Bonk Guy's weekly shrinkage is 6.35 million USD, and the top spot on the Fomo chart has been overtaken

Author: Nancy, PANews
The well-known trader Bonk Guy has achieved a turnaround in assets during this round of on-chain market activity, regaining market favor. As his influence continues to grow, some low-market-cap tokens have rapidly surged after his entry or public calls, prompting many traders to continuously track his wallet address and even directly copy his trades as "homework."

However, skepticism has also emerged. Recently, Bonk Guy has been questioned by several community members for publicly favoring multiple low-market-cap tokens, with accusations of leveraging his influence to amplify trading profits, even sparking speculation about conflicts of interest and insider trading.

Pulling Up Prices with Influence? Bonk Guy Faces Community Controversy

By consistently betting on multiple tokens such as PONS, MarsCoin, USELESS, MEME, and EMBER, Bonk Guy has quickly accumulated considerable unrealized gains during this round of on-chain market activity, and his trading movements have gradually become a focal point for market tracking.

However, as his influence has grown, Bonk Guy's public calls have been speculated to be a form of "advertising," with questions arising about whether his trades involve insider information, especially regarding low-market-cap tokens.

Last week, Bonk Guy publicly expressed optimism about the Solana ecosystem token EMBER, revealing that he had been paying attention to it when its market cap was around 3 million USD, later buying in at a higher valuation, believing it has further growth potential backed by Meteora, and predicting its market cap could exceed 100 million USD. Subsequently, EMBER's market cap rapidly rose to tens of millions of USD.

However, the community quickly pointed out that at that time, STONK had already gained higher market attention and market cap due to its integration with Raydium LaunchLab, stock token pairing narrative, and platform fee buyback and burn mechanism. In this context, Bonk Guy's purchase of the low-market-cap competitor EMBER was interpreted as an intention to open a second table in the same field, leveraging his personal influence to compete for market liquidity, thereby intensifying on-chain PVP.

In response to the skepticism, Bonk Guy stated that the community's reaction to the matter was "very exaggerated." He pointed out that the second-largest holder of STONK had previously bought and held EMBER when it had a low market cap without facing similar scrutiny; yet he was seen as the "villain" for buying EMBER at a valuation approximately six times higher, which clearly indicated a double standard. He emphasized that he has primarily traded low-market-cap projects for a long time because he believes these assets have a higher risk-reward ratio, rather than targeting any specific project. He rarely participates in high-market-cap tokens, and even if he is optimistic about their future performance, he usually does not change this trading preference. In his view, the logic that "there can only be one winner in a field" contradicts the essence of the crypto industry.

Meanwhile, the address cluster map released by Bubblemaps intensified market skepticism, as over 50% of EMBER's supply was interpreted by some users as being associated with the same address cluster. Some users hinted that this address cluster might be linked to Bonk Guy and questioned his motivation for buying EMBER based on this.

Bonk Guy denied this claim, stating that the related address associations mainly stemmed from EMBER using externally held accounts (EOA) for token distribution, with distribution wallets and all wallets receiving tokens categorized into the same associated network, and the addresses receiving tokens in the map belonged to normal participants rather than insiders. Bubblemaps subsequently suggested that the project team replace the EOA with a smart contract.

Bonk Guy's public bet on the Arc chain has sparked further controversy. On September 14, Bonk Guy expressed optimism about the Launchpad on the Arc chain and bought tokens like LONG on Long.supply. He believes that the Fomo APP is gradually becoming an important crypto trading application for retail investors in this cycle, and its upcoming integration with Arc could provide traders with significant short-term opportunities, while Arc is borrowing strategies from Robinhood's early days of establishing on-chain traffic through active trading, reminding relevant participants that this is a high-risk short-term speculative attempt. Subsequently, LONG's market cap surged several times in a short period.

However, Long.supply faced community skepticism regarding asset authenticity and cross-chain bridge security risks. Crypto KOL 0xShawn pointed out that the Long.supply platform has the risk of having rug pull permissions at any time and issuing fake USDT. According to him, the platform maps stock tokens from the Robinhood Chain to Arc through its self-built cross-chain bridge, but the related stock tokens on the Arc chain are not officially issued but rather self-issued by the platform; meanwhile, its cross-chain bridge's underlying protocol is not a mature solution like Wormhole or LayerZero. This means that the project team can shut down the cross-chain bridge at any time and withdraw locked funds from the Robinhood chain. Users are essentially exchanging their real assets for fake assets on the Arc chain. Therefore, the community believes that Bonk Guy should not publicly call for related tokens before they go live on the mainnet, as the public endorsement from a leading trader could lead to a rapid influx of funds lacking independent judgment.

