Mythical Solana Meme Coin Trading w/ Chatbots: The Kingz-Friendly Guide

[KingzBot]

Understanding Meme Coins on Solana
Meme coins are known for their high-risk yet potentially high-reward nature, primarily driven by community enthusiasm and internet trends. Unlike traditional cryptocurrencies, they are characterized by their accessibility, viral marketing strategies, and often, the absence of a concrete technological or practical foundation. Their value is largely influenced by community sentiment and speculative trading, sometimes by celebrity endorsements.

While this guide provides a foundational approach to trading Solana meme coins, it's important to note that there may be other methods, possibly more advanced or better suited to different trading styles. This guide is intended as a basic introduction to the world of Solana meme coin trading. Always stay informed and consider exploring various strategies to find what works best for your trading goals and risk tolerance.

1. Using Telegram Chatbots for Solana Meme Coin Trading
Unibot on Telegram (referral link included - this saves you on fees!) stands as a crucial tool in the realm of meme coin trading. It's easy to setup and free to use!

Setting Up Unibot

Initial Steps
After joining Unibot on Telegram, you should start by funding your Unibot wallet with Solana by copying the address provided to you when typing /start. To fund your Unibot wallet, you have the option to use exchanges like Binance or wallets such as Phantom for the transfer of funds.

Activating Auto Buy
Click the "Settings" button and turn the Auto Buy to Auto Buy by clicking it once. Once turned on, this feature allows the bot to automate the purchasing of tokens according to your set preferences after pasting the contract address in the chat.

Configuring the bot
Adjust the Auto Buy settings to define your buy amount, gas usage (set to "Turbo"), slippage tolerance, stop loss, and take profit parameters.

Executing Trades
Place orders by sending the coins contract address to Unibot, which then handles the buy transaction based on your established settings. You can sell your token(s) directly through the Unibot app by following the next step.

Viewing Your Position(s)
After executing trades using Unibot, you can easily view your current positions to monitor the performance of your investments. To do this, simply type /positions in the chat, or you can click the 'Positions' button located in the start menu of the Unibot interface. This command or action will display a list of all your current holdings, allowing you to track their status and make sells or other decisions about your trade(s).

2. Other Essential Trading Tools

RugCheck
RugCheck plays a pivotal role in assessing the safety of crypto contracts, aiding in differentiating between legitimate investments and potential scams. This can also be used to verify top holders supply, contract renouncement, liquidity pool locked, and other useful information regarding the token.

Birdeye
Birdeye provides critical insights with real-time price updates and historical data analysis, essential for making informed trading decisions in the volatile meme coin market.

Unibot New Pairs Telegram Group
Unibot New Pairs Telegram Group is instrumental for traders. It offers real-time information on new token launches, including details on liquidity events, token renouncement, holder counts, and other essential data. This group acts as a valuable resource for traders to stay updated on the latest developments and potential investment opportunities in the Solana meme coin space.

Tracking Smart Wallets/Smart Money
An increasingly popular and strategic tool for meme coin trading is the tracking of smart wallets, often referred to as smart money. This involves monitoring the transactions and holdings of experienced and potentially influential traders in the cryptocurrency market. By keeping an eye on where the smart money is moving, traders can gain insights into potential market trends and investment opportunities. There are various tools and platforms available that allow you to track these wallets.

DYOR. THIS IS HIGH RISK TRADING & CONSIDERED GAMBLING. FAMILIARIZE YOURSELF WITH THE MARKET AND TOOLS PROVIDED BEFORE MAKING ANY TRADES!

Disclaimer: This guide is for informational purposes only and is not intended as financial advice. The information provided in this guide is based on data available as of January 2024. Please be aware that the cryptocurrency market is dynamic and constantly evolving. Therefore, the content of this guide may be updated in the future to reflect new information, changes in the market, or updates in trading strategies and tools. Always conduct your own research and consider consulting with financial experts before making any investment decisions.

