With the existence of Pancakeswap and the Binance Smart Chain ecosystem, where anyone can buy and sell cheaper and faster Bep20 tokens, lots of BSC projects have been emerging day by day and it has been getting a lot of hypes and attentions for some weeks now.
You might see people from different social medias showing their 10x, 100x or even 1000x return of investments, and yes that is possible, just by buying those trendy BSC projects then selling it after some time.
And because of this very interesting return of investments, you could get hyped and would want to try it and gamble your money.
In this article, this will be a guide for everyone who wants to take those coins and what are the advantages and the catch of taking a part of risky projects.
What are these shitcoins?
When we say "shitcoins", it particularly refers to certain project's token with trillion or zillion or even more of supply with a very low rate of having fundamentals or use cases.
Currently, lots of projects in the BSC ecosystem are being launched with almost unlimited supply that are very very cheap to buy that can possibly give enormous return in just a day, hours or even seconds.
If you are lucky to hunt these kind of projects and got early on than the others, there's a high possibility that even a dollar of your investments can go up to thousand times better.
What's the catch of buying these kind of coins?
Like I said, in just a short time, you can have massive gains with it but you can also be at a massive or a total loss with it.
What do I mean with massive and total loss?
When I say massive loss, it is when you have bought these token very late that those early buyers have sold their holdings already and the price of these coins is decreasing that you might decides of selling it to prevent an even worse scenario - to be at total loss.
You can be at a total loss when that certain project or the coin you have bought have been rugged.
When someone or a single wallet (developer's wallet/holding) have the huge percentage of the the total supply of the coin, let's say 40% of the total supply, sold those coins in a single transaction, the coin is already rugged and you will be at a total loss - yes, total loss.
If the selling happened, there will be a notice in the Pancakeswap swapping dashboard saying "Price impact is too high", and when that happens, you will not be able to swap anymore or take out the little investment that you have left. Even if the price will go up, there's no chance of swapping the coin you bought and that's when you will be at a total loss - no money returned from your investments.
How do I find these scam coins?
Personally, I don't really waste so much of my time looking for this and only prefer joining in a Telegram groups that drop these kind of projects and join for a quick buck.
But if you want to find those kind of tokens, you can visit this app and look for a token where you you can be profitable: https://poocoin.app/
Warning: I will not be responsible for your trades. Trade only with your own risks.
Should you put a huge amount for this?
For myself, I am taking advantage of the possible huge return from these projects but at the same time managing my risk. I only recommend a very small amount of your portfolio so when things doesn't good a planned, it will not hurt so much.
You can even put at least $1 on it and just wait for some time. If you are lucky, that amount can be doubled or more so don't be greedy and just take out your money with a profit.
END.
Thanks for this post it was really helpful 👍