kurantoha 🇺🇦

'the LORD gave, and the LORD hath taken away; blessed be the name of the LORD' — Job 1:21 yesterday's liquidation event is the most brutal i've witnessed in my time in crypto i got wiped out on ALL my perps positions literally everything eight figures: $30 million+ at peak uPnL if realized, or well above $15 million just before the liquidation started 100% of the following perps position got wiped: - $BONK - $FARTCOIN - $POPCAT - $PNUT - $CAT - $APEX - etc i lost maybe 80% of my $ASTER position that i used as a collateral on a DeFi lending protocol i took out the remaining (~$1 million), fully liquidated it and rotated it into $BONK and $4 because i think i get better R/R from both from here on out: - BONK because i refuse to be a 'bonk guy' without BONK exposure, and i remain convinced in my deca-billion-dollar target for it. i will continue to add more over time, God willing - $4 because i remain strongly convinced that BNB season continues until the end of this quarter and i think $4 is the most asymmetrical bet to capitalize on that thankfully the overwhelming majority of my $USELESS coin position is held in spot, so i didn't record significant loss on that — maybe with the exception of mid six figures worth of uPnL i had in perps accounts i am still resolutely convinced that $USELESS is THE memecoin to watch for outperformance from here on out, that it is a multi-billion-dollar narrative currently trading for pennies on the dollar, and that it will end the cycle being a top 5 memecoin at the barest minimum i.e. certainly has a lot more than 10x upside from here. so i’m glad contagion there was contained for me! what happened yesterday? everyone blames the recent Trump-China tariffs, but this isn't the first time we've had that this year and the Trump tariff comments certainly shouldn't have been responsible for such a massive nukage across almost the entirety of altcoins and memecoins in the space a lot of altcoins crashed 70 to 99% in minutes, when $BTC and $ETH barely crashed 13% $ATOM, for example, crashed from $4 to $0.001 on top exchanges like Binance — a 99.9% crash in minutes. no one could have humanly responded to that! it is also worth noting that this massive altcoin/memecoin crash was EXCLUSIVELY on CEXs. these altcoins did not come close to hitting these levels on spot DEXs, so yesterday's liquidation was almost certainly due to MM/CEX liquidity issues why it was unprecedented (market mechanics) many people reported being massively affected, especially since exchange systems broke across the board: stop losses failed, orders didn’t fill, margin couldn’t be added, and platforms became unusable within minutes. the entire liquidation cascade happened so fast that almost no one had time to react, something i don’t think we’ve ever seen at this scale before i was in front of my screen, took a short break, came back to the screen to see the nasty wick about 10 minutes later, then realized i've been liquidated on EVERYTHING i had in perps it is the craziest crypto event i have witnessed, ever! it was worse than COVID, which was a black swan event you could say whatever you want about this event: you can call it manipulation, unnatural, or whatever else you would be right tbh however, whether or not manipulation played a role doesn’t change what i have to do next: as a trader, i am only ultimately concerned about things i can actually control of course it's easier to point out how it all wasn't my fault and how someone else was responsible, but how does that help me grow as a trader? i win if i make money trading, i lose if i lose money trading. end of! i'm sure we will be hearing more about exactly what happened yesterday night, which will hopefully help give some people closure i wish i didn't have to write about this: this will likely be one of the most viral tweets coming out of this event many have waited for this moment: 'he is so greedy!' and there will be an army of people mocking me with 'I TOLD YOU SOs' but write i must, for a few reasons: 1. a key part of the 'bonk guy' persona and identity i have built is one of utmost transparency around my trades, so others can learn 2. while i lost a fortune in the liquidity wipe event, i have a very diversified basket of alts across perps and spot. i'll be fine; my spot assets are safe. but i think there are people who lost literally everything they have right now that might be having very bad and nasty thoughts, and them seeing a voice like mine at this time just might give them hope i want to be very clear: 1. i do not need your empathy. i appreciate that some would have the thought, but i do not need people messaging me to empathize with me over this 2. i do not need donations or financial support. it was a massive loss, but i'm okay i also want to emphasize that i'm in a very good mental state right now, as difficult as that might be for many to believe i've always been very detached from money and material things, and that makes it easy to cope with situations like this at the end of the day, my $BONK trade was a trade in which i went from $16k to a peak 8-figure PNL contrary to what seems to be the most common belief here, it isn't my most impressive trade. if i made it before, i can make it once again! could i have foreseen exchange systems crashing and nuking the most liquid altcoins and memecoins in the market 70 - 90% in mere minutes before anyone could react? no! could i have maybe done a