Before the mass finds them first…
The last month or so has seen explosive growth in dog themed meme tokens. The original Doge has lead the way for meme purposes since its inception. For years now a sudden spike in Doge signaled a new alt season. This bullrun is a bit different in many ways, and Doge has seen countless pump and dumps over the course of the last few months. Sometimes driven by Elon Musk tweets, and sometimes organically.
More meme and pet themed tokens are being created every few minutes now. Due to the success of Doge and the popularity of similar memes. As well as other protocols becoming more widely available such as Binance’s own Binance Smart Chain (BSC), cheap NFT minting on Dragonchain , and of course the huge rise in projects on Solana and Polkadot. Even Cardano is making big moves recently with their smart contracts being launched any time now. Behind the scenes a large network of developers is already making big gains with Cardano NFTs.
So... What's all the buzz about these dogs and how to join the rich meme kids club safely?
Successful dog themed meme tokens
The most famous dog themed meme token at this moment – after the original Doge of course - is Shiba Inu, with the $shib cashtag. It made headlines around the world after no other than Vitalik Buterin himself made a couple transactions. What happened? Shiba Inu sent half of the supply to Vitalik so these could be considered as ‘burned’, e.g. unusable and non-tradable, out of the circulating supply. Nobody could have predicted the massive trading volume dog themed meme coins such as Shiba Inu would get tho. Resulting in insane gains for traders, and a giant market cap for what seemed to be just another joke at first. Vitalik ended up donating $1B worth of donations for India Covid Relief. Yesterday on March 16 2021 he also burned 90% of his remaining $shib and will donate the other 10% he still owns to another charity.
Even centralized exchanges including Kucoin and Binance were quick to list SHIB out of fear to run out of business. The FOMO was real. Even today, just another weekend during a Bitcoin and Ethereum dip, there’s still close to $2 billion of daily volume! On Coingecko, the most popular token overview website, over 117,000 people already added Shiba Inu to their favorites. SHIB is currently ranked 25th in terms of market cap.
Newly established dog meme tokens
The last few weeks you can find new ERC-20 and BEP-20 dog tokens every few minutes. Every dog breed has hundreds of coins now! From Akita to Husky to Shiba Inu. What makes a new dog token so good or bad? Mostly community. And how good the meme itself is. One of the better executed dog token launches this week is Doge of Woof Street with the $WsDoge tag.
Always check on Dextools you are dealing with the correct token, in this case here is the direct link to the real $WsDoge Dextools page. One of many problems in this space right now is copycat scammers, and the same thing happened to WsDoge. A scammer launched an exact copy of Doge of Woof Street but made it available on Pancakeswap instead. Anyone who bought it there was unable to sell it again as the contract wouldn’t allow that.
With rare finds like WsDoge you find that the distribution is fair, there was a small whitelist round, the liquidity is locked, the team members participate in the Telegram chat and voice channel, volume is good, it has been around for over 48 hours which is rare with new dog tokens.
How to invest early in new dog tokens
Right now there are new dog themed meme tokens being added to Uniswap and Pancakeswap every 10 minutes or so. At least 9 out of 10 are complete scams. The reason I know is because I’ve been scammed dozens of times this week. I’m not salty or upset about it, it’s part of the risk that I take to get early in on new dog tokens with potential x10 or x100 or even x1000 multipliers. Investing in dog tokens is just as risky as going to a casino. There is no excuse to think otherwise. Even if you buy Doge it’s the same thing. For fundamentals and long term potential you go to Bitcoin, Ethereum, Polygon, Cardano, Dragonchain, etc. Not to meme tokens.
That being said, there are some ingenious ways to find new dog tokens before anybody else. A simple one is to just join a couple of Telegram channels. These channels will notify you any time a new pair is added to Uniswap or other DEX’es, decentralized exchanges. Uniswap Listings is one of those. Be very cautious though because these bots only notify you, they do not access the risk for you.
Now the most exotic and speculative way to find dog tokens first before anyone else is to use a freely available excel sheet. This excel sheet is made by Crypto Tools and uses APIs for Uniswap, Coingecko and other places. As a user of the excel sheet you don’t have to know any coding which is great. You simple adjust the variables to your own needs and it fetches the results for you.
Just open the spreadsheet and make a copy to your personal drive before editing. Then adjust the ‘Days Active Less Than’ column to ‘0.1’ to only see new coins that are less old than 0.1 days. You can also adjust the volume, liquidity and total transaction count. This allows you to find new dog tokens almost as quick as bots. :-) This is also how I found WsDoge within the first hour, and I’m kinda happy about it because it is one of the few that isn’t a scam or rug pull.
Be very careful before buying any new dog tokens!
How to minimize risk when buying new dog tokens
The best thing you can do is learn how to read smart contracts before buying in to a new coin. This way you can assess all the risks that I’m about to explain right now.
Try to find out who is behind the project or if established people are shilling it on social media. For example you can go to twitter and search for $WsDoge to see what people are saying. Especially with tokens that are only 1 or 2 hours old, be very skeptical if there are no tweets. And make sure that if there are tweets, that they are talking about the exact same official token you are looking at.
Make sure the token isn’t a copycat. Sometimes a popular dog token on Pancakeswap or Binance Smart Chain gets copied on Uniswap. Or the other way around. While only one of them is the legitimate and original one.
If you only see buys on a new dog token that is a red flag signal. It is possible that this token can only be purchased, and not sold again. Scammers have ingenious ways to scam though, sometimes they can sell, and you still can’t. This is because they have super powers, allowing them to whitelist their own wallet address for sells while simultaneously blacklisting yours.
See if there is any locked liquidity for the token you want to speculate on. Most projects use Unicrypt to lock LP and there is also a bot on Telegram @LiqLockBot that you can follow. A token locking its liquidity does not mean it won't rug! DYOR, Only spend what you can lose.
Go to the contract on Etherscan and check the ‘holders’ tab to see the token distribution. Are there a few people holding most of the supply? Was there a pre-sale? Maybe they had a whitelist round where early participants received some of the supply based on a lottery?
If you want to avoid getting into a lot of scam tokens, just let others do it for you... Many times the token will dip anyway, even if it is a good dog meme project. So you will be able to buy in with less risk, not losing money on gas fees and not losing money on investing in a scam first.
Do you have more tips to stay safe? Share them with us!
Happy and Safu Woofing you bunch of dawgs!
