Lessons Learned While Chasing BSC Moonshots.

Overall I do not have a lot of money. I want to buy a lot more Zenon than I can afford. I’ve been rugged, honeypotted and mega-minted more times than I can count. I was putting around 0.01bnb into tokens posted on /r/cryptomoonshots while sorting by new.

I’m sharing this to hopefully help others avoid scams. These are not good for the cryptoverse in general and BSC is freaking exploding with scams right now. Most new tokens that come out are total shit and will be worth way less than you paid within 24 hours.

Definitions.

Rug Pull: Where all liquidity is pulled from a project by creator causing you to be unable to sell. The price impact will jump really high when this happens

Honeypot: Coin that has a contract where only addresses the creator approves can sell but anyone can buy. Trying to get in on brand new tokens is where this happens the most.

Mint-a-sauras-rex: This is where the creator decides to issue a bunch of new tokens causing the total supply to increase and then they dump it and price tanks.

Onto the tips and things to know. I wrote these down over the past few days.

Most importantly understand this is riskier than trading on a CEX. Even seemingly legit projects will fall apart. Don’t be afraid to take some profits. When taking profits don’t sell so much at once it crashes the price.

-Unless it’s a project you feel really good about you should always get your initial out as soon as possible.

-”community” coins with no use case other than frictionless yielding have a very short life cycle. Vast majority of these will pump once and never reach that price again

-don’t use the pancakeswap links in a post. Always visit the website and find the buy link or address. Visit the telegram. It’s common for scanners to create a coin based off an existing project that gets rugged quickly. Atlas is a recent example

-posts that promise a website coming soon or huge marketing push in a few hours are almost always scams. Seriously, would you launch a project without having a website?

Also posts that make you feel like it will change your life. And “biggest launch in BSc history”

-if there is a post every few minutes about the same project it’s a scam.

-don’t go all in on one coin. Diversify. Lots of these coins will “correct” and never rise again.

-look for projects with unique use cases and detailed websites. Buy a little bit if it’s pumping and watch it. These projects will dip then go to new highs over time if they have an in demand use case. I’m in telegrams for a lot of coins and when they dip there’s always people freaking out.

-beware of new DEX based off pancake with no new features. Mouseswap is a recent example that rugged that was promoted here. I bought some and farmed the cheese for a day and then was sketched out and sold it all for small profit.

-most people you interact with aren’t genuine. Especially pushing shitty projects they bought high and are way down on. New projects or those with a small telegram tend to have a better community.

-Some community coins can take off. If they have a unique name and website there is a better chance of this. Bonfire is an example. These will last longer but almost always lose value over time. Beware of ones that use part of a popular coin. Moon, space related stuff, Elon musk, “safe” are keywords.

-tokens names after something copyrighted or use exact name of celeb or drugs are almost always honeypot, rug or mint. LSD, Modanifil, SAFEDMT, Shrek,

-if you bought a coin and are down a significant amount and there’s a new project you really like trade the one you’re down on for it. I had some Bake I was $1 down on that I traded for bog at 40 some cents.

-if you time it right you can make a lot of money off the pump coins. This usually happens within the hour you buy the coin then it crashes. I turned 0.01bnb to 0.11 on a $45 market cap coin and held a bit that I can’t sell

if you can make some profit and sell some and miss the top that’s normal. Diamond hands isn’t a great strategy that is pushed hard in the telegram.

Example tokens. I am not endorsing any of these. This isn’t that kinda post.

Examples of coins I’m so down on that fees are higher than its worth: Exomoon, Hidden society. Spadebros

Examples of coins I would be down on if I didn’t sell some. Pepe the frog, puppy shelter, lunar moon.

Examples of projects that have solid fundamentals on website but don’t have working product. (these are the most lucrative. Under 600k mcap at time of buying. Williecoin, Eloninum and SeaCoim.) this is where I take small profits at 3x. Then 1/3rd of what’s left after 6 percent and buy more on the dip

Examples of coins I really like and don’t take much profits on due to the future price. Bogged finance, Only1coin, Windswap, waffle swap.

Last thing and possibly most important is to avoid the first few categories or you’ll spend a lot of time checking prices. It’s best to accept that you may miss out while you’re sleeping or away from wallet sometimes. That’s just part of the game. Limit orders are starting to come along in a few projects which will be a lifesaver.

Don’t start spending all of your time in the telegram. Telegram token chats can be cancer and don’t accomplish anything. Find coins your feel great about long term and don’t check prices so much