In response to community criticism, Bonk Guy later apologized, admitting that his research on the related projects was insufficient and stating that he only believed the platform had high market heat at that time and did not receive any promotional fees from it. Long.supply explained that the stock tokens issued on Arc are 1:1 custodied by real stocks stored on Robinhood, verifiable on-chain through a cross-chain treasury, and can be exchanged 1:1 in both directions with the Robinhood Chain. At the same time, the low stock price on Arc is attributed to a roughly 2x premium on the on-chain native USDC, and they claimed that the premium would normalize after the Arc mainnet and USDC cross-chain opened on September 16. However, the platform did not respond to other concerns regarding the risks of its cross-chain bridge's underlying protocol.

Of course, some believe that Bonk Guy's judgment on Arc is not unfounded. DeFi researcher CM pointed out that Fomo's integration could bring traffic, and the cases of Solana and the Robinhood Chain also prove that Meme could indeed become an important tool for cold-starting new chains.

Account Shrinkage Exceeds 6 Million USD in a Week, High Concentration Positions Amplify Drawdown Risks

Despite reaping substantial rewards with a diamond hand strategy, frequently topping the Fomo trading daily rankings, and even creating the first account on the platform to achieve eight-digit profits, this star trader is also unable to escape asset drawdowns as market conditions change.

Fomo data shows that in the past 30 days, Bonk Guy's portfolio size once exceeded 27 million USD, then fell back to about 15 million USD, with a drawdown of over 6.35 million USD in the past 7 days.

As the portfolio continues to shrink, Bonk Guy's ranking on Fomo has been surpassed by several on-chain traders. For instance, in the past 7 days, Point Farm Capital topped the Fomo earnings list, with its account currently holding about 10 million USD, of which about 7.1 million USD is concentrated in STONK, with a holding return rate of 677.4%; TheS◎lstice ranked second, with an account asset of about 5 million USD, also primarily betting on STONK, with a holding return rate of 2760.5%, and current holding value of about 4.4 million USD; DumbCrayonEater ranked third, with major earnings coming from AI tokens, holding return rate reaching 4397.6%, and current holding value exceeding 7.38 million USD.

The rapid changes in the rankings also confirm that the Meme market is essentially a battleground for attention and liquidity. In this field, attention is inherently scarce and time-sensitive; once a hot topic enters a fatigue period, funds will quickly shift to the next more imaginative narrative. Therefore, there are rarely true long-term winners in the Meme market; more often, whoever can capture the next round of hot topics early may briefly occupy the top spot.

However, if viewed over a longer time frame, Bonk Guy's profit scale still leads. According to Fomo's historical trading records, his portfolio size remains at the top of the platform.

Yet, behind the high returns, Bonk Guy also bears higher position risks. Currently, his holdings are concentrated in three tokens: PONS, USELESS, and MarsCoin, with the total value of these positions accounting for 75.3% of his portfolio. This highly concentrated holding can significantly amplify profits when market conditions are favorable, but if the core positions experience a substantial drawdown, the entire account's net worth will also be directly impacted. This is also the main reason for the recent large drawdown in his account.

More importantly, these assets themselves belong to highly volatile and relatively illiquid Meme coins, and the unrealized gains shown in on-chain accounts do not mean that these profits can ultimately be successfully realized. For traders, buying a rising Meme coin may not be difficult; the real challenge lies in exiting once the holding size is sufficiently large. If a large-scale reduction in positions occurs, massive sell orders may directly create market selling pressure, further lowering token prices; and once prices drop, it will further erode paper profits. Especially in the context of the recent overall pullback in the on-chain ecosystem, this risk will be further amplified.

In fact, the challenges faced by Bonk Guy do not belong solely to him. When every buy by a trader becomes a signal of market attention, their personal positions, public opinions, and trading rhythms may all become part of the capital game. Influence can help one gain more liquidity, but it also means higher market attention, greater position exposure, and more significant exit pressure.

For Bonk Guy, the real test may not be whether he can withstand the cruelest fluctuations in the on-chain market, but whether he can truly convert paper profits into realizable profits before substantial unrealized gains experience a drawdown. For example, the previous Meme cycle's version god Murad, with his "Meme Super Cycle" theory and impressive trading track record, once became one of the most influential on-chain traders, but the diamond hand strategy also made it difficult for this former crypto leader to escape the baptism of the Meme cycle. For ordinary investors, the easiest thing for leading traders to replicate is the position list, but the hardest to replicate are the capital scale, risk tolerance, and exit strategies.