How To Spot Meme Coins Like SHIB And PEPE Before They Go Viral
Release: 2023/11/15 07:04 Reading: 318
Meme coins like Shiba Inu (SHIB) and Pepe (PEPE) have proven to be one of the best ways for crypto investors to make massive returns on investments. But amid all of the scams and rugs that have dominated crypto and decentralized finance (DeFi), they can be hard to spot. In line with this, one crypto analyst has published a guide for how to find these diamonds in the rough very early before they go viral on social media.
Tools To Spot Meme Coins Like SHIB And PEPE Early
A crypto analyst and expert known as BlackbeardXBT on X (formerly Twitter) took to the platform to educate his over 123,000 followers on how they can easily meme coins like SHIB and PEPE that could do a 100x and get in early enough. For this, the analyst presents the price analysis platform Dexscreener.
This website allows users to see real-time data for new and old projects alike with things like price, contract information, etc. First, Blackbeard says users can choose whatever chain they wish to buy coins on. It could be Ethereum, BSC, Arbitrum, or any of the countless chains.
Next, Blackbeard presents the ‘New Pairs’ tab. Under this tab is where all of the new pairs of coins being created show up. So as soon as the pair is deployed, users can buy them in real time. But like with anything in crypto, it is not that easy, and more filtering needs to be done.
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The analyst advises users to avoid the trending coins as these can be easily manipulated. Rather, Blackbeard says the next thing to do is to click on the ‘Filter’ tab. Here is where users are able to completely filter coins by the attributes they want. These could include the amount of liquidity available, when the coin was deployed, volumes by a certain period, etc.
The most important ones, according to the analyst, are:
Liquidity – this is the amount the pair has in liquidity, many devs lock some initial liquidity & then liquidity providers usually top-up. FDV – Fully diluted valuation this is basically the mcap of the project. Pair age – This is the age of the project, was it launch 1h ago, 6h or 24h ago? 24h buy and sells – Very important setting if you don’t want to fall into honeypots.
Once this is done, Blackbeard explains that the majority of coins left at this time (over 50%) will be meme coins. But the work is still not done. The next thing to look out for is if a coin caters to a trending or upcoming narrative. For example, Grok was trending after Elon Musk tweeted about his new chatbot and a $GROK token went to over $150 million market cap.
However, investors are free to choose whatever kind of coins they would like to invest in, ranging from meme coins to utility tokens. “If you are more the utility guy, search the list for utility projects,” Blackbeard says. Then once a project is picked out, a bit of further research is required.
Some tips from the trader include:
Visit their website
Check out the team and the community
Read their papers (if they have one)
Check their socials
Check the chart
Following these steps can drastically increase an investor’s chances of getting in on a 100x project early. However, it is important to keep in mind that crypto scammers are getting more sophisticated at creating legit-looking projects. So even after doing due diligence, investors should not invest more than they can afford to lose, especially in these brand-new coins that are yet to prove themselves.
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