*What is a shitcoin?
Basically, these term refer to cryptocurrencies with little to no value, that have no immediate or discernible purpose.
*Golden Rule
-Trade on Binance Smart Chain(BSC)
-Don't invest more than 300 PHP per coin if your a newbie
-Prepared to lose all your capital(charot)
* Find the coin
-Go to the BscScan website. Then, go to "View BEP-20 Transfers". Look at the rightmost column that says "Tokens". You must look for the grey icon besides the coin names. Why? Because that means the coin is new. Established coins already have their icons listed and that means you're usually too late to make high gains. You can refresh that page for new coins every second, you will always find new ones.
1.Holders
On the page you just opened, look at the "Holders" list. The biggest holders of a coin should always be the liquidity pool which is usually identified as "PancakeSwap: COIN NAME" and the dead coins wallet, usually identified as "0x000000000000000000000000000000000000dead". Why is this important? It reduces the possibility of a rugpull to almost zero, especially if the dead coins wallet is over 50%.
Also watch out if there are too many whales. For example, 10 wallets each holding 3% of total coins is a huge red flag. Abort immediately. A healthy new coin should also have at least 200-300 holders. If it doesn't, also abort immediately.
2. Liquidity Pool
The liquidity pool is super important. I usually don't buy any new coin unless the liquidity pool is at least $30k or more. Why? Because scammers and shitcoins rarely provide a liquidity pool of that size. Again, we're greatly reducing our risks here. A locked liquidity pool is also important. Make sure it's locked for a longer period of time. 3 months, 6 months, 1 year or longer are great. You don't want the liquidity pool to unlock tomorrow. You can copy the contract ID and then go to "PooCoin" (again, look up the links yourself), then enter the contract URL there, hit enter and on the next page on the left side it will show you something like "COIN/BNB LP BNB Holdings:". That's where you want at least $30k or more. If it has a few hundred dollars or even only $5k or $7k, abort immediately.
3. Volume
Look at the "Transfers" section. If the coin has only 5 holders and no activity, skip it. If you want, bookmark it and come back to check tomorrow. You may have just been too early. If it has only a few transactions every 2-3 hours, also abort immediately. It's not taking off yet. A good number of transactions for a new coin should be about 5-10 per minute.
4. Website & Twitter
Make sure the coin has a website and twitter account. If it doesn't have both of them, abort immediately. If it also has a reddit page, a Telegram channel, a #forbidden#, an Instagram page, a YøùTùbé channel, etc. that's even better.
5. Coin Name & Design
The logo of the coin and the design of the graphics and website are very important. If it's not attractive, people will not jump in and it won't take off. If the use stock images that you've seen a hundred times elsewhere, abort immediately. The name is also super important. If it has a catchy name like "Save The World" it's much more likely to take off than "Funky Toilet Coin 55".
6. Bonus: Doxxed Team
This one is a HUGE bonus. If the team members publicly identify themselves, for example through YøùTùbé videos or live AMA, it reduces the chance of a scam to almost zero. Why? Because their faces and identities are publicly known and they would almost certainly end up in prison.
Source: Reddit
Basically, these term refer to cryptocurrencies with little to no value, that have no immediate or discernible purpose.
*Golden Rule
-Trade on Binance Smart Chain(BSC)
-Don't invest more than 300 PHP per coin if your a newbie
-Prepared to lose all your capital(charot)
* Find the coin
-Go to the BscScan website. Then, go to "View BEP-20 Transfers". Look at the rightmost column that says "Tokens". You must look for the grey icon besides the coin names. Why? Because that means the coin is new. Established coins already have their icons listed and that means you're usually too late to make high gains. You can refresh that page for new coins every second, you will always find new ones.
1.Holders
On the page you just opened, look at the "Holders" list. The biggest holders of a coin should always be the liquidity pool which is usually identified as "PancakeSwap: COIN NAME" and the dead coins wallet, usually identified as "0x000000000000000000000000000000000000dead". Why is this important? It reduces the possibility of a rugpull to almost zero, especially if the dead coins wallet is over 50%.
Also watch out if there are too many whales. For example, 10 wallets each holding 3% of total coins is a huge red flag. Abort immediately. A healthy new coin should also have at least 200-300 holders. If it doesn't, also abort immediately.
2. Liquidity Pool
The liquidity pool is super important. I usually don't buy any new coin unless the liquidity pool is at least $30k or more. Why? Because scammers and shitcoins rarely provide a liquidity pool of that size. Again, we're greatly reducing our risks here. A locked liquidity pool is also important. Make sure it's locked for a longer period of time. 3 months, 6 months, 1 year or longer are great. You don't want the liquidity pool to unlock tomorrow. You can copy the contract ID and then go to "PooCoin" (again, look up the links yourself), then enter the contract URL there, hit enter and on the next page on the left side it will show you something like "COIN/BNB LP BNB Holdings:". That's where you want at least $30k or more. If it has a few hundred dollars or even only $5k or $7k, abort immediately.
3. Volume
Look at the "Transfers" section. If the coin has only 5 holders and no activity, skip it. If you want, bookmark it and come back to check tomorrow. You may have just been too early. If it has only a few transactions every 2-3 hours, also abort immediately. It's not taking off yet. A good number of transactions for a new coin should be about 5-10 per minute.
4. Website & Twitter
Make sure the coin has a website and twitter account. If it doesn't have both of them, abort immediately. If it also has a reddit page, a Telegram channel, a #forbidden#, an Instagram page, a YøùTùbé channel, etc. that's even better.
5. Coin Name & Design
The logo of the coin and the design of the graphics and website are very important. If it's not attractive, people will not jump in and it won't take off. If the use stock images that you've seen a hundred times elsewhere, abort immediately. The name is also super important. If it has a catchy name like "Save The World" it's much more likely to take off than "Funky Toilet Coin 55".
6. Bonus: Doxxed Team
This one is a HUGE bonus. If the team members publicly identify themselves, for example through YøùTùbé videos or live AMA, it reduces the chance of a scam to almost zero. Why? Because their faces and identities are publicly known and they would almost certainly end up in prison.
Source: Reddit
