Controversy Over ‘No-Sell’ Stance: A Trader’s Defense

The crypto community has been debating the tactics of prominent traders, with some suggesting that those who vow never to sell certain tokens may be engaging in market manipulation. Facing this skeptical narrative, the trader known as “Bonk Guy” on platform X, Unipcs, has issued a direct response.

Conviction Holding vs. Market Manipulation

Unipcs first addressed a key misconception. He argued that long-term holding based on deep research and strong conviction in a project’s fundamentals should not be stigmatized. In the volatile crypto market, steadfast holders often support long-term ecosystem growth rather than short-term price action.

Lessons from the Last Cycle: How High Did Valuations Go?

To support his view, Unipcs looked back at the previous market cycle, highlighting several key valuation benchmarks:

  • Generic Meme Tier: Popular meme coins reached peak market caps exceeding $1 billion.
  • Quality Meme Tier: Meme projects with stronger communities or innovative mechanisms achieved valuations between $4 and $5 billion or more.
  • Leading Protocol Tier：Top protocols in their sectors saw market caps surpass $5 billion.

These figures illustrate the valuation ceilings different asset classes hit during the last bull market peak.

Current Holdings: Still Far from Historical Highs

Unipcs then analyzed two core assets in his portfolio. He described PONS as the “most utility-driven token,” yet its current market cap sits around $400 million. Meanwhile, USELESS, which he views as the “strongest meme coin,” has a market cap of approximately $270 million.

“What do these numbers mean?” Unipcs explained. “They haven’t even reached the $1 billion baseline, let alone approached the multi-billion dollar valuations that top projects commanded in the last cycle.”

The Forward View: The Logic of Extended Holding

Comparing past and present, Unipcs outlined his strategic rationale. He believes the current market is still in its early phases, with many promising assets yet to undergo true price discovery. If one assumes this cycle will see greater capital and enthusiasm than the last, then genuinely quality assets could challenge or exceed previous valuation records.

Therefore, for high-conviction assets like PONS and USELESS, choosing to hold over a “longer cycle” is a decision grounded in potential valuation growth, not blind faith or questionable manipulation. His response ultimately shifts the discussion toward project fundamentals and long-term valuation logic, away from short-term trading behavior.