Thread by @WhyCaptainY

Since it's shitcoin season and people are seeing lots of big gains and want to buy those moonshots. I decided to write a small thread:
I am not a pro shitcoiner by any means but I've been playing with it since 2019 so this might help🤷‍♂️

#NFT #NFTcommunity #ETH #shitcoins

1) First of all, start by checking if the contract is verified and this is easily done either manually or on Dextools.io reading a contract is a good start and I know sometimes FOMO kicks in but better safe than sorry.

2) You have to watch out for something called Honeypots; unsellable tokens. Check if people actually sold some (if you can't read the contract functions) Don't fall for the IT'S ONLY GOING UP! 4000%. Life doesn't work this way, nothing keeps on going up.

3) Always play with what you can afford to lose, ACTUALLY afford to lose, the number of rugs in shitcoins is insanely high.

4) Before buying there're some points that you have to check also; A) The liquidity pool amount, if the contract deployer added 0.5 eth liquidity, you dont want to buy 0.5 and just double up the liquidity and give him/someone the chance to dump on you, especially when it's new

B) Always check if the deployer locked liquidity or if he can pull the whole pool at once and Adios Amigos 🤷‍♂️
C) Check the Total market cap and number of holders, the less those numbers, the higher the risk.

D) Check total amount of tokens and the biggest holders, you don't want someone to dump all his supply on you. If someone owns 50% of the supply and it's up 300% or a crazy number, put yourself in their shoes; easy X3 and he will pull as much as he can from the liquidity pool🤷‍♂️

5) If you entered a trade and got some shitcoin and you're up a reasonable amount, sell some of the position and keep some, the portions depend on how legit this coin is, the market cap, locked liquidity, they got socials and there's nothing wrong in TAKING PROFITS! 115% in 4mins

6) Always pay attention to the buys, sells and the number of trades, shitcoins are easily pumped at the beginning. Try to see the addresses buying and selling; Are they dumping? or they still got some? new addresses buying? 3⃣ below shows that the guy bought once and sold twice.

7) Check if bots are playing the game with you; you can't beat bots! watch for sandwich attacks as well by adjusting your slippage to something reasonable; unfortunately, most shitcoins need 12-15% slippage when buying using @Uniswap

8) Becoming a millionaire overnight is a risky risky mentality! Make some profits, keep a moonbag and enjoy the shitcoin season.

#shitcoins #moonbag