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Renowned crypto trader Rekt Fencer shared insights on successful meme coin trading, detailing his strategies and current meme coin watchlist.

What Happened: In a comprehensive X thread, the trader revealed lessons from making millions on Solana meme coins in 2024. He outlined eight key strategies that he wished he knew before embarking on meme coin trading: Not constantly rotating capital Utilizing sniper bots Following insiders Conducting thorough research Identifying new narratives early Maintaining small bets Adhering to a consistent strategy Sticking with winning trades while cutting losses

He highlighted Jeo Boden (BODEN) as a notable celebrity meme coin that became the star of the show, but traders jumped on newer celebrity coins that fizzled out quickly. Regarding insiders, he mentioned Book of Meme (BOME) and cat in a dogs world (MEW) as coins that insiders quickly bought up, aiming for 100x returns.

For conducting your own research, Fencer suggested assessing factors such as social media presence, trading volume, narrative and marketing campaigns, among others.

He also advised tracking new narratives early, mentioning the potential for 100x returns, especially with cat coins. DEXScreener and following seasoned traders can be used to track such coins.

Fencer stressed the importance of not hastily cashing out profits or letting losses accumulate, urging traders to exercise patience and discipline.

He concluded his thread with a reminder that successful meme coin trading requires dedication, learning from mistakes, and the crucial principal of "only play with money you can stand to lose," He emphasized that achieving substantial profits in meme coin trading demands dedication and patience.

Also Read: The Top Five Meme Coin Trader Fumbles In 2024 Missed Out On Over $200 Million

Why It Matters: Fencers advice comes at a pivotal moment when meme coin trading is gaining significant traction in the crypto market.

The popularity of meme coin trading has led to the emergence of comprehensive trading guides, such as this guide on how to find 100X meme coins without relying on luck.

However, not everyone is on board with chasing riches in new meme coins. Loading… Loading…

Influential Dogecoin DOGE/USD contributor Mishaboar warned DOGE holders about the potential risks of leverage and derivatives, which can lead to losing it all. He likened it to playing in a casino against the very owners.

It is worth noting that most emergent meme coins chase to replicate the success of DOGE and Shiba Inu SHIB/USD , the only truly established meme coins. Testament to that are hyper-bullish price predictions, such as in the case of a crypto trader predicting BRETT to be the SHIB of this bull run.

While DOGE and SHIB have not enjoyed the exponential gains of new meme coins, their holders can point to a commanding lead in meme coin market share.

Indeed, SHIB holders that implemented Rekt Fencers strategies and bought SHIB at launch would be sitting on a tidy profit now.

Whats Next: The influence of meme coins andBitcoin as an institutional asset classare topics expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.

Read Next: Crypto Q1 Report Highlights 300% Meme Coin Renaissance And Major Step For Ethereum

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2024 Benzinga does not provide investment advice. All rights reserved.

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