How to DYOR memcoins?
Article was prepared by Hypecoins team (https://hypecoins.io — unique token marketplace without scam). We save time you spend in DYOR and help fair developers to advertise their tokens!
Before i start i want to add that i have free trading course (you can find it at the bottom of hypecoins.io), for those who need more info about memcoins trading.
So, firstly need to explain what is DYOR. DYOR means DO YOUR OWN RESEARCH. Main rule of memcoins market. Without Dyor you will only lose your money. So, Dyor is token analysis. To DYOR wisely, you need to check several things:
1. Is the team doxxed? Most projects are anonymous these days. It’s ok but better if team is doxxed. What is doxxing? If they have just avatars (maybe fake), its not enough. Best — if you can find their active social profiles (linkedin, instagram…).
2. Is the contract safe? Check the contract code with rugscreen.com/Scan/Index to see if it comes out safe. Sometimes even if there isn’t any problem during the scan, professional scammers can still have a rogue code inside that is not detected. On tokensniffer you can find scam tokens https://tokensniffer.com/tokens/scam
3. Is there a whitepaper on the project? A whitepaper clearly states the use case of the token and the vision of the project.
4. Are the devs/mods responsive to logical questions being thrown at them or are they avoiding questions and throwing it as fud? When admin/mods answer smth likethey are “busy”, its bad sign. Probably they prepare rug for you. Also check is messaging is available after launch. Best is when admin do all beginning things (lock liquidity, rennounce ownership) and switch on chat.
5. Is the liquidity locked? If a huge percentage is unlocked, check with the team on how are they planning to use the unlocked liquidity. Is there a plan or are they planning to put in their own pockets?
6. Is the website done properly or does it seems to be done by a 3 year old? If devs doesn’t do a proper job and doing things right and putting in efforts to gain trust, there is a high chance it is a rug.
7. Is there a marketing plan on how to grow the project? Or do they just intend to do poocoins ads and that’s it? Marketing and hype is the key to any successful project. It’s the only way to reach more people. Main project growth starts after first 1–2 days. And it’s possible only if token owner has plans… What plans? For example they are going to launch product or they will have 100% CMC listing or they want to rebuy tokens on 170 ETH))
8. Is the community doing their efforts to shill? If everyone is helping to vote, comment, do videos, post content, likely the project will have more chances to be successful.
9. Is there progress on the project after listing or presale? What’s next? Are they improving something? Listing on coingecko and CMC? What are the next few things they are working on? Every day you should be able to see some progress if the devs are not slacking.
10. Is the team passionate about this project? Are they holding AMA every now and then? Do they know what they are doing? You can feel it they are putting their heart and soul in the project.
11. Is the project hyped? If everyone feels to be hyped about this project and sharing and shilling everywhere, good chances the project will fly. If you have join many telegram groups, a search could tell how other people are feeling about this project. Also check amount of online in telegram chat. If its like 10–30% on launch day, then most of telegram participants — bots. Best is if project has at least 1–2k online on launch day.
12. Are the mods doing their best efforts to weed out fudders? Just like a plant, if the weeds are not taken care of, the plant will lose the nutrients and slowly die. This toxicity can kill a honest project.
The elements I use to make brief opinion on a project:
- check list in the first pinned message
- overall sense and end goal of the project
- interaction of the team with the TG members
- external media to double cross info
- business planning of the project
- GUT FEELING (in crypto if it seems fishy, it usually is)
13. Check source of funds. If it’s mixer like Tornado.Cash, it’s scam. Many wallets with the same % is also bad. There are tools to do this automatically. Also its important to check main wallets after launch. If they sell funds slowly, its a bad sign. Btw, dextools recently started to show movements of funds from main wallet.
14. Questions you can ask devs: What makes this coin so special? How does it differ from the other shit coins? Does it have a utility? Are they promising wealth and fortune? Are they doxed? Is it an actual dox or fake dox? How old is their website domain? Can I reverse search their images and find the same image on google? Is their tg or twitter heavily botted? Do they ban you if you ask a legitimate question? Difference between asking and fudding. How much did they raise in presale / private sale?
That’s all for now. Also want to add few words about Hypecoins. I know, there are lots of similar projects but how we differ from them?
- We analyze everything we can find about token and place it on token page on Hypecoins. We have more than 10 token parameters (scam probability rate, tokenomics, doxxing, vc availability, influencers, marketing plans and so on).
- We communicate with token owners and try to add the freshest info about project.
- In nearest time we will make the biggest token/developer database with vesting dates, bounty programs, new and old tokens, events and news.
- Thank you for reading! Subscribe to my telegram channel and try Hypecoins.io. Stay tuned!