Memecoining Guide
Welcome to the Slate guide on trading memecoins using our AI-powered DeFi automation tool. This guide will help you understand the basics of swapping tokens, introduce you to relevant automations, and provide example strategies to optimize your trading experience (NFA).
Reference this guide whenever you find yourself stuck on how to phrase a memecoining prompt on Slate.
Basics on Swapping
"Swapping" is the fundamental action being taken for trading in low-cap or meme tokens. Usually, it'll involve swapping from a stable or native token into the target memecoin or swapping out to take profit. Swapping occurs when certain specific conditions hit, such as price changes or PnL changes. With Slate, you can execute swaps using simple natural language commands, making the process more efficient and you more powerful on-chain.
How to Swap Tokens with Slate
To perform a basic swap using Slate, you can use commands like:
"Buy $NEIRO with 0.01 ETH on Ethereum"
"Swap 2 ETH for $BABYDOGE on Ethereum"
These commands instruct Slate to execute the swap on the specified blockchain network using the specified amounts and tokens
Understanding the Command Structure
When swapping tokens with Slate, you'll want to include at least:
Action: Buy, sell, or swap.
Amount: Specify the amount in tokens or fiat currency.
Token: The cryptocurrency you want to trade.
Network: The blockchain network (i.e., Ethereum, Binance Smart Chain).
Examples:
"Buy $1,000 worth of $SHIB on Ethereum"
"Swap 1000 $SHIB to $USDC on Ethereum"
"Sell all of my $SHIB to $ETH on EThereum"
This command tells Slate to swap into or out of $SHIB tokens to a specific token on the Ethereum network. If an input or output token isn't specified in your prompt, as in the first example above, Slate will infer you want to use a stable or native token to perform the swap (whichever is available).
Relevant Automations
Slate offers various automations to help you manage your trades effectively. These automations allow you to set conditions under which certain actions will be executed automatically.
*** ⛔️WARNING⛔️: Be sure to follow through these instructions to make sure your automations execute successfully. ***
🎯 Price-Based Automations
Profit Targets: Sell tokens when they reach a certain profit level.
Example: "Buy $NEIRO with 0.01 ETH on Ethereum and sell when its price hits 2x"
Example: "Sell all of my $NEIRO when the price goes above $0.01"
Trailing Stop Loss: Sell tokens if the price dips by a specified percentage.
Example: "Buy $NEIRO with 0.01 ETH on Ethereum and sell it if its price dips 50%"
For relative targets (i.e., "2x" or "dips 50%"), Slate will calculate the target price of the token using the current price at the time of confirmation.
🎯 Gas Fee Automations
Gas Price Conditions: Execute trades when gas fees are favorable.
Example: "Buy $NEIRO with 0.01 ETH on Ethereum when gas is sub 40 gwei"
Gas fee automations are good for when Mainnet gets congested and you want to save costs, for example.
🎯 Market Cap and FDV Automations
Market Capitalization Triggers: Sell tokens when market cap reaches a certain value.
Example: "Sell half of my $NEIRO when its market cap goes above $350,000,000"
Fully Diluted Valuation (FDV) Conditions: Act based on FDV metrics.
Example: "Sell a quarter of my $NEIRO when its FDV goes above $350,000,000"
Market Cap and FDV automations may be useful especially for tracking new tokens and their growth.
🎯 Time-Based Automations
Scheduled Trades: Execute trades at a specific time.
Example: "Buy $1,000 worth of $SATO at 12:01 PM EST"
Repeating Actions: Set up trades to repeat over a period.
Example: "Sell 10% of my $BLUR every 4 hours for the next day"
These time-based automations are good for when you have to go to bed or need to step out to buy groceries and want to execute a transaction. Otherwise, you can also use this automation to "snipe" new tokens. Let's say you know the liquidity pool for a new token is going to be launched at 12 PM EST, you can set a time-based automation to buy the token at 12:01 PM EST, let's say.
🎯 Balance Automations
Balance Value Conditions: Act when your holdings reach a certain value.
Example: "Sell all of my $NEIRO when my $NEIRO balance reaches $30,000"
Example: "Every time my $PEPE holdings increase by $500 in value, swap that amount to USDC"
These automations are good for managing your portfolio profits at large, depending on what your intended strategy is with your memecoin buys. Take profits, anon.
🎯 PnL Automations
Profit and Loss Targets: Sell when you reach a specific profit amount.
Example: "Sell all of my $NEIRO when I 2x on it"
These automations are good for managing your memecoin profits and portfolio at large, depending on what your intended strategy is with your memecoin buys.
Strategies and Pathways to Implement
Using Slate, you can implement various trading strategies to supercharge your memecoining efforts. NFA.
🎛️ Strategy 1: Cross-chain Position Rotation
Command:
"Swap half of my $DEGEN on Base for $NEIRO on Ethereum"
Explanation:
Slate's especially quick at automating your position rotations. If you know you want to exit a memecoin position and enter into another one with the profits, Slate will calculate the best pathway for you, optimizing for price execution.
🛟 Strategy 2: Price Execution Optimization
Command:
"Buy $1000 worth of 0xA12ba41e071c7b7fa4ebcfb62df5f45f6fa853ee on Ethereum"
Explanation:
Slate aggregates all relevant exchanges on EVM. If you know a contract address or ticker for a memecoin that you'd like to purchase, doing so on Slate will ensure that you get the best price execution on-chain without needing to do all the research and comparisons yourself.
📉 Strategy 3: Buying the Dip
Command:
"Buy $1,000 worth of $SHIB on Ethereum when its price drops by 5% within 24 hours"
Explanation:
This strategy involves purchasing tokens when the price decreases by a certain percentage, allowing you to buy at a lower price with the expectation of future gains.
💵 Strategy 4: Scheduled DCA Position Exiting
Command:
"Sell $500 worth of $SHIB every day at 10:00 AM for the next 7 days"
Explanation:
This strategy involves investing a fixed amount of money at regular intervals, reducing the impact of volatility by averaging out the purchase price over time. It is a disciplined approach to accumulating tokens over a period.
💰 Strategy 5: Profit Taking
Command:
"Sell all my $DOGE holdings if the price increases by 10% in the next hour"
Explanation:
This strategy helps lock in profits by selling when the token price reaches a specified gain within a set time frame.
💸 Strategy 6: Incremental Profit Taking
Command:
"Sell 20% of my $NEIRO holdings every time its price increases by 10%"
Explanation:
Gradually taking profits as the token price rises helps you secure gains while still keeping a portion of your holdings invested for potential further appreciation.
⛽️ Strategy 7: Gas Fee Optimization
Command:
"Swap 2 ETH for $BABYDOGE on Ethereum when gas fees are below 25 gwei and $BABYDOGE price dips by 5%"
Explanation:
By combining gas fee conditions with price triggers, you can minimize transaction costs and buy tokens at a favorable price.
⚖️ Strategy 8: Value-Based Rebalancing
Command:
"Every time my $PEPE holdings increase by $500 in value, swap that amount to USDC"
Explanation:
This approach allows you to secure profits incrementally by converting gains into a stablecoin, thus reducing exposure to volatility.
⏰ Strategy 9: Time-Based Entry for New Token Launches
Command:
"Buy $1,000 worth of $SATO at 12:01 PM EST"
Explanation:
Participating in new token launches promptly can be critical. This strategy allows you to schedule a purchase at the exact time a new token becomes available, ensuring you don't miss out on potential early gains.
Conclusion
Slate empowers you to execute complex DeFi trading strategies using simple natural language commands. By utilizing the various automations and strategies outlined in this guide, you can enhance your trading efficiency and effectiveness.
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