Miles Deutscher shares a 5-step plan to find investment worthy meme coins

SNEAK PEEK

• Miles Deutscher discusses meme coin investment, finding and researching potential coins, the buying strategy and taking out profits.
• He emphasizes caution and a gamble mindset alongside funding ways to turn the odds into rewards.
• The 5-step plan is helpful for investors looking forward to investing in meme coins for high returns.

Crypto investor and analyst Miles Deutscher’s has shared a guide on meme coin investment after noticing the magic PEPE has been doing with its immense performance.

$PEPE has changed many lives, after doing a 375,000x in just 21 days.

But you can change yours too.

Here’s my full guide to finding meme coin gems (and trading them for crazy returns). 🧵

— Miles Deutscher (@milesdeutscher) May 5, 2023

In his series of tweets, he has advised being careful and having a gambling mindset to find the next big coin by following the apt strategy. The guide emphasizes on the right way to find meme coins that are nothing less than gems. He has also shared how to trade them to enjoy hefty returns. 

Deutscher says that a buyer purchases a token with the belief that in the future someone else would buy it from them at a higher price. This is majorly true with meme coins, as they are based on psychological aspects over fundamentals. The concept is known in economics as the “Castle-in-the-Air Theory.”

He shares that meme coins investment is a sort of gamble, as these coins have less basic drivers when compared with other investments. Moreover, similar to the house in a casino, the victory is marked by the L1s like  Ethereum + exchanges.

The goal is to beat the crowd by building positions before other investors start buying.

But of course, this is a gamble, as meme coins have less fundamental drivers than your typical investment.

Therefore, you have to treat meme coin investing as a gamble.

— Miles Deutscher (@milesdeutscher) May 5, 2023

Though risks are definitely involved, there are ways to turn the odds into luck and go ahead with the investment. Deutscher recommends keeping an eye on the coins that are doing great on sites like @DEXToolsApp. 

The particular token has to have a powerful culture and a strong social performance. Researching about its fundamentals is equally important besides following the smart money.

To keep away from rugs and exploits to an extent, the two alternatives include running a quick audit on @Token_Sniffer and assessing the wallets’ distribution on @bubblemaps.

According to him, meme coins should be traded on an individual on-chain wallet by using technical analysis to get entries and taking the initial entry out after a 2x. 

Traders who don’t fear risks must ladder out a pre-planned percentage for each extra 100% profits.

Meme coins have the potential to yield major profits quickly; however, caution is important to use the gains for a better life. Round-tripping the gains should be avoided and risks should be reduced when certain key signs show up. The prominent signs include 24-hour trading volume flipping market cap, decreasing holders, increase in sales by large whales, lower highs on a higher timeframe, shift in funding rates from negative to positive and significant slowing in the growth of holders.  

All in all, meme coins investment involves a careful strategy, eyes open and the right state of mind. 

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• Source: https://investorbites.com/miles-deutscher-shares-a-5-step-plan-to-find-investment-worthy-meme-coins/