 

[Akh]

Slightly updated strategy can be found by clicking here (or going to Post #4). Feel free to read through both posts to get a better understanding of the shifts made, and what is current.

These are some precautions I take to mitigate risks. This doesn't guarantee success but have served me well with my short experience so far. The market is super volatile and you can be in profit to no profit in a matter of seconds, so in the end its all about risk management, staying aware and not being too stupid.

Mandatory Use of Unibot -
In the current market, using Unibot is pretty much a necessity. Unibot is widely regarded as the best tool for trading within the Solana meme coin market. It offers a significant edge in making quick trading decisions with a click, which is crucial in a market where timing is everything. Link for the Telegram bot can be found in the post above or click here (you're also using a referral link, so thank you in advanced as we both save in fees!)

Contract Renouncement and Liquidity Pool Status -
I always ensure that the tokens contract is renounced and the liquidity pool is burnt or locked. This step is crucial for reducing the risk of a rug pull. Unibot New Pairs + Rugcheck will notify you of any pairs that have recently renounced their contract or a change in the liquidity pool status. Always ensure everything aligns properly, as there is still risk involved with these tokens.

Monitoring Tokens -
If a token isn't renounced or the liquidity pool isn't burnt/locked, but the token seems original, promising and a new pair, I keep an eye on it through tools like Unibot New Pairs and Rugcheck. I wait for the contract to get renounced and/or the liquidity pool to get burnt/locked before entering a trade. This is when I tend to go in & out within a few minutes (low marketcap coins)

Checking Top Holders -
It's important to me that the top 5 holders don't own the majority of the supply. Ideally, a Raydium address should hold a majority of the supply, not an individual top holder.

Contract Scanning Tools -
Using Soul Scanner (Telegram) and/or Rick Bot (Discord) is highly beneficial and practically essential for smart Solana meme coin trading. These tools simplify the process by allowing you to input the contract address of a coin, after which they provide detailed information about the coin, including aspects of its supply and contract specifics. I make it a point to conduct a quick scan using these tools before entering into a new coin. This is key in verifying the legitimacy and understanding the technical aspects of the coin, ensuring a more informed and safer trading decision.

Investing in Non Renounced or Unlocked LP Tokens -
I rarely invest in coins where the contract isn't renounced or the liquidity pool isn't burnt/locked. While some do perform well, they are exceptions rather than the rule.

Avoid Misleading Tokens -
Beware of tokens that only burn a minuscule percentage of the LP or have a small supply in the LP. The % burnt will typically be shown in Unibot New Pairs Telegram group rather quickly, but you can also check on Rugcheck. Also, avoid coins where the deployer or an individual holder owns more than the liquidity pool.

My Trade Duration -
My trades typically last about 5-10 minutes, depending on the volume and marketcap size. Some traders prefer holding for a few days, some a few hours, and some in between, which can be effective. I generally don’t recommend having a long term holding portfolio for meme coins unless you are comfortable with the risks.

Using Bots for Smart Money Tracking -
Utilizing Discord/Telegram bots that track specific wallets can be smart for following smart money wallets. Buying in after them (aka copy trading) if the contract looks good can be a strategic move.

Checking Birdeye for Social Media Details -
Birdeye shows the details of a coins social media pages, such as Twitter/X, Telegram, and its official website if it was provided. These details are typically displayed on the left side of the chart on Birdeye. Monitoring these social media channels can offer valuable insights into the coins community engagement, updates, and announcements.

Spoiler: Where to find these details

Chart Analysis and Holder Tracking -
When I'm unsure about a coins potential, I open its chart on Birdeye and monitor its performance, while also keeping tabs on the holder distribution and other metrics through Rugcheck and Soul Scanner (or Rick if you use Discord). This helps me gauge market reaction and make more informed decisions for future tokens.

https://birdeye.so/token/######?chain=solana - replace ###### with the contract address to view the chart
https://rugcheck.xyz/tokens/###### - replace ###### with the contract address to view the contract details


These are my personal strategies that align with my trading style and risk tolerance that may help out beginners joining in. Of course, this is still gambling and anything can happen, but these are good measures to take when starting out. Others may have better strategies, or you may find one that suits you better than my own.

