Ponke... Does that name mean anything to you? I doubt it if you're not heavily into meme coins. With the sheer number of shit coins the crypto market has generated over the past year or so, it's hard to know and recognize all of them. I owned some Ponke a few weeks ago.
I bought it because of a tweet from Moonshilla, some smart dude I follow on Twitter. I held onto Ponke for a few good days, but at some point, I sold it. It's relevant why, but that's what I did. I bought it for $0.17 per coin and sold it at probably under 15 cents, only to see it now flying way above $0.40.
We've all been there. I bet there's not a single person in crypto without at least a few bad trades under their belt. I have plenty of them, and my most painful one is with DOGE. I literally let that one slip through my fingers during the 2021 bull cycle.
I could have made about half a million dollars with the meme of all memes, and now we're seeing shit loads of memes across the board. What should we do? Go all-in with them? Not necessarily, but having a bag of memes during a bull market never hurt anybody. However, this is not a meme coins shill post.
It's more about bringing awareness to newbies in the crypto space about switching bags or over-trading. I bet quite a few feel like dumping their long-term holdings to catch some train on an overly hyped meme because they feel like the old projects won't pump anymore and that this bull market will be all about memes.
That couldn't be further from the truth. The same happened to "my DOGE." It was supposed to be a dead coin during the 2021 bull market, but in reality, it was probably one of the most lucrative ones. No one knew that in 2019, just as no one will know which coin exactly will bring the juiciest revenues to its investors. At the end of the day, it's all a casino.
Dog wif hat... What the fuck is that? Pure shitcoin, but for whoever bought this in its early stages, it's life-changing money. BUT, and there's our big but. No one made life-changing money by swapping from one coin to another chasing pumps, and that's exactly what most of the retail will do. I've been there, seen that.
I am still retail, but I have to say that over the years I developed a saltiness that keeps me away from making such rookie mistakes anymore. I switched between bags over the past few months, and some swaps have been lucrative while others haven't, but overall, my portfolio is probably 4-5X from the lows. The true altcoins season hasn't even started yet.
Most of the gains in altcoins will come once BTC confirms the 2021 support and enters price discovery. Then we will have a few good months of insane green, and that's when big wealth is to be made. But you can't do that if you constantly swap between coins every here and now.
For a while, you won't lose much doing that as the market is slowly grinding higher, but once everything goes ballistic, probably not all of them at once, holding tight to your position until mass euphoria is probably the best thing you can do. Just saying...
But for the love of God, do not enter a new bear market underwater. Pull profits out as we go higher and higher, and when you won't believe your eyes looking at your portfolio, it's probably time to exit all markets. Nothing goes to infinity, and there's no endless bull market.
I have the experience of entering two bear markets at a loss, a severe loss, and believe me, that ain't fun. A bear market is a blessing for whoever has the cash to buy the discounts. Over-trading the bull market won't get anyone there...
Thanks for your attention,
Adrian