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Most meme coin traders often fall victim to scams.
There is a simple way to identify scams and discover GEMs!
Here are the methods to avoid danger signals and find 100x gems 👇🏻👇🏻
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1/ Traders know that if a token has good volume, it is usually a good sign.
Yes, it is most of the time, but dog dealers can also take advantage of this and fake volume
Even though this can be a good sign in some cases, you have to keep an eye out
2/ This usually goes something like this:
Create a token, and from the first few minutes, a lot of volume pours into it.
With a good token, this process slows down and eventually stops
Rug, volume keeps increasing until at some point hundreds or thousands of wallets start dumping all their holdings
3/ Interestingly, even experienced traders can sometimes get rugged. Everyone thinks a coin is good, the volume and market cap grow, the number of holders increases, and many people are buying tokens.
4/ In the image below, you can see that such services are very common.
Basically, if you were to launch a token, you would buy volume and holders.
But this is exactly how rugs are made, it’s hard to notice
5/ But how do you determine if a coin is a scam?
You can first go to
@bubblemaps
and check the wallet connections, they won't have any.
There will be many purchases and the wallets will all be different.
6/ So the first thing you should do is head straight to the TG group for the token.
Look for pinned messages and read them to make sure they are legitimate.
Spend some time observing what the community is saying, if they are actually saying anything.
If the TG group is full of bots, you will notice a lot of basic messages or stickers
7/ Next, go to the token’s Twitter account and check if any influencers are involved.
Also, look at the posts — see if the engagement is fake, which is usually obvious because comment views are usually not inflated.
You can use
@getmoni_io
to verify the account
From Twitter
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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