How to Assess a Memecoin and Not Get Scammed ;) - page 2.

AakZaki

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Quote from: peter0425 on May 16, 2023, 11:40:49 PM

Still lucky for you mate because we are only talking about 200 bucks here and not so big that you cannot afford to lose.
while I have experience the same back in the years when i staked my tokens in a gambling site that turns out that after staking your funds will be left inside and no way to withdraw .
now it is getting clearer from your post that this is truly happening even in new generation projects such as Meme coins.
thanks that I will never get involved into this one.

New altcoins that just follow the hype trend are only created to enrich the creators of these coins. when the project gets a lot of money the altcoins will be abandoned and the developer get a lot of money from a lot of investors. this is very sad and look at this time, memecoin is also hype and there are lots of memecoin scammers who steal a lot of investors' money which then withdraws the liquidity that is already in the market

fzkto

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Quote from: Doan9269 on May 18, 2023, 07:59:14 AM

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.

Doan9269

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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.

tokeweed

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Quote from: peter0425 on May 16, 2023, 11:40:49 PM

Still lucky for you mate because we are only talking about 200 bucks here and not so big that you cannot afford to lose.
while I have experience the same back in the years when i staked my tokens in a gambling site that turns out that after staking your funds will be left inside and no way to withdraw .
now it is getting clearer from your post that this is truly happening even in new generation projects such as Meme coins.
thanks that I will never get involved into this one.

Heh yup! The thing is to treat memecoins for what they are... Buying in for some amount you're comfortable with and see how it goes, aka gambling. Lol. There's really no way to know if they're gonna still be there after a couple of weeks or so. But as they get more established, that's a different story. I'm talking more about those new ones that just got listed in places like Uniswap and hasn't seen a day of existence. Cheesy

They degen way.

But I think PEPE is slowly establishing itself to be considered somewhat safe to hold for a couple of months assuming you have a good entry.

Johnyz

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Quote from: cryptoaddictchie on May 18, 2023, 06:40:48 AM

Quote from: adaseb on May 17, 2023, 10:35:37 PM

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.

Hard to assess meme token for long term frame, I suggest to deal only if there's a hype and take profit as soon as possible.
Meme token seems like a seasonal project, developer are popping once the market is getting better so for sure the next trend will be on next bull trend.
Avoid meme token if you are planning to hold longer, because not all meme tokens can survive, only few can make it even if there's no hype.

cryptoaddictchie

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Quote from: adaseb on May 17, 2023, 10:35:37 PM

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.

masulum

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Quote from: adaseb on May 17, 2023, 10:35:37 PM

Yeah after the Pepe pump I went to dextools and was going to buy a few promising meme tokens however at the amount of rugs and scams I figured I should stay away.

Another thing I found is that some tokens have a sell tax. Sometimes it’s 100%. So I am assuming since it’s called a tax, most likely every sell goes to the dev creator. So pretty much another honey pot type of deal.

I think the meme hype is over. Fees are lower and don’t see these meme tokens hitting ATH anytime soon.

If the sell tax reaches 100%, isn't this the same as the buyer getting nothing? It might be easier to know if there is such a token. If this is a typo and you might wants to write 10%, i think this 10% is a reasonable tax and many project using this. The tax allocation varies, some are returned to all holders, some are burned, etc. To be sure, most of the meme tokens that turn as a scam, mostly is non-saleable or smartcontract created to disable outgoing transactions and rug.

Regarding ATH, if ATH achievement is already very high, and the recent drop more than 90% and current market position with low trading volume at AMM and cex, chances this token will be abandoned very high.

Victorik

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Quote from: Doan9269 on May 17, 2023, 06:00:51 AM

Quote from: Victorik on May 17, 2023, 05:07:21 AM

Thanks for sharing this piece of information. I personally wish I knew these much earlier, I probably wouldn't have fall a victim of some scam projects. for what it's worth, I hope no one falls a victim of scammers out there, they are ever ready to run away with your money.

Then one has to narrow his research thoroughly to get the best information needed before investing for a particular altcoin or token, many newbies fall a victim because they were not aware quite alright about the basic requirements before they invested, some don't even have an idea of the risk involved, all they got to do is to invest and sit to receive their income while on a fake crypto projects, there's more risk if you don't trust those that you're investing in their project because some already had a bad record while some were in to scam investors.

Truly newbies are the main target of these scam projects, but then, I have seen cases where OGs have even fallen for these scam projects because it appears so clean and flawless but in the end it turns out to be a scam.
In this space, one just got to expect the unexpected.

Victorik

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Quote from: Silberman on May 17, 2023, 05:31:13 AM

Quote from: Victorik on May 17, 2023, 05:07:21 AM

Thanks for sharing this piece of information. I personally wish I knew these much earlier, I probably wouldn't have fall a victim of some scam projects. for what it's worth, I hope no one falls a victim of scammers out there, they are ever ready to run away with your money.

At least you know this information now and it should help you to avoid being scammed on the future, just never forget that even altcoins that seem to be doing everything the right way can still turn into a scam, as I have seen cases in which the majority of the developers were honest about their desire to create a good coin, but the rest were panning on scamming everyone including their peers from the very beginning, and those are the kind of rug pulls you cannot possibly see coming.

