Cryptocurrency investors have taken action for altcoins that have the potential to make 100x and 1000x, after meme coins that have been on the rise in recent weeks. However, experts touched upon critical points on how investors can find these altcoins! Here are the details…
Experts pointed to these spots to find potential altcoins!
cryptocoin.com As we reported, in the past weeks, investors have witnessed the rise of many meme coin projects. As you may remember, one of these coins, PEPE, increased by 3000 percent and provided enormous profit levels to the investors. Instantly, experts shared the following critical points for investors to discover these altcoins, which do 100-1000x, before they explode;
- Do research: Start by researching different meme coins to identify potential opportunities. You can use websites like CoinMarketCap, CoinGecko to research different cryptocurrencies including meme coins. Look for coins with low market cap, high trading volume, and positive sentiment on social media platforms like Twitter, Reddit, and Telegram.
- Identify potential coins : After making a list of potential coins, narrow down your options by reviewing their whitepapers, team members, and partnerships. If you want to search for coins with a clear usage area and a strong development team, you can refer to these ways.
- Analyze the market: Before investing in a meme coin, it is important to analyze the market to identify trends and patterns. Look at the coin’s historical price chart and analyze its performance over time. You can also use technical analysis tools such as moving averages and relative strength index (RSI) to identify potential buying and selling opportunities.
- Buy and hold: Once you identify a promising meme coin, buy it and hold it for the long term. Keep in mind that investing in cryptocurrency is highly speculative and prices can be volatile. It is important to have a long-term investment strategy and to be patient.
- Monitor your investment: Track the price of your meme coin and watch for any news or developments that may affect its performance. You may also want to set stop loss orders to minimize your losses if the price drops below a certain level.
- Explore projects that seek solutions to world problems: Meme coins that have a clear use case and solve real-world problems are more likely to have long-term value and growth potential. Look for coins that have partnerships with established companies or have real-world applications.
- Consider tokenomics: The tokenomic structure of a meme coin can have a significant impact on its price potential. Look for coins with limited supply, a deflationary token burning mechanism, or a strong staking or governance system.
- Follow influencers and experts: Follow influencers and experts with a background in identifying potential meme coin opportunities in the cryptocurrency space. You can follow them on social media platforms like Twitter, Reddit and Telegram to stay up to date with the latest trends and developments.
- Diversify your portfolio: Investing in cryptocurrencies, including meme coins, is highly speculative and involves significant risks. It is important to diversify your portfolio to minimize risk and maximize potential returns. Consider investing in a mix of different cryptocurrencies, including well-established coins like Bitcoin and Ethereum, as well as promising meme coins with high growth potential.
Experts explain critical points to avoid Scam projects while spotting potential altcoins
Experts also state that investors should avoid scam projects in order to find altcoins with potential. However, scam projects can be detected as follows:
- Liquidity Pool: One of the first things to check in new cryptocurrencies is the liquidity pool. The “Pool Amount” and “Pool Remaining” metrics indicate whether there is enough liquidity to trade coins. According to experts, less than 10 ETH is likely to be a scam, while 20 ETH is described as ideal levels to continue the analysis.
- Number of investors: The number of investors is another critical metric to check before investing. A project with less than 100 investors is very likely to be a fraud. A high number of owners is positive because there is less chance of market manipulation.
- DEXT Score: The DEXT score measures the trust of the project based on information from its blockchain and other external sources. The score ranges from 1 to 99; A high score (>80) indicates low risk, an average score (50-80) indicates moderate risk, a low score (10-50) indicates high risk, and a minimum score (<10) indicates very high risk.
- Project Website and Twitter page: A project without a website or Twitter is likely to be a scam. Investors should look for projects with a strong online presence, including 1000+ followers on Twitter, an active bot-free Telegram community, and a beautiful and functional website.
- Unrealistic Promises: One of the most common signs of a scam project is promises of unrealistically high returns in a short time. Investors should avoid any project that promises guaranteed returns or unrealistic projections.
- There is no clear usage area: A legitimate meme coin must have a clear use case and purpose. Investors should avoid any project that doesn’t have a clear use case or has vague goals.
- Anonymous Team: A team hiding behind anonymity is an important red flag. Investors should avoid any project with anonymous team members or teams that are difficult to communicate with.
- Lack of White Paper: A White Paper is a very important document that summarizes the objectives, technology and business model of a project. Investors should avoid projects that do not have a whitepaper or that have a poorly written or unclear whitepaper.
