Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

'The Dogecoin Explosion Made Something Click In Me:' Veteran Trader Shares Secrets To Turning Pennies Into Millions With Meme Coins

Published 19/05/2024, 17:05
© Reuters.  'The Dogecoin Explosion Made Something Click In Me:' Veteran Trader Shares Secrets To Turning Pennies Into Millions With Meme Coins

Benzinga - by Murtuza Merchant, Benzinga Staff Writer.

Meme coins, with their wild price swings and internet-fueled frenzy, have become a land of opportunity for some cryptocurrency traders.

Millionaire trader Unipcs, also known as the ‘Bonk Guy‘, is a shining example, having amassed significant wealth by riding the surges of these digital assets.

In an interview with Benzinga, Bonk Guy offered a rare glimpse into his strategies and insights on the meme coin market, shedding light on the world of high-risk, high-reward crypto investing.

Early Recognition And Pattern Hunting

His foray into meme coins predates the rise of popular names like Bonk and Wif. “I’ve been trading meme coins for a very long time,” he says, “and prior to Bonk (CRYPTO: BONK) and Wif (CRYPTO: WIF) existing.”

He credits the 2021 Dogecoin (CRYPTO: DOGE) surge and the retail investor movement on WallStreetBets for sparking his interest.

“Seeing all the retail buzz around the GME (CRYPTO: GME) short squeeze, the WSB memecoin mania, and the resulting Dogecoin explosion made something click in me,” Bonk Guy explains.

He soon noticed a pattern with meme coins and was able to predict which ones were likely to explode, allowing him to invest strategically.

The Power Of Community And Liquidity

Bonk Guy emphasizes the crucial role strong community backing plays in a meme coin’s success. “I make sure there is a strong community because meme coins thrive on strong community,” he states.

He thrives on projects with “retarded cult-like believers who think their meme coins will flip Bitcoin (CRYPTO: BTC), go to 100 billion dollars market cap, and cure world hunger,” he says with a touch of amusement.

“The more irrational their passion for their meme coins, the better,” he adds.

According to Unipics, this fervent loyalty is crucial for propelling a meme coin towards significant price increases.

Liquidity is another key factor.

While meme coins offer the potential for explosive growth, they require sufficient trading volume to be readily convertible into cash.

“Eventually, for any meme coin to go mainstream it needs liquidity,” Unipics explains. “So, I also pay attention to volume and CEX listings over time.”

The Bonk Bet: A Case Study In Meme Coin Mania

Unipics’ sizable investment in Bonk, a Solana (CRYPTO: SOL) based meme coin, serves as a prime example of his approach.

While initially skeptical, he was swayed by a combination of factors: the influence of a respected crypto analyst, Bonk’s status as the leading meme coin on Solana, and the potential for Solana’s own price appreciation.

Diamond Hands: Riding The Rollercoaster

Meme coin trading is a wild ride, and Unipics acknowledges the emotional toll it can take.

He advocates for a “moon or bust” mentality, where investors write off their holdings and focus solely on reaching their target profit or accepting a complete loss.

“Once I buy an asset, I just write it off in my mind,” he explains.

“I’m not moved or fazed if it goes to zero. I simply give myself a target and hold until it reaches my target or goes to zero. Nothing else matters.”

This approach, he argues, allows for a more detached and less stressful trading experience.

Also Read: Before You Trust Another Crypto Guru, Read This Study’s Results

Looking Ahead: Bonk, Floki, And Beyond

Bonk Guy remains bullish on Bonk, citing its association with Solana and the potential for further growth.

“I’m obviously very bullish on Bonk for reasons I already listed,” he says.

“I’m the ‘bonk guy’ for a reason.”

He also highlights Floki (CRYPTO: FLOKI), another meme coin with a strong track record, as an underrated gem.

“Besides Bonk, I’m very excited about Floki,” he reveals. “It is my biggest memecoin bag, and I think it is currently the most underrated major memecoin.

While Floki launched in 2021, it has outperformed every other major memecoin including PEPE (CRYPTO: PEPE), Shiba Inu (CRYPTO: SHIB), DOGE, except WIF, this year.

“Yet barely anyone talks about it on CT [Crypto Twitter]. I think it will surprise many this year,” he predicts.

He also expressed interest in smaller cap meme coins like Lmeow on Ethereum (CRYPTO: ETH) and Linda on Linea chain.

For those looking to make substantial profits from meme coins, he advises paying attention to his previous strategies and maintaining a strong, patient mindset.

Read Next: Crypto Traders As Socially Valuable As Escorts To Brits, Study Finds

Image created using artificial intelligence with Midjourney.

© 2024 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.