As the cryptocurrency world continues to evolve, we’re finding ourselves in the midst of a meme coin season. The key to maximizing your gains during this period lies in discovering new meme coins early on. The early bird truly does get the worm—or, in this case, the token.
These tokens are highly volatile when it comes to pricing, capable of skyrocketing in value before plummeting down just as quickly. If you want to play this game of hot potato, your best strategy is to get in early. That’s where tools like DexTools come in.
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Leveraging DexTools to Monitor New Tokens
DexTools is a platform that monitors different tokens appearing on various chains and exchanges. While it’s simple to use, it does require some familiarity to navigate effectively.
To start, head over to dextools.io. Here, you’ll find daily gainers and losers, which can offer insight into some wild price action. You’ll see all sorts of strange coins appearing here, some of which can even increase in value by 40,000% in a day. But, of course, for every gainer, there’s a loser that can essentially drop to zero.
Navigating DexTools: Hot Pairs and New Pairs
On DexTools, you’ll see a section for hot pairs. These are tokens that are garnering attention for various reasons, not necessarily just price variation. They might be trending on Twitter, or they might have a high trading volume. It’s worth noting that these “hot pairs” are often the most visited pairs, indicating strong marketing or high volume.
But the real goldmine lies in the “live new pairs” section. This section showcases the new hot pairs that are being created. These pairs are created frequently—sometimes every five minutes. This provides you with the opportunity to get in on the ground floor of these new tokens.
Remember, each blockchain will have its own new pairs. So if Ethereum’s gas prices are too high for your liking, you can switch over to another blockchain, such as Arbitrum, which offers lower gas costs. You can also check out tokens on other chains like Phantom, Avalon, Solana, and more.
Tread Carefully: The Risks of New Tokens
While discovering new tokens early can be lucrative, it’s not without risks. For instance, the liquidity of a new token can be taken out within minutes of its creation, which could be a sign of a “rug pull” or other types of scam. Before you decide to invest, ensure that you do your due diligence.
Finally, remember that this guide is not financial advice. It’s purely educational content aimed at helping you navigate the exciting world of meme coins. So, do your research, stay informed, and happy hunting!
Watch my video guide here:
DexTools New Socials Method
DexTools is a must-have tool for anyone keen on discovering and researching new coins. The application provides comprehensive data on various tokens, including daily gainers and losers and hot trading pairs. It’s an excellent way to find new coins, albeit not the earliest ones.
To find potential gems, look at the ‘Recently Updated Socials’ section. These are typically tokens that have recently launched, updated their social media presence, and are beginning to gain traction. They have details such as a profile pic, Twitter, Telegram, and other relevant information.
One important aspect to note is that while some tokens may be risky, DexTools provides detailed information that can help mitigate this risk. For example, you can see if a coin’s liquidity is locked and for how long, the total market cap, and any potential high fees when selling the coin.
CoinMarketCap and CoinGecko: Discover New Coins
The coins listed here have usually experienced an initial pump. You’ll find a variety of coins, some with market caps already in the millions, others still relatively small in the hundreds of thousands. These platforms also provide basic statistics like volume, fully diluted evaluation, and market cap.
While you may not be able to get in super early, tokens with market caps around 1 to 10 million could still present significant opportunities.
Social Networks: The Golden Ticket
While platforms like DexTools, CoinMarketCap, and CoinGecko are excellent for discovering new coins, they do have their limitations. You’re entering later than the super early participants in the market. If you’re looking to enter at the earliest stages, social networks are your golden ticket.
Being part of Telegram groups, Twitter chats, and networking with people who are creating these meme coins can give you an edge. The first round of these tokens is often reserved for those who know the team behind it or the DAO creating the token.
While crypto investing can be rewarding, it’s essential to remember that it’s not just about finding the next big hit. It’s about attention, networking, and building relationships within the crypto community.
Despite the rapid and unpredictable nature of the meme coin market, the strategies outlined in this post can help you navigate this fascinating sector of the crypto world. However, always remember to do your due diligence and invest responsibly. Happy investing!
Watch my second video on how to find meme coins through socials here: