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Have you ever encountered fake or scam crypto currency? Many of you have bought some crypto currency from DEX like Pancakeswap for $100 and it become $10 now. Furthermore you can't sell that $10 now because there is no liquidity anymore. So how to differentiate whether it is real crypto currency or just a scam. Today we will only talk about BSC (BEP-20) tokens to whether they are real or scam. And at the end I will tell you 3 Gems which can make you millionaire if you grab them early. So stay tuned till end. Here we go:
If you want to buy any BEP-20 token from Pancakeswap but I don't know whether it is a good project or not then do a little bit of research. How would you do that? Just copy the contract address of the token. E.g I have received a airdrop of Whalefall token. Leta see if it is any legit project or a scam. After copying the contract address, and paste it in BSCscan.com
Paste the address and see results. It will show you the complete details like price, no of holders and total value. The less the total supply the higher the chance of it to go up.
Not only this but it will show you the top 100 holders of it.
For example in this token the major share holder of the wallet have more than 50% of the tokens.
This can be a little worrisome because there shouldn't be this huge amount for e single wallet. Maybe it is the owner. But what if he dumps all his shares. There will be a huge rug pull.
Second thing to do is to check website. But there is no social profile update on BSCscan.
I tried to find the website and found. You can also check whether the 50% holding address is their or not. Open the website.
Check the interface if website but don't consider it a standard to be a good project. Anyone can create a fleshy website. Read about the features of token and their roadmap.
The address we have seen in BScScan is can be verify here. Read the road map.
Don't rely on the road map only. We still don't know if they are going to do this or not.
Next Step is to see whether they are listed on CoinMarketCap and CoinGecko or not. And yes they are listed on CMC.
Check its market cap. The lower the market cap the higher the chance for it to go up in future (considering the supply to be limited).
Check the markets where this token is available. In this case, Whale is only available on Pancakeswap.
But as it is just a community driven coin so maybe it go viral and be listed on any CEX too. This token is also list on CoinGecko too.
The next step is to check their social handles. For example I found their Twitter handle quite active. Remember: The more they active on social media the more they will find investors.
They are following the trend of block chain gaming and going to introduce one with the help of third party.
There are multiple things to check before investing in any crypto currency. Some of them is being written below.
The less the total supply the higher will be the chance to increase price with the time.
The lower the market cap the higher will be the chance to increase price with the time (keeping the supply to be limited).
Check who are the developers and who are supporting them. Like some tokens are not devoloped by Binance but they are supporting it. E.g Coin98, Epik Prime etc. Binance have some shares in them. Similarly FTX is supporting Solana Blockchain and their token Sol. They have some shares.
For adding bonus to this article I am giving you the 3 names of best Project to be an early investors.
Sol Coin has a limited supply with the market cap of $33,783,852,989.28. Solana made a ATH yesterday at about $130. Solana is fully supported by FTX exchange.
I wrote an article on Solana two months ago when it was at almost $23. I advised people invest at least $500. And here we are at $116 now. Almost 6x in just two months. You can read more about Solana and its futuristic Proof Of History technology here in my two months old article: DYOR
FTT is native token of FTX exchange based on Solana Blockchain. This token is also supported by FTX exchange and following the similar path of Sol coin. They were both at about $22 two months ago. FTT is now at about $56 today and continuously increasing in price. Grab some if you can. DYOR
EPIK (EPIK PRIME)
EPIK is a multipurpose token developed by DAOMAKER. Token has a very limited supply. Only available on Huobi yet.
Interesting thing to remember that the token has partnership with multi billion companies including Binance, IBM, Nintendo, Tencent (company who made PUBG game).