Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonkto USDC (Solana network) to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).
So many meme coins fail, it's very risky but can be very rewarding, it's just a matter of moments. And the strategy you use is actually good, lucky you can exchange Bonk to USDC on time so you can avoid real losses. Even if after that you buy back at a cheap price and the only way to make a profit from Bonk is that you have to continue to monitor the market so that when that moment happens you don't miss out on selling again.
But in my opinion, meme coin is not suitable for long-term investment, it is only short-term and you should not hope that Bonk will become expensive, because this probably will not happen. The supply of Bonks is over a quadrillion. That's 10× the amount Shiba has. So if Shiba can't do it. Then bonk will never do it.
What can Bonk never do that Shiba never did you saying?
Everything in life have successful times and bad times and nothing lasts forever, but you know what they say? No risk no Reward. You need to be realistic when you doing short term trading and not getting blind.
meme coin is terrible for long term investment yes and I think everyone knows that already it's not what they are created for, instead if we see them for what they are and use them for short-term trading they are brutally good. Of course I hope it became as expensive as possible but do I think it will for example reach $0.01 for example? Absolutely not, i am a good trader that have balls to risk it and I know it will be my key to success.
With these meme coins you really need to becareful. They go up exponentially but they can also go down 90% very quickly in no time at all.
I remember SHIB, people assumed it topped but it kept going and going and going and basically people made a killing. However there were many other projects which people bought the dip and it basically went 99% you never know.
So keep that in mind with these meme coins, they aren’t blue chip stock investments like Tesla or Apple. They are
Extremely risky.
Thanks for the advice man I appreciate it. Yeah I know meme coins come with big risk but with high risk it comes a great reward for the lucky ones.
Locking the thread because this is getting old and don't want to contribute to more spam on the forum. Thank you for everyone that took your time to reply.
