Although the cryptocurrency market can often be volatile, it can also be a highly lucrative playing field for investors who know how to carefully time their trades right, as one professional crypto trader demonstrated by taking a profit of over 12,000% on one particular meme coin.
Specifically, the pseudonymous crypto market expert CoinsKid revealed that he had taken massive profit on one of his top meme coin picks – Bonk (BONK), which “pumped over 12,000% for us from our 2023 entry point,” according to his X post published on June 10.
Furthermore, the crypto analyst reminded his followers that he had posted twice about the Bonk meme coin in 2023 and announced he was now waiting for another optimal entry point, which he believes could occur “at the green line if we see a breakdown of the rising wedge” chart pattern.
Bonk price action analysis. Source: CoinsKid
Bonk price analysis
Indeed, at the moment of CoinsKid’s “beast trade,” the Bonk meme coin was changing hands at the price of $0.0000280174, which means it has advanced by a whopping 12,674.82% since the crypto expert’s entry. However, afterward, it has declined by 1.81%, to the price of $0.00002751.
Bonk price 7-day chart. Source: CoinMarketCap
Meanwhile, Bonk’s price represents a loss of 1.56% on the day and a 20.23% drop across the week, which means that the analyst’s new entry position could be just around the corner. On top of that, it is currently sitting above the 100 exponential moving average (EMA), offering a good entry point, as its next target could be $0.00004.
That said, its price dropping below this important indicator could signal capitulation and further declines, so doing one’s own research and carefully weighing the risks is critical when investing a significant amount of money in any asset, be it crypto, stocks, real estate, commodities, or others.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
