Many memecoins that are trending on Dexscreener are SCAM!
Even experienced traders fall into scammers' traps and lose over $100k.
Methods scammers use and how to protect yourself from itđ§”đ
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Every memecoin trader has fallen for scam tokens at least once, and Iâm no exception.
Unfortunately, there are dishonest developers or CTO leaders out there.
Even if you havenât started trading yet but know a lot in theory, youâre still likely to get caught in a rug pull at some point
1. But how does it look, and how can you avoid it?
Everyone uses tools like @dexscreener and other platforms.
When you're searching for hidden gems, you usually start by looking at trading volume and the number of holders.
This is done to see how promising the coin is.
If thereâs no trading volume, thereâs no point in further analysis.
Exactly, trading volume and the number of holders catch the attention of other buyers, who then purchase the coin.
But the truth is often far from reality, as many dishonest developers create artificially inflated volumes and fake holders.
2. Why do they do this?
To attract as many traders as possible and then drain the liquidity from the token.
This might not always happen, but usually, the practice shows the opposite result.
The scariest part is that itâs almost impossible to detect, which is why even experienced traders fall into the trap
3. Even with tools like @bubblemaps, you wonât be able to spot a connection between the wallets.
Thatâs because there wonât be any visible linksâthis automation of fake trading volume operates through thousands of wallets.
And they all look like genuine token holders.
Thatâs how easily the memecoin market can be manipulated, and you wouldnât even know it
4. However, there are a few simple rules that can help you spot a scam.
As I mentioned before, itâs impossible to detect connections between wallets through Bubblemaps, BUT!
You can often notice that purchases are made with the exact same amount.
Moreover, scammers sometimes donât even bother changing walletsâthey use the same ones repeatedly.
So, if you see trading volumes being inflated but the price isnât really moving, itâs a scam token.
5. The second rule that can really help you:
Always check the tokenâs TG group. Thatâs where you can verify if the trading volumes are genuinely as big as they seem.
Of course, they can also add bots to inflate reactions and messages in the group.
However, the bots typically post similar, generic phrases like: "LFG," "Bullish," "Send it to the moon," and so on.
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