Miles Deutscher Reveals Strategy for Becoming a Memecoin Millionaire

Memecoins have been on a tear this cycle. Solana has taken off as an ecosystem well-equipped to handle a flurry of new meme tokens which often come with odd names like Doland Tremp or Jeo Boden. Beyond classics such as Dogecoin and Shiba Inu, this cycle has also welcomed new entrants to the meme-world such as PEPE, dogwifhat and Bonk.

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More recently we have seen cat coin MEW launch, which is literally called a cat in a dogs world. And there are of course a whole host of new memecoins flooding the market, more than one can easily count these days.  

One Portfolio Beats Layer-1s Hands Down

But profitable they’ve been – at least for some – with memecoin-based portfolios taking the largest chunk of profits according to Aussie crypto analyst Miles Deutscher. He said the best performing portfolio combination thus far has been a Bitcoin-memecoin mix portfolio, with a 2,133% gain.

Compare this to a “meagre” 9% for a more “traditional” portfolio only invested in layer-1s, like ETH, SOL, AVAX, ADA, SUI and others.

So, How Do You Do It, Miles?

Those are some impressive gains, but Deutscher doesn’t believe that’s it for the cycle yet.  

I don’t think things are going to change anytime soon. I believe there is a big opportunity to capitalise.

Miles Deutscher

According to Deutscher you need a plan, a 4-step plan that is.

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You first need to decide what to put in your portfolio and whether you have a long-term or short-term investment horizon. It also depends on your level of experience and time commitment as to how hands on your portfolio should be.

Deutscher says if you don’t have the time to do frequent trades and check charts, go with a larger long-term allocation – although long-term in the meme-world means months not years.

Another valid point: decide whether to invest in well-established large caps – such as PEPE and DOGE – or if you are willing to take a risk with low caps, which have more upside (and downside) potential.

Monitor Markets, Set Alerts, DYOR

The next two steps are straightforward: use a watchlist to monitor what you have bought and what you want to still buy, and then monitor these memecoins. That includes sources such as X, Telegram and Discord, for example, and to create alerts such as TradingView alerts.

Finally, Deutscher says “learn the ropes”, which means setting up a wallet and starting trading with small amounts, before scaling up. The analyst says if you have the funds for the fees, go for it and try the ETH platform as well.

Of course, take everything you see and read online with a grain of salt – or even a cupful – as there are enough scams online trying to trick you out of your hard-earned funds, not to mention those shilling projects they’re paid to promote.

Related: Ethereum Celebrates 9th Birthday; Analyst Predicts Imminent Altcoin Season Could Push ETH to US$7,000

It’s always a good idea to follow a few select and trusted sources and always verify as much as you can. In the end, memecoins are by far the riskiest projects in a risky crypto land, so make sure to do your own research (DYOR) and check out educational resources, such as our guide on analysing before buying and six essential tips on navigating turbulent markets.