When you’ve found a viable meme coin, the next step is to learn how to trade this type of volatile asset properly. Keep in mind that meme coin prices are fueled by speculation. As a result, you’ll almost certainly have to deal with a lot of volatility. With that in mind, consider the following options for investing in meme coins:
Diversify your investments. Avoid putting all of your eggs in one basket as much as possible. Put another way, don’t put all of your money into a single meme coin. Instead, take a more cautious approach to invest. One or more meme coins should receive a portion of your portfolio, while the rest should be distributed among more established and stable cryptocurrencies. Around 5% of your total portfolio is a good trade allocation. So, if your portfolio is worth $10,000, you should invest no more than $500 in a single meme coin.
Keep your “Hodl” on. If you are confident in the long-term viability of a meme coin, you can opt for a long-term investment strategy in which you hold your position despite short-term price fluctuations. For example, Shiba Inu coin and dogecoin were both cryptocurrencies that took a long time to gain popularity.
Monitor social media sentiment. Don’t forget that the success of meme coins is primarily due to virality. As a result, it’s a good idea to keep track of community engagement and market sentiment to forecast price movements. You can do this by going to Reddit, Discord, and Twitter and seeing for yourself what kind of community is forming around the project and how many people are talking about it. Subscription services from companies like Intotheblock or The Tie and “freemium-based” platforms like Santiment and LunarCrush are other options for measuring sentiment.
Avoid being sucked in by FOMO. When investing or trading meme coins, it’s critical to avoid making decisions based on emotion, such as FOMO or greed. When dealing with cryptocurrencies, especially meme coins, be as objective as possible. Are you buying meme coins at the peak of a rally or at a more opportune time? These are the inquiries you must make.
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