I managed to flip a switch after being someone who cared alot about fundamentals in crypto and started to get into Meme Coins with a small % of my overall portfolio trying to play this game and see how it goes. These are weekly update posts in what I believe could be a Meme Coin Summer...
A week in meme coins feels like an eternity. I have 1 big winner which I managed to take good profit on near the top and 1 big loser where there was a dev who dumped with the community taking over. I did reinvest the profit in other holdings and bought 2 more coins while putting a lot more on my watchlist.
Big Week Winner (USUG)
When having a portfolio of multiple memecoins, you only need 1 to pump hard in order to make good profit. Last week this was the case for USUG as 1 whale (Wallet Address ended up buying 42M USUG as there was some hype around Pride Month. If offered me a secondary option to take profit and I reduced my bag from 750k to 300k getting in total 2153$ for that. Many were selling into the pump to the point where the whale ended capitulating and dumping half of his holdings which got the price lower to were it was . I ended up buying back the 450k USUG I sold for 2153$ for 580$ when it hit the upward trendline before the whale dump. Now it's trading a bit below that and it's a matter of playing the waiting game again as another pump at some point is not unlikely.
Regardless what happens, I'm well in the green for this coin thanks to some good timing on the buying and the selling which is the ideal scenario for making most money with these meme coins.
This is what the whale-buying action looks like just throwing money down the drain. The account still has 20M USUG left and I'm quite sure it will get dumped at some point as it's hard to see another buy how it was played.
Big Week Loser (DONKE)
The coin which was my biggest winner 8 days ago as I bought 800$ which quickly ran up to a value of 9800$ around the peak saw a dev rug pull and a community takeover this week. This experience has been a good learning lesson now understanding that I really need to take the money is there is such a quick rise instead of being greedy and overly optimistic.
Right now, basically everyone who is good at making some graphics can come up with a fun idea. Make a coin buying let's say 5% of the supply as he creator. Market the coin on Twitter, Telegram, Dexstreener, Coingecko gathering a community while the coin initially goes up to come at a point where their effort yielded ~50k+ Dollars in a week in case they dumped and left. This is one of the things that happened with Donke. the good thing is that the community is strong enough by now that it looks like the coin will survive this rug pull. This is one of the potential many walls any coin faces to really get big. Once the price action starts to become boring, the risk is also that the community slowly starts to give up.
I did increase on my bag during the dump when reaching previous support line of a 300k market cap and by now it's back to being my biggest holding on Solana as I do still like the marketcap compared to the potential given that the community stays strong. Overall I'm still well inside a profit and hope it continues to recover.
New Week Buys (LOA & SENK)
I bought 2 small initial positions in coins during the past 7 days.
SENK
This seems to be another coin with original art and a community behind it. I hate to nuy into big pumps though so I waited and took an initial position when there was a small pullback and I will keep an eye out on the chart to potentially buy more. I got 60k SENK for 107$ and now it's worth 130$. the Market cap is 2.1 Million right now but I do expect it to come down again some more before the possible next leg up. I don't have any hurry or fomo on this one also because I don't really like the name Senk.
LOA (Law Of Attraction)
I got across this one some weeks ago at the time there was a pump. As I'm not buying inty hype I just put in on my watchlist. The concept of this coin stuck to me though as many people believe in the Law Of Attraction with this as the original coin experiment to see if it 'actually works'. It's something completely different to all the other animal coins and I do see it as a coin that potentially could do really well as a buy & hold. I looked back at it yesterday seeing a good technical patters of a first pump followed by a dump and a sideways patters to see a higher high with a higher low and another sideways range to now break the downtrend en retest it. At 5M it's not the cheapest coin but still acceptable to get into. I plan to just hold this bag and maybe even add some along the way.
Increased Positions
I used the USUG earnings mainly to increase some of my existing positions.
BENJI (Taylor Swift's Cat): I always wanted to be a Benji Millionair and the drop of the marketcap back below 1M got me to get above that buying 700k BENJI for 425$. I now own 1.2M which in total over multiple months I paid ~1202$ for. At the current price it's now worth just below that. if the price would go x6 I at least would sell 200k to keep my free bag in anticipations for Swifties that get onboarded to start buying it.
BODEN: I added 1000 more Boden to my bag during this time when Biden is no longer hot as all the different trump coins are doing well. The main appeal to me is that there is only 1 coin around Biden for as far as I know and it has been beaten down. So I'm accumulating more against the sentiment. At some point it looked like it was going to fly breaking above the downtrend but it since then got dumped down below it again.
VCAT: I still like Vcat as one of the cat season coins and it also feels like it's in an accumulation zone where at some point in time could get out of and rise really quickly. there was 1 big buy which instantly pushed it t 5.9$ but it was dumped down again. I did add 70 VCAT at 2.76$ average price.
HAPPI: Happicat is another cat coin that got below a 2M market cap where I was willing to increase my bag to a more significant size adding 110k HAPPI at a price of 0.002$.
Sell & Profit Taking
I'm not in a position where I no longer add new funds to this portfolio to buy memes even though it's really tempting. I also try to take some money out at times mainly rotating it into GambleFi which tends to have strong fundamentals with actual users and profit that is made.
