Author: Nancy, PANews
Renowned trader Bonk Guy has made a remarkable asset comeback during this on-chain market rally, regaining widespread market attention. As his influence continues to grow, low-market-cap tokens have rapidly surged following his entry or public calls to trade. Many traders now consistently monitor his wallet address and even directly copy his trades.
However, skepticism has also emerged. Recently, Bonk Guy has faced criticism from many community members for publicly endorsing several low-market-cap tokens, with accusations that he is leveraging his influence to amplify trading gains—sparking speculation about conflicts of interest and insider trading.
Ramping up the price through influence? Bonk Guy faces ongoing community controversy.
By successfully predicting multiple tokens such as PONS, MarsCoin, USELESS, MEME, and EMBER, Bonk Guy has quickly accumulated substantial unrealized profits during this on-chain market rally, and his trading activity has increasingly become a focus for market observers.
But as his influence continues to grow, Bonk Guy’s public trade calls have been suspected as disguised advertising, with increasing questions raised about whether his trades involve insider information—particularly regarding low-market-cap tokens.
Last week, Bonk Guy publicly expressed optimism about the Solana ecosystem token EMBER, revealing he had been monitoring it when its market cap was around $3 million and later purchased it at a higher valuation. He believes EMBER, backed by Meteora, has further growth potential and predicts its market cap could surpass $100 million. Following this, EMBER’s market cap quickly rose to tens of millions of dollars.
However, the community quickly pointed out that at the time, STONK already had greater market attention and market capitalization due to its integration with Raydium LaunchLab, the stock token pairing narrative, and the platform fee buyback and burn mechanism. In this context, Bonk Guy’s purchase of the low-market-cap competitor EMBER was interpreted as an attempt to open a second table in the same space, leveraging his personal influence to compete for market liquidity and intensifying on-chain PVP.
In response to criticism, Bonk Guy said the community’s reaction was “highly exaggerated.” He pointed out that the second-largest holder of STONK had also bought and held EMBER for several days when it had a low market cap, yet faced no similar scrutiny; in contrast, he bought EMBER at a valuation roughly six times higher and was suddenly labeled the “villain”—a clear case of double standards. He emphasized that he has long primarily traded low-market-cap projects because he believes they offer a better risk-reward profile, not because he aims to target any specific project. He rarely engages with high-market-cap tokens, even when he expects strong future performance, and typically maintains this trading preference. In his view, the logic that “only one winner can exist in a sector” contradicts the very essence of the crypto industry.
Meanwhile, Bubblemaps' EMBER address cluster map intensified market skepticism, as over 50% of EMBER’s supply was interpreted by some users as being linked to the same address cluster. Some users suggested that this cluster may be connected to Bonk Guy, raising questions about his motives for purchasing EMBER.
Bonk Guy denied the claim, stating that the association of the relevant addresses primarily stems from EMBER using externally owned accounts (EOAs) for token distribution, causing the distribution wallet and all wallets receiving tokens to be grouped within the same关联 network. The addresses receiving tokens in the diagram belong to normal participants, not insiders. Bubblemaps subsequently recommended that the project team replace the EOA with a smart contract.
Bonk Guy’s public bet on the Arc chain has once again sparked controversy. On September 14, Bonk Guy expressed confidence in the Launchpad on the Arc chain and purchased tokens such as LONG on Long.supply. He believes that Fomo APP is gradually becoming a key crypto trading platform for retail investors in this cycle, and its upcoming integration with Arc could present notable short-term opportunities for traders. He also noted that Arc is drawing inspiration from Robinhood’s early strategy of building on-chain traffic through active trading, while cautioning participants that this is a high-risk, short-term speculative endeavor. Shortly afterward, LONG’s market capitalization surged several-fold.
Subsequently, Long.supply faced community scrutiny over the authenticity of its assets and security risks associated with its cross-chain bridge. Crypto KOL 0xShawn pointed out that the Long.supply platform holds the ability to rug pull at any time and issue fake USDT. According to him, the platform uses a self-built cross-chain bridge to map stock tokens from Robinhood Chain to Arc; however, the stock tokens on the Arc chain are not officially issued but rather created by the platform itself. Additionally, the underlying protocol of its cross-chain bridge is not a mature solution like Wormhole or LayerZero. This means the project team could shut down the cross-chain bridge at any moment and withdraw the locked funds on Robinhood Chain. Users are effectively exchanging their real assets for counterfeit assets on the Arc chain. Therefore, the community believes Bonk Guy should not have publicly promoted these tokens before the mainnet launch, as public endorsement by top traders may rapidly attract large volumes of capital lacking independent judgment.