If you have any questions you can ask by directly quoting or mentioning me here or PM me. This is not financial advice and is provided for entertainment purposes only.

 

[999]

cant wait to put all my money into $YE i love kanye

 

[Akh]

These are some tweaks I've made to my strategy to keep up with the shifting market. Just a heads up, the scene's always changing, and what works today might not tomorrow. So, it's all about playing it smart and staying focused. The market is HOT.

Mandatory Use of Trojan (formerly known as Unibot) via Telegram -
In the current market, using Trojan (formerly known as Unibot) is essential for trading within the Solana meme coin market. It provides a significant advantage for making quick trading decisions. You can start trading on Trojan by clicking here. Only the name has changed.

Wallet Tracking with Solmate -
Tracking wallets is now a critical strategy for discovering new coins. The Solmate Discord Bot is a useful tool for this purpose.

Monitoring Tokens and Checking Top Holders -
Continue monitoring tokens for contract renouncements and liquidity pool statuses, and use tools like Rick Bot for Disord for contract scanning. It's important that top holders do not own a majority of the supply.

Photon for Finding, Scanning and Trading New Pairs -
Photon has become a leading tool for scanning new pairs, offering filters to help identify promising coins. Always keep "Mint Auth Disabled" checked, and consider the "LP Burnt" filter. Verify tokens with Rugcheck for safety. Photon can be accessed by clicking here. It's free to use and creating a wallet takes seconds.

Contract Renouncement and Liquidity Pool Status -
It's crucial to check that the tokens contract is renounced and the liquidity pool is burnt or locked. This step helps mitigate the risk of rug pulls. Use tools like Rugcheck to stay updated on contract statuses and liquidity pool changes.

Adjusting Holding Durations -
The strategy for holding durations has evolved, with some coins now being worth holding for the potential pump. However, the market remains risky.

Using Dexscreener and Photon for Chart Analysis -
Dexscreener is now preferred for its quick updates, and Photon also has its own charts that are also highly recommended for their speed and accuracy - one of the fastest updating charts I have personally come across so far, and is an amazing platform for degen activity.

Verifying Token Holders -
Verifying that tokens have been dispersed among wallets in smaller percentages is crucial to avoid rug pulls. Check the distribution on Solscan (https://solscan.io/token/TOKENADDRESS#holders) to ensure no single wallet holds a majority, which could indicate a risk.

Investing in Non-Renounced or Unlocked LP Tokens -
Investing in coins where the contract isn't renounced or the liquidity pool isn't burnt/locked remains risky and generally not recommended.

Avoid Misleading Tokens -
Stay cautious of tokens that only burn a small percentage of the LP or have limited supply in the LP. Information on these aspects can quickly be found through Rugcheck.

These strategies reflect updates to adapt to the current market conditions. The importance of risk management and due diligence remains paramount.

This is not financial advice and is provided for informational purposes only.

 

[Akh]

Guys be sure to be using Trojan bot for all trades! Not only are they one of the more superior bots, but they have an upcoming airdrop (unconfirmed, but high conviction it will happen. If/when they do it will be one of the biggest airdrops, should launch at around 1bn FDV imo)!

Start using Trojan bot today by clicking here!

Strategy remains the same, using the same tools. Only thing I’d say that is different is conviction is much larger and I tend to hold overnight with some coins I have strong conviction in. I’ve seen coins run to 10m-100m with ease. Current meta is cat meta and I can’t wait until that shit is done with. Look out for the next meta and get in early.

 

[Akh]

Be sure to track wallets of traders that do well. Can find them via twitter or searching through solscan to find good traders that are lowkey, and watch how they trade.