Yeah, basically what the Ops was talking about are how to avoid falling for a project that is an outright scam, where the dev have no intentions whatsoever to push the project anywhere. However, like you said, there are projects that are honest from the very beginning, but somewhere along the line, it collapses and then fails to meet expectations.

bittraffic

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Nice tools. I have been using dexscreener.com to check the chart of altcoins not listed on major exchanges. dextools.io certainly can be another neat tool to monitor them.

I'm also careful in investing memecoins, I'd rather be going for Doge since it is a lot safer than spending $100 for tokens I can see have pumped over 500x already.

adaseb

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Yeah after the Pepe pump I went to dextools and was going to buy a few promising meme tokens however at the amount of rugs and scams I figured I should stay away.

Another thing I found is that some tokens have a sell tax. Sometimes it’s 100%. So I am assuming since it’s called a tax, most likely every sell goes to the dev creator. So pretty much another honey pot type of deal.

I think the meme hype is over. Fees are lower and don’t see these meme tokens hitting ATH anytime soon.

LSDadventure

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Check their smart contract. Scam smart contracts will be marked by block explorers like Etherscan.io, bscscan.com ...
What is a honeypot crypto scam and how to spot it?
8 Ways to Check If It’s a Token Scam
Understanding and Avoiding Crypto Honeypot Scams

If it is a scam token, it won't spend time and resource to submit for token verification, its token will not have a logo.

Check token vesting schedules and token distributions in at least top 100 addresses.
https://vestlab.io/
https://token.unlocks.app/

Check token blacklist https://github.com/dappradar/tokens-blacklist

o48o

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Quote from: tokeweed on May 16, 2023, 08:53:43 AM

Thanks for sharing this handy tool. It would be awesome if you had this service for more than just ERC-20 and BEP-20. I have been buying some SPL tokens on SOL and while other coins aren't that popular, i would like to have detectors for all of them. Even for TRC-20 that i passionately hate.

cryptoaddictchie

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Quote from: tokeweed on May 16, 2023, 08:53:43 AM

If you guys have more to add, feel free to post them it

Thats a nice precautions dude. I would like to add this very useful product of defi project.

https://de.fi/scanner

You just need to input the contract address of the project and they show the potential threat of a new project. Upon clicking different contract interactions or malicious from the contract can be seen and they have a score for that to know either the project is safe and has no threat like being a honeypot.

Ive been using this as a reference whenever I am apeing some memecoins on bsc, eth and any L1. Mostly they support other projects already.

Doan9269

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Quote from: Victorik on May 17, 2023, 05:07:21 AM

Thanks for sharing this piece of information. I personally wish I knew these much earlier, I probably wouldn't have fall a victim of some scam projects. for what it's worth, I hope no one falls a victim of scammers out there, they are ever ready to run away with your money.

Then one has to narrow his research thoroughly to get the best information needed before investing for a particular altcoin or token, many newbies fall a victim because they were not aware quite alright about the basic requirements before they invested, some don't even have an idea of the risk involved, all they got to do is to invest and sit to receive their income while on a fake crypto projects, there's more risk if you don't trust those that you're investing in their project because some already had a bad record while some were in to scam investors.

so98nn

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This is good information and dex tools are just awesome. They are coming real handy I guess when checking projects status. This strategy is far better than the paid services where they claim they asses the project validity and check for you whether you should invest in that particular coin/token or not? The dex tools can give a clear idea of its liquidity, daily traded volume, ongoing orders and it's volume. Everything contributes to shaping the clear picture of that particular project.

I am not sure if this strategy or dex tool is only applicable to the memecoin alone but it should be updated with the other projects' information as well. Since it is a decentralized tool, it might be synched with all the chain projects other than meme coins.

Silberman

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Quote from: Victorik on May 17, 2023, 05:07:21 AM

Thanks for sharing this piece of information. I personally wish I knew these much earlier, I probably wouldn't have fall a victim of some scam projects. for what it's worth, I hope no one falls a victim of scammers out there, they are ever ready to run away with your money.

At least you know this information now and it should help you to avoid being scammed on the future, just never forget that even altcoins that seem to be doing everything the right way can still turn into a scam, as I have seen cases in which the majority of the developers were honest about their desire to create a good coin, but the rest were panning on scamming everyone including their peers from the very beginning, and those are the kind of rug pulls you cannot possibly see coming.

Victorik

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Thanks for sharing this piece of information. I personally wish I knew these much earlier, I probably wouldn't have fall a victim of some scam projects. for what it's worth, I hope no one falls a victim of scammers out there, they are ever ready to run away with your money.

Oasisman

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Quote from: peter0425 on May 16, 2023, 11:40:49 PM

Still lucky for you mate because we are only talking about 200 bucks here and not so big that you cannot afford to lose.

Considering it lucky sure but you just can't throw a thousand bucks to a memecoin knowing that the chances for it to take off is little to non. That's the same reason why OP had carelessly put his 200 to such memecoin without having to go through all the process he have enumerated to secure yourself from falling into a meme scam.
What we have to avoid here mostly is to become a honey pot victim so I guess checking out all OP's instructions could really help. But I'd rather be more cautious if I don't see anything sold and majority is buy orders.

yhiaali3

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Thank you for sharing this information it has been very helpful to me.
I tried https://honeypot.is/ on a token on the BSC network it works too, I got a detailed scan of the contract, so thank you it works perfectly for me.

Topic: How to Assess a Memecoin and Not Get Scammed ;) - page 2. (Read 399 times)