There are some currents but the bottom is sand and holding is good.

Inside Menemsha Pond would be a nice gunk-holing anchorage, for only the courageous. We took the dinghy in and it was very tough to follow the channel (not clearly marked) with lots of shoals and strong currents. We could almost always see the bottom but it was difficult to judge depths visually due to the sand patterns. We weren't too concerned in the dinghy because you can always push off but you'd have to take a larger boat on a rising tide and be prepared to kedge off. (It would be a soft grounding but you'd need to deal with strong currents while trying to get unstuck). We were surprised at the size of the boats that made it into there -- they had more guts than me.