Self-described DeFi and NFTfi Threador, Leshka.eth, in a post on X, formerly known as Twitter, shared details of how she made massive profits in a short period by trading meme coins.
What Happened: Leshka indicated that her crypto portfolio grew from $94 to $1.14 million, saying that success doesn’t hinge on being a genius but on belief and the right strategy.
Her rules while trading meme coins are:
- Checking top traders based on the best performing meme coin.
- Selecting the best meme coin hinges on community support, and finding new projects is guided by influencer endorsements.
- Scan Twitter metrics. "Big influencers with score 200 and more give the project a huge boost."
- After selecting a project, using sniper bots to buy tokens at launch at a good price.
- When to sell, the trader follows:
Conclusion: Wins are not possible all the time, meme coins are risky, and you can lose nine out of 10 times as it's a gamble. But with experience, you can win big with enough luck, Leshka noted.
She indicates that if you had purchased $100 worth of Dogwifhat WIF/USD within the first seven days of launch, it would now be worth $2.5 million.
Also Read: How ‘Meme Coin Sausage Is Made,’ According To Crypto VC: ‘I May Be Everyone’s Exit Liquidity’
Why It Matters: While meme coin frenzy has led to many traders witnessing significant profits, many have turned their investments into losses by FOMO trading in highly trending tokens which have a volatile trading pattern with sudden drops and immediate increases.
As per Coingecko data, the meme coin market capitalization witnessed a drop of 5.3% in past 24 hours after witnessing a few weeks of significant surges.
Based on monthly gains, Floki FLOKI/USD, Pepe WIF/USD and Dogwifhat have recorded gains ranging between 530% to 630%. All have managed to enter the $2 billion market capitalization club, with Pepe at $3 billion.
With the upcoming Bitcoin halving event and most of the meme coins having a high correlation with Bitcoin prices, it will be intriguing to watch how well these meme coins fill traders' kitty.
Read Next: Trader Takes $1.65M Profit On ‘Shiba Inu Killer’ Dogwifhat, But Keeps 75%: ‘Hanging On As Much As I Can’
Image generated using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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