I’m your Drunk Pilot, and alongside my trusty imaginary monkey sidekick, Tipsy, we’re ready to help you navigate the world of meme coin investing. Fasten your seatbelts and let’s embark on this thrilling ride!
In this post we’ll cover:
- Meme Coin Basics: Buy tokens hoping for future higher prices. They’re a gamble!
- Find Strong Coins: Monitor performance, seek strong communities, and check fundamentals.
- Ape-tastic Strategy: Invest cautiously, use separate wallets, and apply technical analysis.
- Profiting: Withdraw at 2x, ladder out for additional gains, and watch for top indicators.
The Meme Coin Investing Gamble: Finding an Edge in the Game 🎲
Meme coins can be compared to casino games, with Ethereum and exchanges representing the house. The house always wins, but don’t worry, as Tipsy has a 5-step plan to tip the odds in your favor:
1. Monitor Top Gainers
Keep an eye on meme coins that are gaining momentum by using sites like DEXToolsApp. You only want to invest in memes that are showing positive price performance.
2. Seek Strong Communities
Meme coins rely on a strong community for success. Track their social performance using LunarCrush, Twitter, Telegram, Discord, and other social platforms. Ensure the meme is funny, entertaining, and easy to understand.
3. Don’t Ignore Fundamentals
Examine the team, tokenomics, and potential risks. Use Token Sniffer and Bubblemaps to avoid potential rugs and exploits. While these aspects may be less important for meme coins than legit projects, they still contribute to creating an edge.
4. Choose Your Strategy
Decide between going long on the niche leader, which has a higher market cap but is less risky, or playing the rotation game with smaller caps that can result in significant gains if timed correctly.
5. Follow Successful Investors
Track the wallets of successful meme coin traders using Etherscan, DeBank, and LookOnChain. Use their purchases as a basis for further research and pattern recognition.
Mastering the Art of Meme Coin Investing and Taking Profits
Tipsy recommends a 3-step plan to optimize your meme coin investments:
1. Adopt a Casino Mindset
Have fun, but only invest what you’re willing to lose, like in a casino. If you wouldn’t be comfortable betting the same amount on a roulette table, you’re likely over-allocating.
2. Use Separate Wallets
Keep your meme coin capital and investing capital separate to manage emotions and risks. Be prepared to lose 100% of the funds in your meme coin wallet.
3. Employ Technical Analysis (TA)
Use TA to plan your entry and exit points, and consider dollar-cost averaging. Due to liquidity constraints and a lack of historical price data, executing accurate TA is difficult, but it helps to develop a plan.
Sealing the Deal: Taking Home Your Life-Changing Profits
Tipsy knows you want to make the most of your meme coin profits, so here’s a strategy to help you cash out:
1. Withdraw your initial entry after a 2x return.
This way, you’re riding the trade with “house money.” Technically, the remaining capital is still yours, but at least you’re guaranteeing profits on the trade.
2. Ladder out a predetermined percentage for every additional 2x return.
For the risk-averse, you may want to keep taking your initial dollar size out, but if you’re more daring, you may opt for a lower percentage, like 20% or 30% per additional 100% gain.
3. Watch for top indicators
These include trading volume flipping market cap, lower highs, decreasing number of holders, large whales selling, and funding rates shifting. While there’s no guaranteed way to predict a top 100% of the time, a combination of some or all of these indicators can help you de-risk when top signs appear.
That’s all, my fellow inebriated aviators! Tipsy and I hope this detailed guide assists you in soaring through the meme coin skies. This journey has taken us from understanding the gambling nature of meme coins and the importance of a strong community, to learning about the fundamentals, selecting strategies, and finally, making the most of your profits.
Remember, just like a drunken pilot, meme coin investing is a thrilling yet risky endeavor. Approach it with caution and always be prepared to face turbulence. Follow me for more content like this, and we’ll keep you updated on new opportunities in the unpredictable world of meme coins.