Sony just launched #Soneium , a layer-2 (L2) network on Ethereum aimed at optimizing transactions. However, this network immediately faced controversy when accused of banning transactions related to two new meme coins, Aibo and Toro. Vitalik Buterin, co-founder of Ethereum, spoke out in defense of this network, providing deep insights on how businesses can manage control on the blockchain.

Memecoins on Soneium Blockchain Frozen
Immediately after launching the blockchain #Soneium on Tuesday, Sony sparked outrage among the memecoin investor community by freezing two tokens Aibo and Toro, resulting in thousands of dollars in losses for those who had invested.
According to data from Blockscout, both tokens are currently listed as "Banned", with no transactions displayed.
Reason for Transaction Block: Copyright Violation

Ive been asked time after time, what are the basic factors to consider when buying any crypto. Now, keep in mind, this is not going to be an exhaustive list but for anyone new to crypto, its the first things they need to look at especially until they have spent some time in the market and recognize what is vaporware and what can run higher.

1. White Paper
A white paper is a comprehensive document that outlines the project's vision, technology, purpose, and roadmap. So, this is the first thing you should look for and read/digest/understand to see if the project has a clear, feasible plan and innovative technology.

Look for these:
- Pain: Does the project address a real-world problem, and is the solution practical? i.e. What is the pain it is solving? Look at $BANANA , it solved a legitimate problem in allowing users to get easier faster MEV protected entries on any coin on-chain via the #telegram app.
- Technology: Is the technology innovative and well-explained?
- Roadmap: Does the project have a clear timeline and achievable milestones?

2. Social Media Presence
Active social media profiles on platforms like Twitter, Discord, and Telegram are essential. If any project doesnt have these then that means they arent serious, thats the conclusion you can draw.

Look for these:
- Activity Level: How frequently does the project post updates?
- Community Engagement: Is there active participation and positive interaction from the community?
- Transparency: Are the project updates clear and honest?
- Bots: Are the project tweets getting botted or real interaction? Are the members in the Telegram and #discord groups real or bots?

3. Team
The team behind a cryptocurrency project plays a crucial role in its success. Do the research on the backgrounds of the project's founders, developers, and advisors.

Look for these:
- Experience and Expertise: Do the team members have relevant experience in blockchain technology, finance, or other pertinent fields? For eg: you want teams that know games if they are making a #play2earn project.
- Track Record: Have they successfully launched other projects or held significant positions in reputable companies? Or were their last projects absolute failures
- Transparency: Are the team members publicly known, and do they engage with the community?

4. Partnerships/VCs
Collaborations with established projects, financial institutions, or other blockchain projects can provide additional resources and open up new opportunities. I would much rather throw my money in a project that has the backing of an entity like #Binance for example then a project without any partners.
Look for these:
- Reputation: Are the partners well-known and respected in their industries?
- Nature of Partnership: Are the partnerships strategic and beneficial for the project's development and adoption? What are they offering? Often some partners are known for not providing any value and are just in it to get early seed tokens to dump on unlocks.
- Announcement: Are the partnerships officially announced, and is there evidence of ongoing collaboration?

5. Market Metrics
Market metrics provide valuable insights into a cryptocurrency's performance and potential.
Look for these:
- Market Cap: The total value of all coins in circulation. A higher market cap means a likely stable project but lower ROI. Lower means high risk but potentially high reward. If you had bought $MATIC at listing on Binance when it was 0.0034 and a lower market cap, you would have made multiplied your investment by 850x. Now THATs a juicy ROI.
- Trading Volume: The total value of coins traded over a specific period. High trading volume can indicate strong interest and liquidity.
- Circulating Supply: The number of coins currently available in the market. The more supply left to unlock = the more selling pressure still to come. Thats why projects like #Dynex with almost their entire supply unlocked are great choices in AI.
Conclusion
Investing in any crypto requires careful consideration of these factors. By conducting thorough research and analysis, you can make informed decisions and navigate this volatile but very very rewarding market with greater confidence.
Start trading now at Binance!