What Are The Best Tools For Trading Meme Coins?
The world’s best shit coin traders might claim that their success is all down to pure skill and experience, but don’t forget, they use some of the best tools for trading meme coins, and without them, they’re almost as lost as anyone else.
They need speed, accuracy, and real-time insights to thrive.
So, whether you’re chasing the next Shiba Inu or some random bizarre Solana-based meme animal-wif-hat token, having adequate equipment can truly be “make or break”.
Tools are the difference between making a healthy and profitable trade, or missing a juicy opportunity and seeing it pass you by. That’s why the top traders spend big on premium tools.
In this BONKbot guide, we’ll have a proper look at all of the essential tools for meme coin trading.
Your crypto tool arsenal will contain wallets, platforms, social signals, and analytical resources, all tailored to both beginners and experienced traders.
What Tools Do You Need For Meme Coin Trading?
Meme coins thrive on hype, rapid price swings, and community-driven FOMO (fear of missing out). There are more factors, of course, but these are the core aspects that you need to first think about.
To stay competitive as a trader, you need to arm yourself with the following basic tools for trading:
A wallet is your gateway to holding and transferring meme coins. It’s basically a bank account for crypto (even if many of the wallet providers hate that comparison).
Look for one that supports multiple blockchains (Ethereum, Solana, BNB Chain) and prioritizes security features like 2FA.
A fast trading platform, whether a Centralized exchange (CEX) or decentralized platform (DEX), will allow you to buy, sell, and swap meme coins. Speed matters most during sudden price spikes.
A DEX scanner helps track new token launches and liquidity changes, so you can be the first to act and make a move.
Social media accounts and community access on Reddit, Discord, Telegram, and X (the big four), are critical for spotting trending memes and getting insider tips.
With the right tools and setups, you can amplify these messages.
Price analysis tools like charts, technical indicators, and automation bots help you manage strategies in fast-moving markets.
Let’s look at these categories in more detail, with some top recommendations from experienced meme coin traders to help newbies get started.
Best Tools For Meme Coin Trading
1. Cryptocurrency Wallets
Wallet: MetaMask (Ethereum-Based Wallet)
Why Use It: MetaMask dominates the Ethereum ecosystem, supporting thousands of tokens. It’s user-friendly with plenty of browser extensions and integrations with mobile apps. This has helped it become the world’s most popular cryptocurrency wallet.
Beginner-Friendly: Yes. An easy setup and integration with platforms like Uniswap allow for quick swaps so that you can move on meme coins fast.
Limitations: Higher gas fees during network congestion and limited support for non-EVM chains (e.g., Solana).
Ok, here’s another one for the Solana meme coin traders out there. This is arguably the most popular wallet used by BONKbot traders:
Wallet: Phantom Wallet (Solana-Focused)
Why Use It: Built for Solana’s speed, Phantom excels at handling meme coins like BONK, PENGU, and GIGA
Beginner-Friendly: Yes, with a clean interface and direct DEX connectivity (you can use Raydium without leaving the wallet interface)
Limitations: While Phantom is now multichain, it remains less useful for Ethereum-based meme coins.
2. Top Trading Platforms
CEX: Binance
Why Use It: Binance offers a wide meme coin selection (Shiba Inu, Dogecoin, etc.) and fiat on-ramps.
Beginner-Friendly: Yes, with a user-friendly interface and educational resources.
Expert Feature: Margin trading and advanced charting for short-term swings.
DEX: Raydium
Why Use It: It’s one of the biggest DEXs for memecoiners, with thousands upon thousands of meme coins to trade.
Beginner-Friendly: Intuitive if you’ve traded cryptocurrencies in the past. If it’s your first time, you might want to find a walkthrough online.
Expert Feature: Great charts to see exactly how your meme coins are performing.
3. Decentralized Exchange (DEX) Scanners/Screeners
Scanner: DappRadar
Why Use It: It tracks DEX activity across multiple chains (Ethereum, Solana, Polygon) and monitors new token listings and whale activity.
Beginner-Friendly: No. It requires a basic understanding of blockchain analytics.
Expert Use Case: Spots trending tokens before they hit major exchanges.
DappRadar may be the best tool of its kind, but Dune analytics isn’t far behind.
Scanner: Dune Analytics
Why Use It: It provides pretty comprehensive data and impressive analysis tools for decentralized exchange (DEX) activity, as well as curated tables that capture trades, aggregator usage, and MEV events.
Beginner-Friendly: Not really, it actually has quite an overwhelming amount of data if you don’t know specifically what you’re looking for.
Expert Use Case: Its Web3 analytics drive an open-source platform that allows anyone to query and visualize blockchain data, even without extensive technical knowledge.
4. Social Media & Community Tools
Platform: Reddit
Why: Subreddits like r/TradeMemes and r/CryptoCurrency are breeding grounds for early hype. You can follow threads like r/Solana, where users share real-time alerts.
Platform: Telegram
Why: Fully end-to-end encrypted, huge community sizes (200,000 members), and with thousands of crypto mini-apps and mini-games using Telegram’s native TON blockchain technology. This is a perfect platform for meme coin lovers to hang out and expand their knowledge and network.
Platform: Discord
Why: It facilitates real-time, interactive communication, allows for community management through different integrations, bots, and roles, and enables the creation of multiple channels for focused discussions.
Platform: Twitter/X
Why: Follow great projects like @BONKbot_io to stay up to date with meme coin-related projects and pages like @theWhaleAlert to catch Alpha (insider news).
5. Price Analysis & Automation Tools
Price analysis: TradingView
Why: Free charts with technical indicators (RSI, MACD) to identify entry/exit points.
Beginner-Friendly: Yes, with guided tutorials.
Automation tools: BONKbot (that’s us)
Why: You can automate all of your buy or sell orders (and much more) to capitalize on the Solana-based meme coin movement.
Beginner-Friendly: Yes! All you have to do is configure your setup, and that’s pretty straightforward.
Reddit’s Favorite Meme Coin Trading Tips
The home of meme coin trading tips on Reddit is, without a doubt, r/Solana. We found these philosophical gems to help you with your mindset.
The Realist:
“This is like asking a gambling addict how he goes to the casino profitably. He probably doesn’t, it’s just that if he ever wins he won’t shut up about it.”
The Pessimist:
“Trading memecoins is simple: Step 1, buy. Step 2, regret. Step 3, repeat. Welcome to the club!”
The Optimist:
“Tbh it's fun to buy meme coins for a dollar and see that you own millions of them, but don't expect to make money from it. And don't invest any big amount. I wouldn't even do more than 5 collars in a single meme coin. Your odds are better in the casino.”
The Pragmatist:
“You gotta be glued to the screen to see what coins people are interested in pumping. The more it has potential to meme the faster quick returns.”
The Academic:
“Step 1 is to educate yourself on how to read the Blockchain. Solscan is your best friend. Your ability to make money is directly proportional to how good you can get at reading data. Remember, everything is public on the Blockchain.”
Final Words
TLDR; mastering meme coin trading is about having the right tools to outpace the crowd.
Pairing a fast wallet (Phantom/MetaMask), a robust exchange (Raydium/Binance), and social signals (Reddit/Telegram) creates a solid foundation for meme coin trading activities.
For some, DEX scanners add a real competitive edge, while others prefer to outsource all of the hard work to automation tools like BONKbot.
Ready to stay ahead of the hype? Click here to get started with BONKBot.