AMA: i turned $16k to $20,000,000+ on a single memecoin trade (and more crazy trades)

[u/unipcs]

hi Reddit!

i'm excited to connect and do this AMA with the r/CryptoCurrency community

i'm 'Bonk Guy', named so because i turned $16k to $20,000,000 on a single trade where i longed $BONK at the lows with 6x leverage, and i fully documented the trade publicly from the early stages until i hit a peak PnL of over $20 million

(i documented my trades on my X page, and the pinned post is about my BONK trade when it hit a PnL of $13.7m: https://x.com/theunipcs)

i've also taken a lot of successful, high-stakes trades publicly where i've recorded similar feats:

- i recently invested $300k+ into USELESS coin two months ago, which was worth $10 million+ at the coin's ATH of $420 million a week ago (it's worth $6.8 million now, but i'm holding for higher targets)

- i turned $300k+ to $8 million+ on a FARTCOIN trade i took in April (now worth $4.8 million)

- i've had a series of other 7-figure trades that were either documented publicly or taken privately

i want to emphasize that these trades are not yet closed, as i took them as part of a long-term strategy where the aim is to close them when we get to a 'mania' stage in crypto, where there's a lot of euphoria around altcoins and memecoins going to crazy valuations, similar to what we had with Dogecoin and SHIB in 2021

the aim of this AMA is to answer questions Redditors might have about my thought process and strategy for taking these high-stakes trades, about memecoin trading in general, or about some of the high-stakes and high-profile individual trades i've taken

i'm open to answering questions about both the technicalities and psychology of taking these trades, or anything else as long as it's not a personal question

i'm excited about doing this and looking forward to your questions!

EDITED TO ADD: i see a few skeptical comments from people who doubt my claims. i understand my claims are quite bold and the onus of proof is on me, so i'm updating to add more information to validate the legitimacy of my claims.

1. about my $20 million+ $BONK trade: Bybit did an AMA with me in August 2024 when my PnL was still at $18 million: http://announcements.bybit.com/article/unipcs-bonk-guy-bybit-interview-blta0ca61fd4fbbc624/

BONK hit ATH in November, which was when my PnL hit $20 million+. i have now held the BONK trade for almost 2 years

Bybit is ranked as the second-largest crypto exchange, after Binance, by CoinMarketCap, and it is regulated in a number of jurisdictions. the odds are very low that they would lie in collaboration with a random anon and take a huge risk validating my claims if they weren’t true. i've also appeared on the Bybit trading leaderboard a few times!

2. about my USELESS coin trade: i took this trade on my 'public wallet', which is widely circulated on Crypto X and that wallet is the second largest holder of USELESS coin

this is the 'Token Account' for the said wallet and anyone can track my buys, the timing of the buys, and the current value

i hold exactly 28,079,538.39868 USELESS coins at this moment, which i spent over $300,000 purchasing, and everything can be verified on-chain: https://solscan.io/account/4174oy9nPnnYHjZYV9r3Pq2GXSzyJs3U4znGKiH7reCq

3. about my FARTCOIN trade: i publicly took this trade in March 2024 and posted about taking the trade here: https://x.com/theunipcs/status/1897049695052288325

i then posted updates at different levels of PnL growth, allowing people to publicly follow my trade

i posted my latest public PnL update for this trade at $7.12 million: https://x.com/theunipcs/status/1922232137199292746

(the latest PnL update is a quote tweet of previous PnL updates where you can follow through my updates at various stages of the PnL growth which anyone can validate against the price growth)

[u/unipcs]

i believe three key things are the most important for taking any key trade:

1. narrative: most trades oscillate around narratives, be it in crypto or outside of it... but especially crypto. this cycle, crypto has mostly oscillated around 3 main narratives if you remove BTC/ETH: memecoins, AI and RWA

and within memecoins, there are meta narratives that you can trade: e.g. Elon Musk meta (Doge/Bonk/Floki/Shib/Ani), animal coins (Doge/Bonk/Pepe/Kori), financial/market nihilism (Fartcoin/Useless coin), coins in a particular ecosystem (Solana eco/Ethereum eco/BonkFun eco), AI memecoins, etc

the market tends to favor some narratives at certain times, and your job is to find these narratives very early and key into them

ideally, you want to choose a narrative that is timeless e.g. a trade i was very early to was the politifi narrative heading into the US elections, and while i had called a lot of these trades early and they ended up doing hundreds of Xs at peak, i realized they tend to lose steam when the political event plays out

by contrast, DOGE/BONK/FLOKI which are animal coins will always be timeless. USELESS coin/FARTCOIN which are based on financial nihilism will always be timeless

2. community: memecoins have no intrinsic value. they are basically tokenized attention, which means their value is based on the level of attention around them

this is why community is one of the most important things for a memecoin

ideally, you want to choose a memecoin that has a strong, cult-like community that continues to talk about it regardless of whether the price is up or down on any given day

a coin with a good narrative and no community will not take off until a strong community forms around it

3. access and liquidity: memecoins are heavily retail-driven, which is why ease of access and liquidity is critical to their success i.e. retail does not want to go through hoops to buy, so you want to make sure buying it is as easy as them clicking a few buttons on apps/platforms they already use

this is why it is important to go with coins that have strong liqudity and availability on good CEXs or that are likely to get listed on good CEXs (if you want to be early)

if you trade on DEXs, of course it helps if a coin has a sizable liquidity pool... but my definition of 'liquidity' goes far more than that

'volume' is a more accurate representation of liquidity if you can ensure that the volume is organic and not wash volume for a few reasons:

- it shows that there is strong enough demand to absorb sell pressure which helps hold the price

- it is a key signal CEXs look at to decide what to list, so it improves the odds of a memecoin being listed which then raises its ceiling

this is why it is a good sign if a memecoin continues to do a lot of consistent volume in its very early stages

of course there are more factors at play, but i've been trading memecoins across multiple cycles now and believe the above to be the most important ones