Meme coins carry the potential for outsized rewards coupled with increased risk, and have grown significantly as a crypto niche this cycle. They can be traded through various platforms, and one option is Bitunix, which offers up to 125X leverage across many tokens, but doesn’t require KYC.
However, trading meme coins with leverage in this way is high risk and should be approached carefully, with measures in place to limit potential losses.
You might have heard talk of a meme coin supercycle, and it’s impossible to avoid all the new tokens with weird tickers that are flying around, some of which have delivered substantial profits for traders who buy meme coins on Bitunix early.
If you’re planning to jump into the meme coin casino but aren’t sure where to trade, then one solid option is Bitunix, so let’s run through the positives and negatives of meme tokens, and then look at how to trade meme coins on Bitunix.
Why Trade Meme Coins?
Meme coins lack any kind of utility, so why does anyone bother to trade them at all? There are plenty of theses around why meme coins have taken off–some of which get quite philosophical–but if we cut to the practicalities it comes down to one thing: profit.
With very few exceptions (DOGE and SHIB), meme coins have low market caps and offer the potential for huge multiples. And even if you’re not hitting a life-changing 1,000X, most people would welcome a quick 2-5X on their outlay.
You’ll see talk about culture coins and cult-like token communities, but in reality, if meme coins didn’t have the capacity to pump hard, no-one would be interested, and the attraction lies in the dream of outlandish returns.
The Risks of Trading Meme Coins
So we have the possibility of big pumps, and side-by-side with that is the reality that most meme coins are absolute trash and go to zero. And even the ones that are kind of fun and deliver returns certainly don’t do so in a straight line forever, meaning they can pump hard and dump mercilessly, after which they may or may not come back to life.
Keep in mind that the newer and smaller a coin is, the shallower the liquidity, and if supply is concentrated in a few wallets then price can be easily tanked–possibly forever–by a few big sales as early profiters cash in. Essentially, the risk with meme coins is that your capital evaporates quickly and completely.
What Is the Best Way to Trade Meme Coins?
There are various approaches to meme coin trading, including:
- Centralized exchanges: You can trade bigger meme coins with high liquidity, and a well established meme coin–the kind listed on CEXes–it’s less likely to go to zero (although any and all meme tokens are highly likely to plummet when the music stops). On the other hand, the choice of tokens is limited compared to what’s out there in the wild on-chain, and you might need to complete KYC.
- Trading on-chain: if you want to ape into newly minted nanocaps–the kind that can deliver insane returns for the earliest buyers–then go directly on-chain through a DEX, but be prepared to navigate rug pulls, low liquidity, and a hugely chaotic environment with a lot of noise but only a miniscule number of tokens that actually get any traction.
In this article though, we’re going to look at meme coins on Bitunix, as it strikes a good balance: it’s a centralized exchange but doesn’t require KYC, and you can use leverage of up to 125X on a range of tokens.
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What Are the Best Meme Coins on Bitunix?
Meme coins don’t make a lot of sense in general, but we can group them into certain categories, so, broadly, we have the following notable tokens (among a few others too) to trade on Bitunix:
- Famous coins: The largest meme tokens are DOGE and SHIB, after that there’s FLOKI, and playing catch up is PEPE. You’ll notice these are all dog tokens except PEPE. Which is a frog token. If there’s such a thing as a conservative meme coin choice (and there probably isn’t such a thing), then DOGE would be the strongest candidate.
- Big tokens on Solana: Making a name for itself this cycle as a meme casino, Solana is home to an enormous number of new tokens, but if you’re looking for the biggest Solana-based plays then you need to check WIF and BONK (again, both dogs), of which WIF has been the biggest attention-grabber this year.
- Cat coins: Maybe you prefer cats to dogs, in which case you should take a look at POPCAT and MEW, both on Solana, and MOG, on Base.
- Unique coins: Minted on Solana earlier this year, BOME is connected with crypto-meme-artist Darkfarms, while SLERF forged a one-of-a-kind backstory when the creator accidentally burned the project’s airdrop funds, thereby attracting attention and pumping the price.
- NFT-related: MEME is the token of the Memeland NFT/Web3 project, which itself was launched by the meme-focused social media site 9GAG.
- Bitcoin-related: For exposure to a Bitcoin-based coin, there’s the BRC-20 token ORDI. Actually, this arguably isn’t a meme token–it doesn’t feature animals or in-jokes–but it trades like one, and was the first ever BRC-20.
- On Base: BRETT is the leading meme coin on Base.
- On Tron: SUNDOG is the top meme token on Tron.
Ps. We compared Dogecoin vs Shiba Inu, interesting read!
Spot Trading Meme Coins on Bitunix
If you are going to jump in and trade, then the safest way is by avoiding leverage and just trading spot. To be clear: this is still risky as meme coins are volatile and might drop enormously in price, but in a spot position there is no liquidation risk.
So, here’s the process:
Go to the Spot tab, and then search for the ticker you want, for example, POPCAT on Solana.
Place a market order by clicking on Market order in the input below the price chart, entering the amount you want to spend (or use the slider to allocate a percentage of your funds), and that’s it, click (in this case) Buy POPCAT.
Or, place a limit order by clicking on Limit order, enter the order price at which you want to buy, and the amount you want to spend. Then, click Buy POPCAT, and the order will be placed but will only execute when (and if) the market price hits your specified order price.
Margin Trading Meme Coins on Bitunix
Meme coins are high risk to start, and trading with leverage increases risk, so what do you get when you put meme coins and leverage together? You can probably imagine the answer to that: risk ramped up to the max, with potential rewards equally amplified.
If you’re going to trade memes with leverage (and note that not all meme coins on Bitunix can be traded this way, although many can), then ensure that you size accordingly and only use a small portion of your portfolio, let’s call it the degen allocation, and make sure that it’s not more than you can afford to gamble with.
Then, you need to:
Go to the Futures tab, and search for the ticker you want, so again, let’s use POPCAT, and take a long position.
Over to the right of the price chart you can place orders, and starting with the top two buttons, it’s usually a good idea to use isolated margin rather than cross margin, so that you’re not betting with your entire futures account.
Then you need to set your leverage level. We can go up to 75X on POPCAT, which would make for a wild–and potentially very short–trading experience, and on meme coins, keeping leverage down in the single digits is advisable.
You can then use the slider to adjust how much to spend, check the liquidation price, and set a stop loss (where it say Buy TP/SL) to prevent liquidation, and it’s up to you how loose to make this: too tight and you might get stopped out by a downside wick while a longer upwards move is still playing out, so–as meme coins are especially volatile–it can make sense to leave some extra space.
You can set a take profit for additional discipline while you’re trading: these make sure that you stick to plan, figuring out a target and then automatically locking in profits. Remember that one of the biggest mistakes people make with meme coins is round-tripping their gains.
When everything is set, click Buy/Long.
Additionally, when trading with margin you can take short positions if you think prices are heading down. Meme coins often go through big corrections after a sharp run up, so if you feel you’ve missed your entry, rather than FOMOing in too late, you can wait for a local top and try to profit from the downside move instead, although again, this is risky, and there are times when coins just keep running.
Finally, this whole process is the same for a limit order with leverage, but you will also (as above in the spot trading process) have to fill in the order price at which you want a trade to execute.
For a more detailed run-through of the Bitunix trading process, please take a look at this article–Getting Started With Bitunix–and if you’re going to be trading meme coins, especially with leverage, then always be aware of the risks, don’t gamble what you can’t afford to lose, and make sure to enjoy the ride.
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