Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonkto USDC (Solana network) to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).
So many meme coins fail, it's very risky but can be very rewarding, it's just a matter of moments. And the strategy you use is actually good, lucky you can exchange Bonk to USDC on time so you can avoid real losses. Even if after that you buy back at a cheap price and the only way to make a profit from Bonk is that you have to continue to monitor the market so that when that moment happens you don't miss out on selling again.
But in my opinion, meme coin is not suitable for long-term investment, it is only short-term and you should not hope that Bonk will become expensive, because this probably will not happen. The supply of Bonks is over a quadrillion. That's 10× the amount Shiba has. So if Shiba can't do it. Then bonk will never do it.