few things differently leading up to this event? maybe however, i am a big believer in focusing on what *could* happen and taking action to get there instead of focusing on what *has* happened the past is the past, and what has happened has happened there are a lot of changes i’ll be making to my systems as a result of this: less dependence on leverage, sharper risk management, and a stronger focus on protecting my positions from exchange-side risks going forward all that matters is what happens from here on out... i remain very optimistic about the market i do not believe the bull run is over, nor do i think the Q4 rally is out of the picture so what do i do from here? lock in more than ever before, be buried deeper in the trenches, and most importantly have fun while i do it! if there is one thing i have learned after being in this industry for multiple cycles, it is that there is always new opportunities: every day, every week, every month i have always been one to love a challenge, and i guess this is another one for me and an opportunity to once again prove myself — not to internet strangers, but to myself this event has not dampened my spirit, not in the slightest. if anything, it has strengthened my resolve to get back in the ring, fight, and win bigger i will make it all back, and more! for those who are in a similar situation, who either lost a fortune or lost it all, i have some words for you: PERSIST SURVIVE DON'T GIVE UP if you need to take a break, please do if you're struggling to hold it in, please seek help above all, pay special attention to yourself and focus on your health i know it will take a while for the gravity of what happened to hit many, but a philosophy that has always helped me to survive massive drawdowns is internalizing all of these crypto gains as just numbers on the screen — until it is realized at least! i know they can have very real consequences in the real world if/when cashed out, but right now i think internalizing it as just numbers on the screen would make dealing with the loss more bearable you made it before, so yes YOU can make it again the most profitable period of the cycle is still well ahead of us we are all going to make it and you are going to have me along on this journey with you, if that matters to you! if there’s one thing this taught me, it’s that no matter how prepared you think you are, you’re never fully protected from systemic shocks — but you can always control your response. i’ll be rebuilding my framework with that truth in mind! i am once again an underdog, and this is not the end of my story GOD WILLING

many have been asking why i've gotten so loud and vocal about Pumpfun and the $PUMP token recently, especially leading up to their TGE an event i will be referring to as 'the great extraction' going forward so i figured i should put something out especially since some have dismissed my actions as petty tribal sentiments in favor of BonkFun, a platform i'm clearly very aligned with i’ll start by making a few things clear: 1. i like BonkFun and i'm undoubtedly the biggest voice advocating for it on X 2. i respect @a1lon9 and what he has achieved with Pumpfun, more so than most on this app i know many might struggle to reconcile #2 with my recent comments and actions, so let me clarify: i think Alon is a genius, especially when you consider what he has accomplished with Pumpfun like him or hate him, the man basically singlehandedly disrupted the entire memecoin space nah, actually... he disrupted the entire crypto space — because Pumpfun is the only reason we have 17 million-plus tokens today! and i think he deserves every penny he’s earned from that innovation i know many don’t like him because of the massive $SOL sells, and they often try to diminish everything he’s done because of that — i’m personally neutral on this but i find the racist 'jewish' attacks against him that are becoming more common in this industry absolutely appalling. you can publicly disagree with someone, passionately even, without attacking their race or identity. that’s just pure evil behavior! ‘so then, why have you been crying a lot lately???’ it’s simple: i’ve been doing a lot of thinking, and i’ve come to the conclusion that Pumpfun’s continued dominance is a potential existential threat to the memecoin ecosystem and i don’t think i’m alone in this sentiment i’ve seen people i highly respect, people who have a strong pulse on the memecoin space, call the $PUMP TGE a massive liquidity drain event that could mark the top for memecoins for a long time... at least before BonkFun came into the picture and flipped Pumpfun! and the fact that the market seems to agree couldn’t be more obvious when you look at how memecoins have reacted to major $PUMP TGE news the first time news broke about the Pumpfun TGE was on June 3, when The Block reported it and several top memecoins dumped aggressively afterward: - FARTCOIN dropped 30% - WIF dumped 24% - POPCAT dumped 28% ...all within 48 hours of that news breaking! (don't take my word for it btw; check their charts and timestamp it to the news!) it’s been over a month now and not a single one of these tokens have reclaimed their levels before the news broke, and i believe this is because that TGE overhang remains then the same thing happened AGAIN yesterday when news came out that the TGE is imminent and will happen on July 12 every major memecoin nuked hard on the news: - FARTCOIN instantly dumped 