GL on your trades guys.
Topic: How to Assess a Memecoin and Not Get Scammed ;) (Read 399 times)
Really appreciate those guys who dropped by itt and said thank you. It feels good to know that I at least helped some of you in some way. I'll be making more threads like these, aside from the airdrop threads, and hopefully they help many of you guys make the right decisions and make some money off the market at the same time.
GL on your trades guys.
GL on your trades guys.
Thanks for sharing this information and I find it very helpful. There's a popular saying that once beaten twice shy. At some point some of us have been a victim of such tokens and sadly we have learnt the hard way. It is very important that we always do due diligence before commiting our funds into any project.
If newbies learned their lesson after suffering a single negative experience investing in meme coins or some other altcoins I would consider that to be a good thing and the money lost as the price needed to learn that lesson, unfortunately many newbies need to lose many times and waste all their capital before they learn this lesson, and this is sad as even if at that moment they finally have the common sense necessary to stay away from meme coins, it does not matter anymore as their capital has taken a brutal hit already anyway.We cannot really avoid these things from happening because sometimes, it's not just the beginners or novice that keeps on making these mistakes of seeing meme coins as a profitable coin, even the regular ones or have been already in the crypto world for long now are still engaging in meme coins. The said fact is, it's not that they don't know the risks of these coins, it's just that they are willing to take those risks mentioned in the hopes of riding the wave when the whales started moving again.
This is great! Following OP guide how to avoid scam tokens is very helpful. To be honest, I don't know some of the websites that are mentioned in the OP. This is a must guide in buying a meme coin as honeypot tokens are greatly increasing nowadays since scammers are utilizing it and the way how to know if it is a honeypot token is still not a common sense. OP had been fooled by this kind of scam even his a veteran on cryptocurrency, What more about newbies who just started on crypto. I'm imagining the casualties of this method of scamming. This method of scamming should be popularize as well as the guide that OP made.
This will tell us scam is impossible to stop because even experienced traders/investors have been fooled by them, how much more for those who have not.In fact, we have a lot of tools detecting scam projects but still, many scam projects pop up in the market and have been enjoyed by the community.
The safest way I see to avoid getting caught by them is to invest only in those projects that have already been tested, those projects that already have results. Dogecoin and Shiba Inu are popular among meme coins, they are worthy or not but a good choice compared to others.
thank you for wanting to help share very important information about meme coins so you don't get scammed, because this is very important especially for newcomers to the crypto world to avoid FOMO
Thank you for sharing the information, because I have made many mistake buying meme coin's that dump, with the information, at least the risk of investing meme Coin that we quickly dumped maybe reduced, not to patronize scammed project.
verifying that the smart contract code doesn't give the devs authority to make some rugpull is one thing but finding out meme coin that actually have the potential to become next shiba is another thing and it's most difficult, i always have the idea that meme coin is always luck based.
Thanks for sharing this information and I find it very helpful. There's a popular saying that once beaten twice shy. At some point some of us have been a victim of such tokens and sadly we have learnt the hard way. It is very important that we always do due diligence before commiting our funds into any project.
If newbies learned their lesson after suffering a single negative experience investing in meme coins or some other altcoins I would consider that to be a good thing and the money lost as the price needed to learn that lesson, unfortunately many newbies need to lose many times and waste all their capital before they learn this lesson, and this is sad as even if at that moment they finally have the common sense necessary to stay away from meme coins, it does not matter anymore as their capital has taken a brutal hit already anyway.
Thanks for sharing this information and I find it very helpful. There's a popular saying that once beaten twice shy. At some point some of us have been a victim of such tokens and sadly we have learnt the hard way. It is very important that we always do due diligence before commiting our funds into any project. This is my first time of using https://honeypot.io, so I tried some token contracts and most passed except for one that gave a warning message that the "contract is closed source proceed with caution", It must be a honeypot.
