I have been trading meme tokens on Solana for a while now, on my own, and I did, overall, fairly well. Mostly I never buy coins right after launch, or if I do, I buy because I have some reason to (I have my own script to track good and bad wallets).
Recently I noticed that there are 2-3 wallets which regularly destroy charts, even though they do not necessarily seem involved with the developers (even though they might be, behind the scenes). As a result I am staying away from coins I like, with decent communities and decent market caps, because these wallets are holding them.
I know with these highly volatile speculative tokens you are always one step away from losing it all, but I think risk mitigation can help you especially because you are playing a rigged game. Do you normally stay away from decent tokens if a bad wallet holds a significant part of the supply? I recently sold some coins I like because these wallets were holding them.
I tried to post some of the wallets I am avoiding, but auto moderation won’t let me.
Anyhow, what strategies do you use in these cases?
submitted by /u/JaneHamleyJane
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