad days, you’ll still see some big mooners.

If you’re new, that can make it hard to tell the difference between a good market and a bad one.

Spend enough time in the trenches and you’ll feel it. It’s not about the biggest winner of the day. You’ll probably miss that one anyway.

It’s about the runners behind it. On good days, you get giga mooners to $20m+ and plenty of other coins reaching $1–5m. There are opportunities beyond catching the one perfect trade.

On bad days, you get one mooner to $5m, followed by nothing but rugs, endless PvP, and coins topping out at $500k.

One big winner doesn’t mean the trenches are healthy.

Even though this might sound a bit bearish, I still believe we can all make it this run.

I’ll keep learning and adapting, and I still believe utility plays will have their time again. These were just my thoughts on why it’s so hard to make money in the trenches rn.

Complaining won’t help in the long run. You have to accept the market as it is and make the best decisions you can under those conditions.

At the end of the day, the goal is to make money, not to be right.

I mean, just look at some of these top PNL KOLs on FOMO. Sometimes they throw $3–5k into coins at $10–20k MC (WTF), then consistently dump below $100k.

No meta needed, no real narrative. Just a steady stream of followers providing exit liquidity.

People call them “good traders.” Personally, I’d call it farming your copy traders. But if it works, gg to them.

Sitting on your hands when there’s nothing worth doing is hard when you’re deep in the trenches. I know, I still struggle with it sometimes too.

But trust me, passing on coins gets easier with practice. After just a day away from fresh pairs, your head clears and you start wondering why you aped some of those obvious rugs in the first place.

The bull run is long. Your opportunities will come. Don’t try to force them.

Even though my fresh pair apes have sucked, my portfolio is looking very good and is close to ATH. Most of my long-term holds are either up or near entry, so the broader approach is still working.

But in markets like this, I don’t put more than 1% of my portfolio into a new play. Money management is key. Aping 5% or more per coin can wipe out a big chunk of your portfolio on a ruggy day. Even small bets add up if you keep forcing trades.

Some people won’t listen and will get zeroed out this run. Don’t be one of them.

If you’re not making money rn, you’re not alone.

Take a step back and ask yourself: Is it your approach, a bad market, or a bit of both?

For me, the trenches just don’t make sense rn, as I’ve said before. So I’m waiting for better conditions instead of forcing trades.

I’ll still use this time to share my thoughts and some lessons I’ve learned. The goal is simple: help you avoid losing all your money before the real onchain bull run even starts.

So the most interesting thing today is the auction on bonnie blues baby name.

Interesting times in the trenches

This run has been super strange in the trenches so far.

We had a nearly $1B runner with $PONS, yet onchain new pairs are absolute hell.

There hasn’t been a real meta in a while. It’s mostly random runners like Orbio or this JeanPhil coin.

Everything else seems to be another AI-launchpad LARP or a random cat—endless PvP across 10+ coins, with maybe one eventual winner.

It used to be different.

A new coin would run to $20M+, create a clear meta on its chain, and you could research logical betas with realistic ceilings above $1M.

Right now, the volume simply isn’t enough to support this many chains, launchpads, and daily launches.

Add KOLs who either PvP the new runners or pump and dump them—and the sheep who blindly follow—and the whole market becomes extremely difficult to navigate.

Hopefully, this is only the beginning of the run and the onchain environment improves.

For now, I’m staying out of new pairs and continuing to hold my existing conviction plays.