Thanks for the extra info and tips! When investing in cryptocurrencies, it is always important to be careful and do your own research. These ways to avoid scams and unverified projects that you describe can be useful for users of Ethereum and other blockchains.
However, it is important to note that even with such checks and precautions, there is a risk of investing in new or obscure tokens. The cryptocurrency market is subject to high volatility and fraud, so it is important to invest only the funds that you are ready to lose.
However, it is important to note that even with such checks and precautions, there is a risk of investing in new or obscure tokens. The cryptocurrency market is subject to high volatility and fraud, so it is important to invest only the funds that you are ready to lose.
I think it really hits everyone, but for the first point Find out more about the project's token in https://honeypot.is/, from what you research, it really helps users in making decisions, meaning that user can't do anything else, especially if selling on Pancakeswap after buying tokens, even if we force the sale to only use up gas. Very cool.
Everyone of us might have been involved on being scammed by any of the crypto coins or token before and would have conducted a research on the before this also happens, which means we cannot predict them enough of their true and genuine identity, Altcoins cannot be predicted accurately base on the level of research we made about them except those behind them are people that can be trusted
This is great! Following OP guide how to avoid scam tokens is very helpful. To be honest, I don't know some of the websites that are mentioned in the OP. This is a must guide in buying a meme coin as honeypot tokens are greatly increasing nowadays since scammers are utilizing it and the way how to know if it is a honeypot token is still not a common sense. OP had been fooled by this kind of scam even his a veteran on cryptocurrency, What more about newbies who just started on crypto. I'm imagining the casualties of this method of scamming. This method of scamming should be popularize as well as the guide that OP made.
This will tell us scam is impossible to stop because even experienced traders/investors have been fooled by them, how much more for those who have not.In fact, we have a lot of tools detecting scam projects but still, many scam projects pop up in the market and have been enjoyed by the community.
The safest way I see to avoid getting caught by them is to invest only in those projects that have already been tested, those projects that already have results. Dogecoin and Shiba Inu are popular among meme coins, they are worthy or not but a good choice compared to others.
This is great! Following OP guide how to avoid scam tokens is very helpful. To be honest, I don't know some of the websites that are mentioned in the OP. This is a must guide in buying a meme coin as honeypot tokens are greatly increasing nowadays since scammers are utilizing it and the way how to know if it is a honeypot token is still not a common sense. OP had been fooled by this kind of scam even his a veteran on cryptocurrency, What more about newbies who just started on crypto. I'm imagining the casualties of this method of scamming. This method of scamming should be popularize as well as the guide that OP made.
Just dropping a bit of info to help you guys from making a dumb mistake like I did. :/ I bought around 200 bucks worth of some memecoin which turned out to be what they call a honey pot... Meaning you could buy it but you're not able to sell it. Lolol.
This info is mostly for Ethereum users but pretty sure other L1 users would find it useful.
Anyway here are the ways to avoid making the same mistake...
1. Find out more about the project's token in https://honeypot.is/
It basically checks if the token is a honey lot.
This info is mostly for Ethereum users but pretty sure other L1 users would find it useful.
Anyway here are the ways to avoid making the same mistake...
1. Find out more about the project's token in https://honeypot.is/
It basically checks if the token is a honey lot.
I think it really hits everyone, but for the first point Find out more about the project's token in https://honeypot.is/, from what you research, it really helps users in making decisions, meaning that user can't do anything else, especially if selling on Pancakeswap after buying tokens, even if we force the sale to only use up gas. Very cool.
What precious knowledge to be shared! Thank you. Although I never invest in meme coins, this is actually also useful to do research in general. I was even aware of the honey pot. It's really dangerous. The way people try to trick or scam you is developing from time to time, and people like you are needed to help others anticipate the crime. We can use these technical tips and combine them with other ones so we can be more careful when investing.
I agree with those things OP and in general, we really have to spend more time doing research just to make sure that we are investing the right coins, and must be applied to all. Many people got fallen into scam projects due to laziness and got overwhelmed because of the hyped it made and yes, due to the influence of the promoters who promise huge rewards.