12% and hasn't recovered - WIF dumped 9% - POPCAT dropped 13% - even SPX, which has been incredibly strong lately, dropped 12% instantly $SOL, the native token of the blockchain Pumpfun will TGE on, also nuked — despite the fact that the TGE is happening on Solana even top Pumpfun eco memecoins weren’t spared! now contrast that with what happened when news broke that BonkFun flipped Pumpfun on Sunday: literally everything in the memecoin eco pumped, INCLUDING Pumpfun eco projects! i’m arguably the fiercest advocate for memecoins on this app and i think being silent in the face of an event that could pose an existential crisis (even if only in the short term) to an asset class i hold and have aggressively pushed to others... would be cowardice i think many of my recent critics are taking for granted just how negatively impactful the Pumpfun TGE could have been for the trenches and memecoins as a whole if BonkFun didn’t come to the fore when it did i mean, yes, a lot of big VCs who shoved in 7 to 8 figures into the PUMP private sale at a $4b valuation will make bank and get out with a quick 2x, 3x, or 4x on size but what happens to the trenches after? many will liquidate their positions in several high-conviction memecoins trying to chase the PUMP presale (apparently $600m to $700m is being raised from retail here) and they’ll likely sell even more positions later on to provide exit liquidity for those same VC investors as they rotate out and try to buy the 'PUMP dip' whenever it comes meanwhile, the prices of these memecoins will keep trending down and dampen sentiment in the trenches for the foreseeable future, causing even more pain unless there’s some major stimulative event that flushes the system with cash again it’s genuinely hard to see how retail and the trenches win in this scenario ngl and i honestly believe the best way out is for BonkFun to win and continue leading with very clear dominance especially since BonkFun is aligned with the trenches and the Solana eco inside out: 58% of fees go towards buying and burning BONK, 15% goes to SOL that gets staked to secure the network, creators get rewarded for building on the platform, etc yes, Pumpfun innovated this entire category and were clearly the first mover... but they’ve also earned nearly a billion dollars in just 1.5 years — way more than several more innovative protocols have made in a decade i mean, that’s great for Pumpfun and power to them! but i definitely won’t be rooting for another event, ‘the great extraction’, that is about to extract billions of dollars from an already-strained memecoin market in such a short timeframe

'bonk guy, how were you able to catch the bottom on FARTCOIN, $POPCAT, $CAT, etc?' this is one of the top questions i get a lot recently i wish i could tell you i have a crystal ball or some TA superpower, but i don't instead, a key advantage i have is following my principle to never get too greedy for entries we often see people criticize and ridicule the 'greedy bull': 'he was up so much but got greedy and did not take profits' we very rarely see people criticize the 'greedy bear': 'the asset was down 90% but he got sidelined because he wanted it to be down 92% before getting in' examples of the greedy bear abound: - many saw $BTC correct from $109k ATH to $74k and had an opportunity to get in but did not because they wanted $68k - many got sidelined on FARTCOIN because they faded it at $0.2, despite it being down 92% from ATH, because they expected it to go to $0.15 because of 'macro' - many (still!!!) continue to ignore altcoins that are down 90%+ because they think they could get 'one more dip', even though they believe those coins will be trading close to ATH at some point in the future at the end of the day, if you believe that we're still in a bull run and an asset is going back to its previous ATH or half its previous ATH, what difference does it make if you entered when it was down 90% or 92%? let me illustrate: assuming an asset has an ATH of $100, a 90% correction means it is trading at $10 if you want to get in when it is down 92%, you need to wait for it to go down another 20% meanwhile, if you get in at the current price of $10 and it goes back to ATH you will be up 900%. if it goes up to 50% of its previous ATH, you will be up 400% whether or not it experiences the 20% dip after your entry would not matter in the grand scheme of things. is it really worth taking a risk waiting for a 20% crash, that might or might not come, when you could be up 400 - 900% eventually depending on how hard the asset pumps? the better R/R is to the upside, and more often than not the smart move is to simply position immediately instead of waiting for what would be a small correction in the grand scheme of things 'because macro' of course, the above example is theoretical: some assets won't ever go back to their previous ATH or even half the previous ATH, but you can almost always be sure that there is more upside in bidding a strong, high-conviction asset that is already down 80 - 90% in a bull run than in waiting for it to dip a bit more before you get an entry could the asset go lower? absolutely, but it wouldn't matter in the grand scheme of things i've had positions stopped or liquidated because it went lower than i expected when i felt it has bottomed, but i simply re-open with lower leverage and DCA on dips if i have strong conviction in it, and i've been rewarded more often than not!