Hedging high-risk short positions with longs

Meme coins are beginning to go wild and the euphoria's everywhere. Some coins like pepe and floki are up nearly 1,000% in the last 30 days

Anyone who has been in the crypto space long enough should know that the likelihood of these values to come crashing right back down to what they were before the run-up is extreme.

So, logically, one should be thinking about shorting them right? Well, problem with that is these coins could easily still go up a few Xs before their inevitable crash. So your shorts could easily get liquidated before the crash happens.

But what if there's a way to protect yourself from these liquidations while still maintaining a strong short position?

As is, if I have 10k to risk and I open a short with it on PEPE and the market crashes hard over the coming days, I'd stand to gain at least 5x on that position. That's an easy 50k. But it's risky because if PEPE doubles over the coming days then I lose 10k unless I keep adding to my position, but there's only so many times a person can afford to double their position, and then you stand to lose a whole lot more.

So here's what I'm thinking instead. Take that 10k and put half of it short PEPE and half of it long. If the market completely dumps, you lose your 5k long but he's down to gain a 5x or more on your 5K short. So yeah, your gains are half as big as they could have been but you're also protected on the upside. So let's say the market doesn't dump right away and pepe instead does another 2x. Now, your 5k short will have been liquidated so that's gone. But you're up 5k on your long. So overall, minus the fees of course, you are pretty much back to where you started at 10k. Now take the 5K profit from the long and open up a new short position. Rinse and repeat until the inevitable crash.

Of course, this can only work with shit coins that have had insane run-ups in a short time. With anything else, you'll end up canceling most of your gains with your hedges. And obviously you would need to find coins that also have the futures contracts.

But it's more likely that none of this will work anyway because it just can't be that easy and I am a buffoon who has completely overlooked some major flaws in this strategy. Please educate me before I make some bad decisions.