DEX Screener *Trending* tokens are compromised by scammers ‼️
This method has been flying under the radar for a long time. Until now!
Ignore at your own risk 🧵
This method has been flying under the radar for a long time. Until now!
Ignore at your own risk 🧵
1/➣ How does it work?
By using wash trading, scammers grow the number of holders and makers, resulting in a huge volume growth (essential for "Trending" recommendations).
Let's take $FWILLY as an example, at its peak it was on the 1st trending place and had a $3.2m mcap.
By using wash trading, scammers grow the number of holders and makers, resulting in a huge volume growth (essential for "Trending" recommendations).
Let's take $FWILLY as an example, at its peak it was on the 1st trending place and had a $3.2m mcap.
2/➣ The dev has distributed the supply of $FWILLY into at least the top 140 wallets.
After ~$50k profit, the token rugged, this is how the chart looks like at the moment ↓
After ~$50k profit, the token rugged, this is how the chart looks like at the moment ↓
3/➣ Red Flags
It's essential to understand the factors that may indicate a potential rug, you can do that straight from DEX Screener stats.
- Holders and makers/market cap, too many makers for a relatively small market cap, it's probably fake and botted.
It's essential to understand the factors that may indicate a potential rug, you can do that straight from DEX Screener stats.
- Holders and makers/market cap, too many makers for a relatively small market cap, it's probably fake and botted.
➣ Social Media
Checking the X/Telegram page is mandatory. $FWILLY's X account tells you everything you need to know.
By the way, you can access it from the token's DEX Screener page (many people don't know it).
Checking the X/Telegram page is mandatory. $FWILLY's X account tells you everything you need to know.
By the way, you can access it from the token's DEX Screener page (many people don't know it).
4/➣ IMPORTANT
Many use @bubblemaps to detect potential rugs, and it's the right approach, but there's a thing.
People are searching for dodgy connections between wallets held by the dev. But scammers are getting smarter and found a way to avoid that.
How? Let me explain ↓
Many use @bubblemaps to detect potential rugs, and it's the right approach, but there's a thing.
People are searching for dodgy connections between wallets held by the dev. But scammers are getting smarter and found a way to avoid that.
How? Let me explain ↓
➣ It's pretty simple, they either use "washing" services like Solnado or fund from different CEXs that are unlinked to make them seem like separate people.
And when it's time to rug, they combine all supply into one wallet and begin nuking on your head.
And when it's time to rug, they combine all supply into one wallet and begin nuking on your head.
5/➣ Typical Playbook
- Launching a token with $10k - $300k liquidity
- Gathering enough liquidity to exit and rug
- Dumping retailers supply by minting tokens or freezing holders’ wallets
One more thing, always check the CA with @Rugcheckxyz, it's a great tool.
- Launching a token with $10k - $300k liquidity
- Gathering enough liquidity to exit and rug
- Dumping retailers supply by minting tokens or freezing holders’ wallets
One more thing, always check the CA with @Rugcheckxyz, it's a great tool.
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3️⃣ Repost it
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➣ @DeRonin_
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➣ @TheDeFinvestor
➣ @the_smart_ape
➣ @poopmandefi
➣ @0xAndrewMoh
➣ @Deebs_DeFi
➣ @izu_crypt
➣ @DOLAK1NG
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