I must confess something. I'm a trader more than an investor, and I have a penchant for shorting, particularly when the market is bearish...
Each morning, I scan for tokens that have surged recently, aiming to short them and capitalize on potential pullbacks. It's a strategy that has consistently padded my wallet.
An added perk? Earning points for airdrops when trading on the right chain.
Right now, I'm leveraging the Mantle network, which is running an airdrop campaign where you can restake mETH for cmETH to receive Powder points for $COOK and enjoy yields from restaking. Join the campaign here: https://app.methprotocol.xyz/campaigns/methamorphosis-s3/XY36Ax2e3G
This week, Mantle’s native token, MNT, caught my attention.
Over the past week, MNT has experienced a notable price increase, rising from $0.78 on March 22 to $0.82 on March 29. Observing this upward trend, I decided to short MNT on the Mantle network, anticipating a pullback.
To do that, I deposited cmETH on lendle.xyz as collateral, borrowed MNT, and swapped MNT for USDC.
The beauty of this approach is twofold: profiting from the short position and accumulating Powder points through the ongoing campaign.
If you're into trading and want to make money while stacking airdrop rewards, now’s the time to take advantage of this opportunity.
Of course, MNT price can continue to increase for a few more days - so it's crucial to short cautiously, so that you don't get liquidated.
That's not financial advice, as usual. DYOR.
Feel free to let me know your comments.