Lately, I am looking for new projects where I might get a chance to generate an income. It is not always easy to select which one has a chance to survive in a bull and bear market. A product or service that people enjoy using with a lot of value built into it.
For a couple of weeks, I went through crypto projects with a market cap between 1000-1500. As you may guess, I found a lot of bad ones, inadequate tokenomic with a vast supply of tokens.
Most projects in the altcoins world have lost almost between 95% to 99% of their value. It is crazy when you think about it for the creators of those projects. The reality most will not make it and might vanish in the wild...
Normally, the first thing I am looking for is to see if the token gets a lot of liquidity in the market. It is important to have trading pairs listed on trading exchanges where you can purchase and sell them. Otherwise, you might not have the possibility to cash out your profit.
The second most important factor I pay attention to is the supply of tokens built into the smart contract. When you have a huge number, you can expect the price of the token to be lower. On the contrary, when you have a short supply, you have more chances to have a token with a good number in value. Just think like having 100 BTC!
Third, I check the website and look around the main page at what the project looks like. I read the big headlines to understand the mission the project is trying to accomplish in the world. I need to understand that is something I want to be involved in.
Last, before I put the project in my follow-up spreadsheet. I need to make sure I love the project in the first place. You need to enjoy the project before digging in further if it is something you want to spend time with.
Why I am doing that?
I believe is important to have an open mind to discover new projects that maybe can bring some money to the table. You cannot grow if you stick to always the same thing without making an effort to look around at what the market has to offer.
I have the pleasure to spend time doing this process. I feel like a gold detector that might find the ultimate one that might bring the nugget for financial independence. We never know what we are going to discover there.
In the world, we have millions of possibilities to generate income. You need to dedicate time to look around to find the ones that can bring joy, pleasure, and, for sure, some money.
Nothing will happen if you don't take action! You can start slow and look for around 10 to 15 projects a day for a good starting point and put what you find interesting in a simple spreadsheet.
Then you can review them, later on, to see if is something you might stick or not with.
Have a wonderful day!
@Cryptosnowball