To avoid getting into this situation, we must also be smart and very cautious when investing and don't let others decide what we have to do, and it should be done after the research.
To avoid getting into this situation, we must also be smart and very cautious when investing and don't let others decide what we have to do, and it should be done after the research.
There's no guarantee no matter how that one cannot get scamm with these memecoins becau they are many, we are only seeing pepe coin now trending, we don't know which one next, maybe by the the present ones would have also been out in place must as those before them, so whenever you are investing on NFTs, have it at the nack of your mind that it's a risk taking idea ad it's fifty fifty, you can also do your own research in finding more about them.
I don't think your own research will yield good results, because all these meme coins look about the same and have no background or application. Only insider information can make you very rich. This was the case with pepe or shiba. In the other cases only a few were able to make money. Mostly people lost money after purchase. There are a lot of such coins on the market now, but almost all of them are scams.If you really want to throw in something like 100 bucks to each of them just in case it goes up, that's fine because even if you lose that earning 100 bucks back is not that hard. But that doesn't mean that we should be expecting that to change anything on the long run at all and we should be expecting it to be as normal as it gets to just stay away from them, that's the real way to keep your money safe.
I think the meme hype is over. Fees are lower and don’t see these meme tokens hitting ATH anytime soon.
Fairly it go down. But Im sure once another meme coins show up and disturb again the network there would be another cause of high usage. Memecoin are will always be present sometime it become a dull moment cause not all meme are gonna do what shib, pepe, wojak, and any other shitcoins out there are doing in terms of performance. Mostly died out after few days, weeks and months. Meme coins bring fun in a dull market. It kills the boredom for a while when we are seem to be stuck in a rut and are waiting for another major event. You shouldn't mix SHIB with pepe and the other meme coin because they are not on the level of SHIB. SHIB is still here and have some demand with or without the meme hype, but I doubt if others will still be there after some time.
A memecoin would be only a scam if a rugpull happens
And the chances for most memecoins not to experience this sudden bankrupt with rugpull s very rare, that's why od you're investing in them, one must target a particular time frame to serve as the limited time he will sell them out after he might have earn some little income from them because anything can happen anytime if you hold for long, memecoins are sometimes seasonal, since they are project, most were being introduced just to testrun the market and see the possible outcome but if you invest on such, there's no how you will not experience a rugpull with them along the line.
But if this is coming from what we saw with $Pepe and other memecoins such as SHIB and DOGE, I don't see it as scam but rather a usual market pattern in this industry.
Every coin comes in with it own pattern or way and that doesn't change anything about them from not having the same risk others have that makes them left the market.
There's no guarantee no matter how that one cannot get scamm with these memecoins becau they are many, we are only seeing pepe coin now trending, we don't know which one next, maybe by the the present ones would have also been out in place must as those before them, so whenever you are investing on NFTs, have it at the nack of your mind that it's a risk taking idea ad it's fifty fifty, you can also do your own research in finding more about them.
Here's the thing, there's no guarantee if you win pvp mode in trading, which what trading memecoins mostly is, but what the guide guarantees is you won't get trapped by honey pots. Honey pots are those ones when you can buy the token but you can't sell the token... A total scam. And it sucks because you feel like a dumb mfker.
Another thing is it's a game of liquidity. If the developer locked over 90% of liquidity like what I think PEPE did, that at least shows that the token might not be a rug.
A memecoin would be only a scam if a rugpull happens. But if this is coming from what we saw with $Pepe and other memecoins such as SHIB and DOGE, I don't see it as scam but rather a usual market pattern in this industry. The market prices suddenly fell simoly because huge investors decided to take profit already and those who entered midway of its pump turned out to be the squeezed in the middle. This should be a lesson to not be too confident on every market price pumps. Always check the volume and price action. Take note that memecoins have no utility which could sustain high market price. It solely depends on demand and once it breaks, expect for a sudden crash on its value.
Jump to: