Having been in the on-chain meme coin space for a while, I still want to share the dirtiest tricks of "smart money." In the beginning, when I had no exposure to tools like gmgn, I always thought those "smart wallets" were amazing: Win rates close to 100%, profit calendars filled with green for a month, almost printing money every day, But when I looked into it, I thought, wow, genius? Later, I discovered the truth is far more brutal— These addresses are heavily marked by GMGN as "rat wallets," And the coins they trade basically don’t go through Meteora (they can even set extremely high DEX fees, up to 3%, a pure bloodsucking mechanism). This is actually quite obvious: They are not "trading" at all, but are specifically harvesting the losses of copy traders. The real play goes something like this: Using a bunch of small accounts, constantly making small purchases to create the illusion of "smart money" building a position, Once you (and a bunch of copy traders like you) come in as the only real buyers, The price gets pushed up by you all— Then they start leisurely unloading, draining you and your buddies like ATMs. To put it bluntly, this is almost identical to an on-chain version of CFD/market maker games: On the surface, it’s a free market, but in reality, you’re facing a whole set of carefully designed counterparty plays. You think you’re trading with experts, But in fact, you’re just providing liquidity to the experts, and then getting slowly harvested. So now my attitude towards on-chain meme copy trading is: At most, take a look for reference; 100% copying is basically giving away money. Unless you have extremely strong execution discipline, risk control strategies, latency advantages, and information asymmetry, otherwise, you’re likely just the chives among chives. Finally, here’s a heart-wrenching reminder for myself: Those who truly understand Web3 can go anywhere without being easily harvested; Conversely, those who are always being harvested often do so because they haven’t truly understood what Web3 is harvesting. 😂 Smart money reminders can be set, for reference only; even if you’re as strong as the ox on-chain emperor, or whether you’re Wang Xiaoer or a cash cow, you can’t guarantee that copying will make you money. Moreover, many of their addresses monitor copy trading, and as soon as there’s a purchase, a super big spike will immediately occur. You need to ensure that when you follow in, you’re not just standing at the top of the mountain. Trading is your own; don’t act as someone else’s liquidity, or in other words, don’t treat real money as play money!