Overview
This beginner's guide covers the fundamentals of meme coin trading on the Solana blockchain, including platform setup, terminology, filtering strategies, risk management, and common scams, with practical advice and real examples to help new traders build confidence and avoid pitfalls.
Getting Started with Meme Coin Trading
- Solana is a fast, low-fee blockchain ideal for trading meme coins, outperforming Ethereum in speed and cost.
- Recommended trading platform is Axiom, with sign-up and wallet setup instructions provided.
- Beginners should start with a small deposit (e.g., 0.5 SOL) on Coinbase, then transfer funds to Axiom to gain experience.
- Keeping private keys secure is critical; never share them with anyone.
Navigating the Axiom Platform
- The Pulse tab on Axiom displays three categories: New Pairs (new coins), Final Stretch (market cap between 20k–70k), and Migrated (above 70k).
- Market cap is a quick measure for potential profit; doubling market cap from your entry typically means doubling your investment.
- Proper wallet selection and fee setup are necessary before trading; high fees are unnecessary for fast transaction fills.
Setting Fees and Filters
- Use low fees for small trades (0.0001 SOL priority/bribe, 50% slippage) and incrementally higher fees for larger trades.
- Enable MEV protection for buys only to avoid unfavorable fills.
- Filters help identify promising coins; set volume filters (e.g., 3,000+ for New Pairs) and exclude low-probability protocols or keywords.
Key Terms and Market Vocabulary
- LARP: Fake or misleading hype.
- Aped: Buying impulsively without research.
- Sidelined: Missing a move while researching.
- Wicked: High buying activity or large buys.
- Nuked: Large, rapid price drop.
- Cabal/Cabaled: Coordinated group trading to move coins.
- FUD: Attempts to create doubt or fear about a coin.
Essential Tools for Traders
- Wallet tracker: Monitor successful trader wallets for activity and ideas.
- Twitter tracker: Stay updated on key news and influencer tweets; speed is vital for seizing opportunities.
Types of Meme Coins
- News coins: Created in reaction to real-time events or tweets.
- Meta coins: Multiple coins emerge around a trending theme.
- Community coins: Linked to specific Twitter/Discord groups.
- Project coins: Feature underlying technology or unique concepts.
Scam Identification and Risk Management
- Avoid coins with suspicious chart patterns (bundled trades, instant spikes, or unnatural volume).
- Be wary of Telegram and Discord scams—never click unknown links or respond to unsolicited DMs.
- Real coins show a mix of buy/sell activity and natural chart progression.
Research and Trade Execution
- Efficiently open both coin details and related news links to verify coin narrative and originality.
- Recognize coin types (news, meta, community, project) to anticipate which may run.
- Avoid copy trading exactly; instead, use tools as informational sources and do independent research.
Practical Examples and Case Studies
- Success often comes from acting quickly on news or unique narratives and verifying coin originality.
- Examples provided of profitable trades, including reacting to tweets and influencer engagement.
Community and Ongoing Learning
- The Discord community offers free tools, wallet trackers, tutorials, and monthly giveaways.
- Security measures in place to protect members; remain cautious of scams and malicious actors.
- Advanced topics (e.g., using SoulScan, making coins) will be covered in future advanced guides.
Action Items
- TBD – Viewers: Join the Discord community and participate in the monthly giveaway.
- TBD – Beginners: Set up a Coinbase and Axiom account, fund with a small amount, and practice safe trading.
- TBD – Traders: Apply recommended filters, fee settings, and use wallet/Twitter trackers for market awareness.
- TBD – All: Continuously research coins before trading and avoid suspicious links or DMs.