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Geek Culture

How to identify scam crypto?

Photo by olieman.eth on Unsplash

Lots of new tokens are coming every day. they are mostly referred to as “MemeCoins/ShitCoins”. But the problem is most of them are totally scams.

You can look for these before making an investment. so you don’t get REKT.

1. Go to https://bscscan.com/ and paste the token contract address.

2. Click on “Holders”, and check the list of holders, Top wallet should look something like “0x00…DEAD” (It’s called a dead wallet, whatever goes inside this is burnt forever). otherwise, it’s a RED flag.

3. If a holder's wallet address has a “Note icon” along with the wallet address (This is called a contract wallet, usually for Liquidity pool). This LP wallet address should be locked (that means even the creator of the token can not get the tokens from this wallet), to check that go to https://poocoin.app/ now see the info section, if there is any warning, it’s a big RED flag.

4. If any of the normal wallets hold more than 10% of the total supply, it's a RED flag as this can be a RugPull (when a large wallet dumps the token make the price crash near to zero)

5. Token should have a website and a roadmap. most of the scam tokens creators don’t even bother to create a website.

6. They should have social profiles. (discord/telegram/twitter)

It's your money. invest carefully!!

Cheers!!

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A new tech publication by Start it up (https://medium.com/swlh).

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Manoj Ahirwar

Manoj Ahirwar

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