Profit Taking: I took 187$ and bought 3 more DefiBookie NFTs
Sells: I did Sell the small position I had in MEW as I see limited upside while I just don't understand the meme as it feels like a VC attempt to get a memecoin going. I used the funds to buy LOA.
New Week Watchlist!
One of the Coins I'm watching is DOH mainly because the one behind it is known making the odds of a rugpull a lot smaller. However, it has come down a lot and I opted not to buy it when I saw it below a 500k market cap. The chart now shows something of a double top so I would need it to come down more in order to potentially get a position. If it goes up like crazy from here on out, I just missed it and so be it.
I'm also watching Mamba which is on base and seems to have a big community with good art. The technicals looik good with higher highs and higher lows now sitting at the support line. However, the 25M market cap kind of scares me as it's quite big already.
Brett is one that I'm watching to possibly take some profit on in case it gets close to he upward trend resistance line. Right now it is my biggest holding and I do believe it will be one of the main memecoins on Base chain with the potential to do a 10x. However, the higher it goes the lower the upside becomes and the higher the chance of a correction. I'm glad that I stacked up during the time when there was a lot of fud around the project.
Previous Watchlists!
HARAMBE
I was close to getting a small position but it now looks like the support line broke so I'm skipping unless it goes down to the previous low in the large sideways range. This means it needs a -60% drop for me to consider buying it.
Last Week Results
The week saw another very nice increase in overall value without adding more funds and actually taking some out. 1426$ turned into 17830$ which off course are all paper gains while I keep playing the game of holding and hoping more people buy after me to later on dump on. Once I get a bit higher, I will start taking some Profit in USDC as some kind of war chest as there will for sure be bloody red days where the entireportfolio goes -30% or even more. With high upside comes the risk of big downside and I'm very much aware of that and mentally ready for when it happens.
Current Holdings (Solana)
| Week 10 | Week 11 |
|---|---|
 |  |
Meme Coin Portfolio
| Coin | Chain | Price | Change | Holding | Value |
|---|---|---|---|---|---|
| BRETT | BASE | 0.1368$ | +60% | 25000 | 3420$ |
| DONKE | SOLANA | 0.0006998$ | -30% | 3M (+600k) | 2099$ |
| TREMP | SOLANA | 1.34$ | +30% | 1200 | 1608$ |
| BENJI | SOLANA | 0.001137$ | +59% | 1.2M (+700k) | 1364$ |
| WIF | SOLANA | 3.33$ | -2% | 340 | 1132$ |
| BODEN | SOLANA | 0.2585$ | -14% | 4000 (+1000) | 1034$ |
| MANEKI | SOLANA | 0.01424$ | -13% | 75k | 931$ |
| USUG | SOLANA | 0.001149$ | -27% | 750k | 861$ |
| MOG | BASE | 0.000001601$ | +30% | 500M | 800$ |
| KEYCAT | BASE | 0.0064$ | +73% | 120k | 768$ |
| VCAT | SOLANA | 2.86$ | -8% | 250 (+70) | 715$ |
| PENG | SOLANA | 0.6619$ | +20% | 1000 | 662$ |
| BENJI | BASE | 0.04797$ | +308% | 10k | 479$ |
| SLERF | SOLANA | 0.393$ | +27% | 1000 | 393$ |
| HAPPI | SOLANA | 0.002182$ | +23% | 160k (+110k) | 349$ |
| MOCHI | BASE | 0.00003272$ | +71% | 10M | 327$ |
| ROOST | BASE | 0.02358$ | -21% | 12000 | 282$ |
| LOA | BASE | 0.06567$ | New | 3.6k | 236$ |
| SENK | SOLANA | 0.0021709$ | New | 60k | 130$ |
| ANON | SOLANA | 0.0004378$ | +102% | 250k | 109$ |
| BONK | SOLANA | 0.00003303$ | -2% | 2M | 66$ |
| TREN | SOLANA | 0.0009707$ | -4% | 40k | 38$ |
| SIXPACK | SOLANA | 0.00001360$ | -48% | 2M | 27$ |
| MEW | SOLANA | 0.004429$ | +2% | 0k (-10k) | 0$ |
| Buy Funds | - | - | - | - | - |
| SOL | SOLANA | 173$ | - | 0.37 | 64$ |
| - | - | - | - | Total | 17894$ |
| - | - | - | - | Profit Taken | 644$ |
So far so good but I do feel like the sheer amount of coins out their will put pressure on the rest as in the end there is only that much money in the space. That's why I tend to like either the big established coins like Brett, WIF, while I'm cautious to get into coins with 25M-150M Market caps.
Previous Weeks
| Week | Portfolio Value | Week | Portfolio Value |
|---|---|---|---|
| Week 01 | 1680$ | Week 11 | 17894$ |
| Week 02 | 4091$ | Week 12 | - |
| Week 03 | 4256$ | Week 13 | - |
| Week 04 | 4574$ | Week 14 | - |
| Week 05 | 4631$ | Week 15 | - |
| Week 06 | 6511$ | Week 16 | - |
| Week 07 | 6461$ | Week 17 | - |
| Week 08 | 8536$ | Week 18 | - |
| Week 09 | 9829$ | Week 19 | - |
| Week 10 | 14262$ | Week 20 | - |
| - | - | - | - |
| - | - | - | Total Profit Taken |
| - | - | - | 644$ |