Are you tired of putting your hard-earned money into the crypto market, only to see it disappear in a blink of an eye due to a rug pull? If so, you’re not alone. The fear of falling victim to a rug pull is a common concern among many in the crypto community. However, there are ways to protect yourself from this type of scam.
In this article, we’ll explore some tools and strategies you can use to avoid rug pulls and keep your investments safe. So sit back, relax, and let’s dive into the world of crypto security.
BlockPour
BlockPour is a powerful platform that enables you to perform multichain data analysis in real-time. The platform combines on-chain data from the available supported chains and provides deep insight into trends. These trends help you identify new opportunities as a crypto degen trader.
Crypto degens rely on alpha to make successful trades. ‘Alpha’ refers to early (possibly insider) information about a project indicating that it might become successful in the future.
BlockPour offers liquidity analysis, Arbitrage opportunities, liquidity pool actions (add/remove), rug pull warnings, token inflows and outflows, and trade reports.
Crypto Degen Usage
Here you can filter by chain and dumpster dive into the search results from the last page to the first. Your aim is to create a list of potential 10x, 100x or 1000x projects. BlockPour currently supports over nine networks.
Arken Finance
Arken Finance is a DeFi abstraction layer. According to Cryptomathic, a Crypto Abstraction Layer (CAL) is “an application programming interface (API) – also known as a library- that hides cryptographic details from program developers that they don’t need to know about (such as the brand of hardware they are using for their source of random numbers).”
Due to the nature of the blockchains, and their rapid development, there are now diverse blockchains rocking different technologies. This diversity increases the complexity of software development.
Arken’s goal was to simplify these processes of software development and user experience. With Arken, you can now navigate between chains with utmost ease. You can view liquidity pools of different projects on the same page. Arken has over 25,000 routes to optimize and over 1 Million users benefiting from the technology.
Crypto Degen Usage
On Arken, you can filter according to the chain and view the trending or new coins. Remember, you are searching for new projects to ape in.
DeDotFi
De.Fi has been dubbed the ‘Web3 Antivirus”. The platform has a plethora of tools to help you avoid rug pulls, honeypots, and numerous other various types of scams you don’t even know of yet.
In more ways than one, De. Fi is a super-app. Through the platform, you can send and receive crypto since it also acts as a wallet. DE.FI supports both EVM and non-EVM chains and has integrated with 24 different chains, which means users have access to over 100 different yield farming protocols. Essentially, DE.FI allows users to invest in multiple DeFi platforms at once, making it easier and safer to manage their investments.
Crypto Degen Usage
By this time (i.e after using BlockPour and Arken), you have already come up with a list of about ten trending/new tokens on different chains that you like to use. On DE.FI, go to the scanner tab and type in one meme coin contract address after another.
What you are interested in is ruling out 80% of the 10 meme coins in the list you made. You thought they were the next 1000x but actually, the contract is potentially a rug pull.
DexScreener
DexScreener is a platform that shows the real-time prices, trading charts, and history of decentralized exchanges across over 20 chains.
You can also use DexScreener together with Blockpour and Arken Finance to find new meme coins as you make the list of potential gems. Just screen by chain, then by volume (High to Low) and you’ll often get some hits.
Crypto Degen Usage
On DexScreener, check out the 1 or 2 projects that made the cut after the previous processes. You want to view their market cap and make sure it is $10M or below.
I Have Found a Great Project (s), What Next?
Now that you have one or two projects that check out, it is time to invest.
- Before investing, make sure you use a burner wallet for each project. The mentioned steps sort out 99% of the trash coins but some devs are too good and can hide some malicious things in the code. The reason for using a burner wallet is to avoid hackers getting access to your main wallet and wiping it clean.
- Invest what you can afford to lose. Don’t go all in on one project. That said, also invest in something substantial. These kinds of investments are short-term, with high yields. So volume is key. For instance, supposing a project has 20X potential, investing $30 in it will return $600. Investing $150 will return $3000.
- Decide when you want to sell, and how much you want to sell. This is also specific to you. Some are good with 10x, while others want the project to do 100x.
Conclusion
The life of a crypto degen is a life of high risk and adrenaline rush. Before you join it, it is good to understand what happens in that world. If, on the other hand, you have been aping into projects and making losses, begin doing the steps outlined above once a day and manage your greed.