In just over 21 days, meme cryptocurrency PEPE PEPE/USD has increased by more than 375,000 times, resulted in a number of early investors cashing out.

While investing in meme coins is inherently dangerous, according to crypto analyst Miles Deutscher, there are several methods you can use to improve your chances of making money in an unpredictable market.

in one Twitter thread on Friday, a German who notes in his biography that “tweets are not financial advice,” wrote that meme coin performance depends on psychological rather than fundamental factors. In the so-called “castle-in-the-air theory,” investors try to predict price increases in the future rather than determine intrinsic value, he explained.

While Deutscher acknowledged that investing in meme coins is essentially a gamble, he shared five strategies that can help increase your chances of winning with meme coins:

– Use tools like DEX Tools to uncover top performing meme currencies gaining traction. Track which coins are performing and only “invest in memes that are gaining momentum,” the analyst tweeted.

– Check if the token has a “strong culture,” wrote Deutscher. A successful meme coin is usually built on a solid community. Monitor the performance of a token on social media through sites like LunarCrush and determine if the token is trending.

– Look at the basics, added Deutscher. Examine the tokenomics, the development team, and any potential dilution or burning processes behind the token. If you want to avoid “constant carpets and exploits”, use Token Sniffer to conduct an examination and bubble maps to evaluate the distribution of wallets.

Also read: Bitcoin On Fire: Get Ready for a 20% Rally – Matrixport Predicts “Limited Resistance”

-Choose between rotating play or following the leader, the analyst wrote. While the rotation play is to invest in small-cap tokens that are “emerging from under a niche…