I am here to report I recently got initiated into the shady hallways of poocoin.app and its infamous circle of new token launches with their respective Telegram groups.
I'm still undercover and undergoing the mission of trying to cherry-pick the tokens that are legit to invest on from those which are designed to bring the taste of poop to your mouth, but here I am willing to share valuable intel so that you don't get to have your tooshie spanked by a cyber-bully stealing your lunch money to go for a Big Mac over at MacDonald's (some people will get this reference, don't worry).
There are several things you need to take into account so to safeguard yourself from the baddies that are hiding behind all the cool avatars like babes in bikinis, so please allow me to share how to approach this the best case scenario.
Step one, you need to fucking stay away from poocoin.app/ape. If you can't understand what's already highlighted, allow me to double highlight what's already obvious:
That's right. 99,9% of the tokens listed on poocoin.app/ape are rug pulls, and therefore that's not the right place to be searching for a legit token in which you want to put your hard earned cash in, is it?
So, before we leave - we are leaving - let's just quickly see what they say about what to check when searching for a legit project to invest in. Stuff to remember. Or poop to keep in mind.
So how do we look for new tokens?
Through Telegram is one way. Telegram is filled with meme coins, airdrops, giveaways, and all sorts of crap you don't really expect it to be able to do, but alas, it fucking shines at doing it.
There are specific groups you can find on Telegram that track token launches (https://t.me/cryptocoinlaunch), there are bots that check their contracts for you (@SAFUScannerBot), and stuff you can't even begin to imagine if you are not used to using Telegram. You should check it out.
Another option is following subreddits. Personally, I tend not to use them so much as they are a little too spammy and you can easily get lost in the comment section finding yourself wasting time you could be otherwise applying to do something more constructive like watching the entire series of Black Books (I won't be responsible for what happens after you click this link).
However, I do find myself coming back now and then, as it can be a useful tool to start chasing my way to spend that 0.02 more BNB. The most notorious subreddit when it comes to tracking new launches is perhaps r/SatoshiStreetDegens/, a hard-fork of r/SatoshiStreetBets/, you could say.
There are other ways, but I'd say these are your best ways in. Start digging, and once you found the token of choice and you think it's worth the risk of investing, it's time to do some check-marks to see if it really deserves that 0,02 BNB or not.
List of to-do's
- Take a moment and read the contract. I don't always, but you should. Try to understand if there is a mint function. If there is, abort at once. And the other things poocoin.app/ape advised you to, the liquidity part is especially important.
- Check all social media pages on the token's website. Telegram, Twitter, Facebook, Medium, every single one of them. Check for the teams behind a project, and their profile pics and email addresses. Scammers are getting more and more sophisticated, but these pages always provide a sort of clue for the legitimacy of a project.
- Interacting with the devs directly on Telegram is a great way to check how involved they are willing to be with the community, what type of communication skills they reveal, and how open and honest they are about the project's tokenomics.
- Keep your expectations low and don't pour huge amounts of money into a launch. There's a real probability you will lose the money you invest, so think of it as having fun and money spent.
- Never invest more than you can afford to lose, of course. Especially with shit tokens and new launches.
Let's leave it at here, for now. Before calling it a night, allow me to brag on how I dismantled a Telegram group for a scam token that was being accepted as legit and had a decent launch, named Pacmoon, in which I invested to lose money so that you don't have to. Pardon the fowl language in advance.
For context, I started spamming the group because I saw a user started asking why he was not able to sell his tokens (it wasn't possible at all) and the devs merely spammed more messages over his with the intent of scrolling his up and no longer being visible. I started making so much noise that the admins approached me first in private, and then in public, which resulted in the exchange above. Of course, I ended up kicked and erased. But it did the job. People caught on to it and kept on leaving comments directly on the Binance Smart Chain's contract page.
After about 30 mins of them banning me and deleting my fowl mouth exchange with the supposed developer, the Telegram group was closed and all activity ceased on the token's chart (https://poocoin.app/tokens/0x615652788304aaa29398531238baffbcbe4eb03e). Yes, yours truly saved the slaughter from enduring. Clap, clap. But regardless of that, the scammers are still all going for McDonald's with other people's money, so...
Invest for fun if you want to go down this rabbit whole. I made the rule of never spending more than 0.02 BNB because that's what I can afford to lose in this scenario. Think what the limit is for you. Despite all the risks, I've doubled my shit token portfolio because I was there to buy at the launch. If a token is legit, it easily doubles the value of your investment if you buy it in time. I'm choosing to hold because the point is to find the moonshot, but I could cash-out now and be in profit, if I wished to.
Stay SAFU! And follow me on noise.cash for more weirdness and some sweet Bitcoin Cash: https://noise.cash/u/sp3ktraline.