In response to community criticism, Bonk Guy subsequently apologized, acknowledging that he had not conducted sufficient research on the relevant project and stated that he merely perceived the platform as highly popular in the market at the time, without receiving any promotional fees. Long.supply explained that stock tokens issued on Arc are 1:1 backed by actual stocks held in Robinhood, verifiable on-chain via a cross-chain vault, and可双向1:1兑换 with Robinhood Chain. Additionally, they attributed the lower stock prices on Arc to a roughly two-fold premium on native on-chain USDC, noting that the premium would normalize after the Arc mainnet and USDC cross-chain bridge opened on September 16. However, the platform did not address other concerns regarding potential risks in the underlying protocol of its cross-chain bridge.
Of course, some believe that Bonk Guy’s assessment of Arc is not without merit; DeFi researcher CM notes that Fomo integration can drive traffic, and cases like Solana and Robinhood Chain demonstrate that memes can indeed serve as a crucial tool for cold-starting new blockchains.
Account lost over $6 million in a single week due to high concentration positions amplifying drawdown risk.
Despite achieving substantial gains with the diamond hands strategy, frequently ranking first on Fomo trading days, and even creating the platform’s first account to generate eight-figure profits, this star trader could not escape asset drawdowns as market conditions changed.
Fomo data shows that over the past 30 days, Bonk Guy’s portfolio value peaked at over $27 million before declining to approximately $15 million, with a further drawdown of more than $6.35 million in the last seven days.
As the portfolio continues to shrink, Bonk Guy has recently been overtaken by several on-chain traders on Fomo. For instance, over the past seven days, Point Farm Capital leads in Fomo returns, with current assets of approximately $10 million, about $7.1 million of which is concentrated in STONK, yielding a position return of 677.4%; TheS◎lstice ranks second, with assets of around $5 million, also primarily invested in STONK, achieving an extraordinary position return of 2,760.5%, with current holdings valued at approximately $4.4 million; DumbCrayonEater comes in third, with primary gains coming from AI tokens, achieving a position return of 4,397.6% and current holdings valued at over $7.38 million.
The rapid shifts in the rankings underscore that the Meme market is fundamentally a battleground for attention and liquidity. In this space, attention is inherently scarce and time-sensitive; once a trend enters a phase of fatigue, capital quickly moves to the next more imaginative narrative. As a result, the Meme market rarely produces true long-term winners—instead, those who anticipate the next hot trend are often the ones who briefly claim the top spot.
However, when viewed over a longer time horizon, Bonk Guy still leads in profitability. According to Fomo’s historical trading records, its portfolio size remains the largest on the platform.
However, behind the high returns, Bonk Guy also bears greater position risk. Currently, his holdings are concentrated in three tokens—PONS, USELESS, and MarsCoin—whose combined value accounts for 75.3% of his portfolio. While such heavy concentration can significantly amplify gains during favorable market conditions, a sharp drawdown in any of these core positions would directly impact the overall account value. This is the primary reason for the recent significant drawdown in his account.
More importantly, these assets are themselves high-volatility, relatively illiquid meme coins; the paper profits shown on-chain do not guarantee that these gains can ultimately be realized. For traders, buying a rising meme coin may not be difficult; the real challenge lies in exiting once positions become large enough. Large-scale selling could generate significant market pressure, further driving down the token’s price—and once the price falls, it erodes paper profits even further. Especially against the backdrop of a recent overall market correction in the on-chain ecosystem, this risk is significantly amplified.
In fact, the challenges Bonk Guy faces are not unique to him. When every trade a trader makes becomes a signal watched by the market, their personal positions, public opinions, and trading pace can all become part of the broader capital game. Influence can bring greater liquidity, but it also means increased market attention, larger position exposure, and greater pressure to exit.
For Bonk Guy, the real test may not be whether he can withstand the harshest volatility in on-chain markets, but whether he can turn paper gains into actual, realizable profits before massive unrealized gains retrace. For instance, Murad, the god of the last Meme cycle, once became one of the most influential on-chain traders thanks to his “Meme Super Cycle” theory and impressive trading track record—yet his diamond-hand strategy also made him vulnerable to the inevitable Meme cycle purge. For ordinary investors, the easiest thing to replicate from top traders is their position list; the hardest is matching their capital scale, risk tolerance, and exit strategies.