Best meme coins to Buy in 2024
Meme coins have scaled up the crypto world to a new all time high in FOMO and risk reward ratio. Trading meme coins can be highly profitable if you understand the culture of meme coins and if you know exactly what you’re doing. But without a trading strategy you cannot make money in meme coins. Having a well established trading strategy can book you 10X to 100X profit.
Find below some important bullets, most meme coin traders follow to make money in new memecoins of 2024 and leveraging the upcoming meme coins;
1. Take Initials Out, Every Time You Hit 2X
Don’t forget to take out your initial investment from a trade, e.g if you entered in a trade at $100K marketcap and it ends up at $200K. Just take out your initial investment & then anything you make after that is just profit. Now you are “free riding” a trade without having fear of losing money in it.
2. Scale Out Profits
When you wait too long to take profits, usually it ended up shrinking your hard earned profits or sometimes it turned out a big loss. A red candle which happened in just a blink of eye can dry your capital. And it happens so fast that sometimes your transaction wouldn’t go through.. So it is better to scale out your profits during a big green pump.
3. Cut Your Losses To Find the Next Best Meme Coins to Buy
During your way to find the new & best meme coins to buy It is not possible that you always find the right one. Finding winning & best meme coins from 99% of rugs is not easy and most of the time you take wrong and weak positions. Use technical analysis (TA) to identify the chart pattern and trendline. And if the chart structure is weak, it is better to cut your losses and move on to find the next opportunity.
4. Avoid Impulse Trading
Getting emotional into the meme is very obvious but impulsive / emotional trading can lead to poor decisions which will affect your capital. It took years to experienced traders to learn this skill to trade without emotion. And if you have missed the opportunity, no need to chase it.
5. Learn from Every Trade
Watching youtube videos and learning from experience traders is a good practice. But you never learn until you thrive or take decisions. You learn something new from every trade you take. Always take notes of your trades to reflect on both successful and unsuccessful trades. It will help you grow as a trader and improve your trading bets and gives you confidence to take better decisions.
6. Use Some Trading Bots and Tools
Using bots can give you an edge. Here are some tools I recommend:
- Solana: Trojan on Solana
- Ethereum and Base: BullX
- Cross-Chain: BullX
- Trading and Sniping: BONKbot, Sol Trading Bot, Maestro Sniper Bot
- Find successful wallets to copy trade: Zelfiguru
7. Discipline Your Trades
Meme coins Liquidity and trading volume vary throughout the day. The best times are:
- Asia Mornings
- Europe Evenings
- US Throughout the Day
8. Safety First
It is better to check the safety and security of a meme coin before taking trading decision. Check if the liquidity of a meme coin is locked and 100% burnt, You can also use tools like BullX and RugCheck to avoid rug pulls.
9. Finding Best Meme Coins to Buy Now | Market Trend & Rising Narratives
For new & best meme coins to buy, there is no better platform other than Twitter, Telegram & DexScreener. Use social platforms to find out how community is taking over a meme coin. Look for active communities, rising narratives, and increasing holder counts.
Conclusion
In 2023 it was quite easy to trade and make money in meme coins, but as meme coins market exploded in 2023 & 2024. Every one wanted to buy the next PEPE, WIF, BONK OR BRETT. But it is very hard to find the real and legit meme coins right now, because more than 99% meme coins have failed at launch. This is why it is very easy for them to rug pull early investors. Using more tools and safety could help you to avoid rug pull.
