In the earlier guide, I mentioned how to safeguard your coins while using DEXs and avoiding phishing scams. This will be on identifying rug-pulls while trading memecoins in DEXs. 

Launching a token inside Ethereum mainnet is quite expensive, making it less friendly to scammers. In the contrary part, it is quite easy and inexpensive for anyone to create a token using BNB Smart Chain. Typically, those tokens are exchanged with BNB as a pair, aside from BUSD. Tracking market movements can be done via poocoin.app, or from crypto listings websites like CoinMarketCap.

Trading Memecoins

Take caution as well cause majority of these tokens are scams, rug pulls and an intention to withdraw all the money, once they reach a certain purchase/buys threshold. Analyze the token on tokensniffer.com and see if the contract is rugged or contains a changeable function that allows the owner to mint more tokens. 

Trading those memecoins can be quite profitable, actually more profitable than actual crypto projects from what we have seen recently. With the meme-coins like Pepe, and all the hype going on, we can always see newer versions of them emerging in the market which might see some gains. Having a few of them for all those meme's sake might be entertaining as well. 

Before investing in any of these memecoins, make sure to do thorough research on the project, and the community. If a token has a low liquidity pool, it can be easily manipulated by their developers. Also, check for red flags such as incomplete or plagiarized documentation or shady team bios. If there is a lack of transparency within source-code or tokenomics, it is best to avoid the token. 

Let me know what do you think in the comment section below.