Topic: How to Assess a Memecoin and Not Get Scammed ;) - page 3. (Read 383 times)

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.

Well I must say that was rather unlucky then. I wouldn't really only use this on meme coins, this kind of checking should be pretty useful among any other coin out there. I mostly check token holders and how much spread out it actually is just to avoid some sudden manipulation dump.

Outside of numbers it's pretty natural to read the tokens whitepaper just to see what they're doing and what they're planning to do in the future. Can be quite convoluted at times but hey, you gotta do what you gotta do.

Checking the number of holders is what I usually do so it's nice to learn more tools that will help prevent or lessen the likelihood of losing money. It's an additional work just to buy a "lottery ticket" but it's never wrong to educate yourself and take those extra measures. There's a higher chance to "win" if you know you won't get rug pulled or dumped on by fraudulent devs after all hehe.

Remember that this set of people have also developed a strong resistance to any meas that could reveal their evil deed, they get updates everytime and are smarter than we may think of them, after you would have fulfilled all the conditions from the above measures taken, then still believe that the risk is not limited because every past scammed projects all started well and people research them before they turned to scam.

Thank you very much for sharing, but I really want people not to get into short-term games that are full of pump/dump risks, and especially dangerous for newcomers. when these market skills are still very low. Blindly FOMO thinking that scams are in the name of crypto projects and using investment terms to manipulate, I'd better encourage people to follow the path of finding technology products bring feature solutions that help this market.

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 pot.

2.  Check if the liquidity is locked.  PEPE got as big as it got because traders tend to trust a token if its liquidity is locked.

The easiest way to do this is by going to the token's page at https://www.dextools.io/ and look at the token's label called  'Total liquidity'.  If it doesn't have a green lock then it isn't locked.  Stay away.

3.  Go to the token's page in https://dexscreener.com/ and look at the buys and the sells.  If it's mostly just buys with just a couple of sells, that's most likely a honey pot.

4.  Go look at the token's holders tab at https://etherscan.io/

The more concentrated most of the supply is to just a few holders, the more likely it's gonna be dumped.

5.  Another important thing is to check in https://etherscan.io/ is if the contract is verified.  In the token's contract page there's a tab called contract.  If it has a green check then it's verified.

Stay safe out there.

If you guys have more to add, feel free to post them itt.  Thanks.

Edit:  Typos.