Recently, I've seen quite a few discussions about "tudi dogs" again, and it seems that everyone's understanding of this area is still somewhat superficial. My own observation is that the classifications of "tudi dog," "golden dog," and regular projects don't have absolute boundaries; they can transform into each other. A well-executed tudi dog might evolve into a golden dog, and conversely, a poorly managed so-called golden dog might be even worse than a tudi dog.

First, let's talk about what a tudi dog is. The core characteristic of a tudi dog is that it can explode in a short period, with the price increase potentially being very exaggerated. But there are a few prerequisites to note: whether you entered early enough, whether the data after the rise is genuine, and whether the liquidity pool is sufficient for you to exit safely. All of these are crucial.

Tudi dogs roughly fall into two types. One is the "Pixiu-style contract," which only allows in, not out—once you buy in, you can't sell. This exists both domestically and internationally, and the operation is usually handled by the same group of people, just with a different appearance, repeating the same tactics. There's also an evolved version of Pixiu, which copies the name, Twitter, and Telegram of a popular tudi dog, but with a different contract address, just to lure people in. This kind is basically hopeless.

The other type is community-led, which is what people call meme coins. To create such tudi dogs, several key conditions are needed. First, large holders need to verify their holdings; new investors should be incentivized with airdrops; staking should offer dividends; and there might even be a deflationary mechanism. The core logic is to ensure that the top holders don't waver, so small retail investors can't stir up much trouble. Without significant selling pressure, the price can naturally rise quickly. The earliest example I saw was YFI. While many think its success was due to technical excellence, honestly, the community's strength was the real driving force behind it.

Another very important point is the timing of entry. Entering early versus late makes a huge difference in the cost of chips. Also, whether you can connect with the project team and hear about their development plans can reflect the project's vision. Asking questions during AMAs is a good opportunity. If they ignore you, then you can basically run.

The most critical point, which many tend to overlook, is whether you have resources or relationships with the project team. Essentially, this is information asymmetry. Having large funds doesn't help if you don't know the project team, can't predict their next moves, and just go all-in based on marketing copy—that's just waiting to be cut. All your data is transparent to the project team; they don't need to give you permissions. Why would you be able to earn ten or a hundred times?

Some people around me have indeed made a lot of money from tudi dogs, but upon reflection, it's mostly luck. For a tudi dog project to succeed, there must be a group continuously operating and promoting it. A good community is built through collective effort. Maybe your friend just bought and held without telling anyone, and when the project took off, they reaped the benefits. Not everyone has that kind of luck. Over a longer timeline, this kind of good fortune will eventually be arranged and revealed.

As for golden dogs, there's not much to say. A good tudi dog can evolve into a golden dog. But a golden dog itself is meaningless—lacking technology, and generally lacking anything else, not even a clear vision or roadmap. Its upside potential is limited, but the downside is infinite.

Regarding regular projects—angel rounds, seed rounds, private placements, public offerings—announcements of fundraising and big names are common. These are mostly just for show; publicly available information is usually internal digestion before release, essentially just a trap for retail investors. If you want to make dozens or hundreds of times profit, angel and seed investors have already made thousands of times. Why should you be able to profit?

These projects love to tell stories, claiming they have technology, that they will develop real-world applications, or that they have new concepts. But think about it—are these really important? Bitcoin has been around for so long, yet transfers are still slow. Does it have any real technology? Why do people always try to find a causal link between real-world applications and coin prices? When you flip houses, do you worry about feng shui? The only thing you care about is how much you can earn. When you trade stocks, are you supporting the listed companies? Then stop trading.

So, if you don't have channels or resources, don't bother with regular projects—they're not very meaningful. Unless you're just a secondary buyer, in which case time will prove that most will end up losing everything and exiting. Think about this underlying logic yourself.