According to BlockBeats, trader BonkGuy said on Sept. 7 that he was not an insider in MEME and had built his position gradually over several days, responding to criticism that his trades were based on inside information.
He said his average MEME entry valuation was about $45 million and that he had put in more than $500,000 in total. BonkGuy argued that if he had actually been an insider, he would have bought when MEME’s market capitalization was below $1 million instead of continuing to accumulate around a $45 million average valuation.
BonkGuy added that he initially missed the token when MEME’s market cap was below $10 million. He then watched it jump to $150 million within hours, a move that convinced him MEME could become one of the most representative meme coins of this cycle.
BonkGuy outlines the case for MEME
He said MEME’s largest opportunity comes from the emerging “meme/stock” narrative.
That theme has already driven sharp gains in several related tokens, according to BonkGuy. AI on Robinhood chain at one point reached a $320 million market capitalization, MARSCOIN on BNB Chain reached $260 million, and STONK on Solana reached $220 million.
He said the market is still in an early stage and is drawing in RWA followers, retail traders, and people watching from traditional finance into the meme-coin market.
Legality debate seen as a possible catalyst
BonkGuy also said MEME is currently at the center of a discussion between Robinhood founder Vlad Tenev and AMC’s CEO over the legality of meme-stock-related tokens.
In his view, that dispute could become a major catalyst for the broader meme/stock narrative. If the theme ultimately gains recognition, MEME could enter a new growth phase and its market capitalization could have room to reach several billion dollars. If not, he said, it could hurt the entire narrative.
He also pointed to Robinhood’s role in the previous cycle, saying the platform helped DOGE reach a market capitalization of about $88 billion and introduced large numbers of retail users to meme coins for the first time. If those same users later see a token literally named “Meme” on Robinhood, he said, the distribution effect could be even stronger.
BonkGuy added that if the meme/stock theme starts to affect the real stock market and triggers a meme-stock short squeeze similar to the one seen in 2021, the narrative could heat up even more.
Why he disclosed the thesis early
BonkGuy said he had not planned to publish his full investment thesis this early. He decided to do so after Vlad Tenev suddenly followed the MEME account that day and MEME’s price began rising quickly.
Separately, BonkGuy said his FOMO portfolio hit a record high of about $28 million late last week. With the platform live for less than four months, he said the account became the first on the platform to reach eight figures in assets.
He also said its 7-day, 30-day, and cumulative PNL were all more than double those of the second-ranked account.