With $PEPE coin leading the new trend of memecoins, it has sparked a wave of new memecoins being launched everyday on crypto Twitter.
Getting into these new memecoins early can potentially make you life-changing money, but it is also extremely difficult to buy into these coins early.
If you are here to find out how you can find the next $PEPE or $HER early and safely, then you are at the right place!
Disclaimer: All coins and products mentioned in this article is purely for educational purposes and NFA. Please conduct your own due diligence when it comes to investing in high risk coins.
Dextools and Dexscreener
Both of them work similarly, and will often be the earliest to list these memecoins once they go live. Dextools is more commonly provided by these memecoin projects when they announce that their coin is live for trading.
1. Discovering New Coins
To discover new coin listings or trading pairs, you can head to the side menu for both Dextools and Dexscreener to click on the “New Pairs” category. This will show you the full list of new trading pairs and coins that have recently went live or been listed.
This is a great way to discover what are some of the latest and more popular coins that are being traded by others, and you can decide from there if it is the one you would like to buy into.
If you have recently just chanced upon another new memecoin on crypto Twitter and want to find out if it is one that you should buy into, one way to do your research would be to check if the coin is safe or fraudulent.
You can do so by searching the name of the coin on either Dextools or Dexscreener to obtain the official contract address. The general rule is to stick to the contract on the Ethereum chain as any pairing on other chains like Arbitrum could likely be a honeypot.
If you have obtained a contract address from the project’s official twitter page, you can double check that contract address using Dextools as well.
After searching the contract address on Dextools, it will bring you to the trading page for that specific coin you are looking for. On the side, it will display a DEXTscore, which gives a rough gauge of how reliable or safe that coin is. The higher the DEXTscore is, the safer the coin is more likely to be and has a lower chance of being a honeypot.
3. When to Buy?
The general rule of whether you should buy a memecoin is to look at the total market cap of that specific coin. The lower the market cap, the higher chance there is for your investment to grow.
However, you have to also ensure that the volume trading is greater than the market cap.
These information can all be obtained from Dextools as it is displayed at the top left corner of the specific coin you are looking at.
Various memecoin projects also have their own community and they often have their own Telegram chat group. You can get a sense of the community by joining these groups before making your decision to buy into the coins.
4. Where to Buy?
Uniswap is currently the most commonly used exchange to purchase memecoins.
To find the coin that you are interested in, just copy the contract address from either Dextools or Dexscreener and paste it into the token search. If the contract address and coin is valid, you will be able to swap Ethereum in exchange for the memecoin, and you’ve made your purchase!
Do note that the gas fees can become very high when swapping, so it is important to take that into account when considering to buy a memecoin.
For more memecoin degen safety advices, do check out @xerocooleth on Twitter as he has also created various comprehensive safety threads related to trading of memecoins.
In summary, trading memecoins is extremely high risk, but when done right and with the right amount of due diligence, it can potentially make you a lot of money. Therefore, it is important to conduct proper research using various tools available and exercise caution when interacting with different contracts.