Key Points
- A Bybit user known as Unipcs (Bonk Guy) turned $16,000 into $18 million in a single trade.
- In a recent interview, he explains how he did it.
A Bybit long-time user turned $16,000 into more than $18 million in a single trade on the platform. In an interview with Meyade Curfs, Global Business Developer at Bybit, the trader known as Unipcs (Bonk Guy) explains how he did it.
As noted in the interview published by Bybit, Unipcs reveals his BONK long trade.
Going From $16,000 to $18 Million
Unipcs revealed that first of all, he opened his BONK long on Bybit back in October 2023, with a little over $16,000 and 6x leverage. He said that now, his unrealized PNL is over $10 million, but at its peak, it was over $18 million.
Unipcs said that he held the position for 9 months and he believes that BONK would be a top meme coin when retail influxes.
According to him, the position had drawdowns of 70-80% from the PNL peak, but he remains confident due to his thesis that BONK’s market cap will grow significantly.
During the interview, the trader also addressed other issues including the reasons for which he chose Bybit, and an overview of BONK and the meme coin general market.
Reasons for Choosing Bybit
When Curfs asked the trader about the reasons for choosing Bybit for his BONK long, his answer highlighted the initial comparison with other exchanges.
Unipcs said that he chose Bybit as it was the only trusted and liquid exchange that offered BONK on leverage at the time. Other exchanges were either illiquid or less trusted, he noted.
Factors Favoring Meme Coins
When Unipcs was asked what makes him so bullish about BONK and its potential, he answered that the coin is “memeable”, tied to the Solana culture, and accessible on major exchanges and this attracts many buyers.
He also highlighted several macro factors that are favoring meme coins:
- FED pivot
- Upcoming rate cuts
- Strong Bitcoin ETF flows
- Upcoming US elections
- Early institutional interest
- Unit bias
According to the trader, all these factors will boost BONK which also features strong fundamentals with a significant portion staked and monthly buy/burn Bonkbot fees.
Meme Coins Predictions
Bybit‘s Global Business Developer asked the trader about his favorite and biggest meme coin holdings to which he answered that currently, his biggest holding in terms of meme coins is FLOKI. He said that he’s extremely bullish on the coin and he believes that it could end up being one of this cycle’s biggest gainers, similar to BONK.
Regarding the trader’s predictions about the top performers of this cycle, Unipcs said that he’s betting on FLOKI and BONK, but also believes that PEPE and WIF will perform well. However, he expects FLOKI and BONK to yield more ROI.
Unipcs’ top predictions for the meme coin market:
- The meme coin market will not top until it hits at least $300 billion.
- Some meme coins will exceed $10 billion including BONK, FLOKI, WIF, and PEPE.
- The meme coin madness will continue, despite pullbacks.
Determining the Best Meme Coins To Buy and Hold
The trader also offered an interesting insight into his methods of choosing the best meme coins:
- Looking for a pattern or narrative that aligns with the meme coin – Unipcs mentioned the initial investment in FLOKI which was based on Elon Musk’s influence and the project’s strong fundamentals and community.
- The coin’s community strength which is crucial – Irrational passion and strong advocacy are important, according to him.
- Available liquidity – Unipcs believes that volume, liquidity, and accessibility on both DEXs and CEXs are essential.
On X, a few hours ago, Unipcs also revealed a big trading mistake that many make: assuming you need to have a 100% win rate.
