Memecoins are becoming a big part of crypto. Everyday they pop up like mushroom here and there and honestly, there is no certain way to say which onns are edible and which ones are poisonous
After being in crypto games for 3 years and trying to invest in Memecoins for a year I found some tips that could be useful to some people that trying to get into Memecoins game.
So here we go:
Tip number 1 : never enter presales!
Doesn’t matter who developing a Memecoin. it can be a random guy in his basement or Elon musk himself with a billion-dollar marketing campaign, NEVER EVER enter presales. You have no idea what going to happen next: there maybe a sudden sale and a big red candle or some hiccups in contract that make some coin features useless. Wait a few days, monitor the situation and if it’s good then become a holder
Tip number 2 : beware of Honeypots!
Honeypots are most dangerous part of Memecoins.you become a holder and check the chart only to see your portfolio is growing but when you want to cash out your profits you suddenly realize the hard painful truth. You can’t sell a penny of your bags!!
Before you buy any Memecoin always check it’s transactions on bogchart or poochart.be sure that buyers are allowed to sell their bags.
Tip number 3 : Never believe what you read on internet!
Some people are say that Ownership renouncing is making a Memecoin safers. but I have to ask: at what cost?you are joining aproject that have no room to grow or adding new features. Look at Bonfire, Saturna and many other similar project. After their first parabolic momentum they hit a brickwall. There is no more room to grow, no new horizon to reach. You just have to hope that some whale come and buy more bags for the price to go up.it isn’t worth it
Tip number 4 : Ownership renouncing is useless!
Look at this new Memecoin!Liquidity is locked forever! It has raflection!Ownership is renounced!Dev are doxed! It backed up by binance!!
It really easy to lie on internet.Do not believe any of these words unless you see them for yourself. Check the contract yourself or use websites like bscchek to check the contract for free. Doxing is really easy to fake too!i can put some random famous developers on my website and say im working with them and no one is the wiser
Tip number 5 : Stop Burning your sacks!
DO NOT follow projects that burn their 99% supplies. Imagine having a trying to invest in a new company that no one knows. This company have $1000 and on day one it throws away $999!and it only have one dollar to develop, market and grow.Memecoins are lie this too. If a Memecoin throw away it’s %50 supply on a few days it shows that developers doesn’t care for it on a long run. It’s a dangerous pump and dump scheme and you should stay away for it.
Sure these tips can filter 99% of Memecoins and you may miss a x100 gem or two but by following these principles you are keeping your hard earned money safe. And as you know, keeping a principle is the most important thing to survive in cryptocurrency world