Pseudonymous trader Unipcs, with the apt nickname "Bonk guy," shared an update on his Bonk (CRYPTO: BONK) trade that saw turn $16,000 into several millions.
What Happened: The trader gained fame on "Crypto Twitter" at the end of 2023 for opening a long position on Bonk when the token was at a $20 million market capitalization.
Bonk proceeded to run to a market capitalization of over $2 billion, meaning the trader's position was worth $12.7 million at its peak.
The following retrace saw him lose millions of unrealized gains, sparking heated debates on social media that led to his account being suspended:
Most of CT spent the greater part of the past few months hating on me.
— Unipcs (aka 'Bonk Guy') (@theunipcs) February 9, 2024
Then they got my X account suspended.
My crime: turning $16k to $12.7 million with $BONK in two months and talking about it publicly.
Makes you wonder, why are they so hellbent on silencing me? pic.twitter.com/bf9EjmsYLm
Following Bonk's resurgence, the trader posted an update on his profit and loss, which showed a screenshot stating he had gone from $3 million to an unrealized profit of more than $7.4 million.
"Bonk guy" is in no mood to sell, saying this is "just the beginning." His reasoning: "There is literally *only one* new memecoin retail can bid on Coinbase: BONK."
Read Also: Bonk Goes Bonkers With 62% Daily Gain, Eclipsing Dogecoin, Shiba Inu: Whale Trader Pockets $2.9M
Why It Matters: "Bonk guy" is yet another astounding testament to the volatility of the cryptocurrency space.
While some traders, such as one profiting $10,800 from $51 with an Nvidia memecoin or another making $1.8 million with Dogwifhat cash out their profits, others stay true to the crypto mantra of "diamond hands."
One example is the trader who turned $2,708 into over $3 million with MAGA Memecoin (CRYPTO: TRUMP), saying it will go to "billions and billions."
Bonk, which is the Solana (CRYPTO: SOL) equivalent of Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), may indeed become a darling of retail investors if the cryptocurrency rally continues.
However, as with all memecoins, social sentiment can turn on a dime.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Image created with Midjourney
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