The legendary meme coin trader Bonk Guy, known for losing millions in a BONK long blowup on October 10 last year, has made a dramatic comeback. On-chain data reveals he has opened a $40 million long position in the token USELESS on the decentralized derivatives platform Lighter, with current unrealized profits of approximately $200,000. The move has reignited community debate over high-risk meme coin trading.
From $20M BONK Blowup to Zero
Bonk Guy previously held over eight figures in BONK long positions on Bybit and another $20 million worth of BONK on-chain. His entire portfolio was liquidated on October 10, 2025, when BONK price swung violently. The event was widely cited as a cautionary tale about leveraged meme coin speculation.
New Bet: $40M USELESS Long on Lighter
Just nine months later, Bonk Guy is back. This time he chose USELESS, a self-deprecating meme token that has recently gained traction. The $40 million position on Lighter is double the size of his previous BONK bet. USELESS is currently trading +13.41% in 24 hours, while BONK is up only 2.40% over the same period.
Market Impact and Liquidation Risk
Following the disclosure of the large position, USELESS trading volumes surged, with some exchanges reporting buying frenzies. On-chain analysts believe the position is highly leveraged, with collateral worth only a few million dollars. If USELESS continues to rally, Bonk Guy could recover his past losses and more. However, a reversal would risk a massive liquidation of the $40 million position.
Caution: Meme Coin Trading Is Not for Everyone
USELESS saw a similar demand-driven surge in May but later stabilized. Bonk Guy's all-in approach once again highlights the extreme volatility of meme coins. While professional traders may take such risks, retail investors are strongly advised to avoid blindly following whale wallets. Conduct thorough research before entering any leveraged meme coin trade.