How to avoid getting rugged by scammers?

in LeoFinancelast month

Meme coins are pumping very hard right now, not only meme coins overall cryptocurrency market is in a bulish trends right now, so scammers are very active these days to deceive you with different tactics, that's why you need more experience and information to stay safe and secure

Creating and meme token or any other type of token on any blockchain is not a very difficult task, there are many tools available in the market which helps you to create a token on a blockchain like Solana, Polygon etc without the knowledge of coding or software development it's also cost you very little amount of money

Source

For example anyone can create a meme token on solana and provide initial liquidity on any top Solana based decentralized exchange, then they starts inviting or attracting others on X by arranging fake giveaways, after creating some hype they starts pumping there own token with fake volume so other feel fomo and at the end they pulled out all the available liquidity or funds that's the most common way of scam

Remember always check liquidity is locked or not, on dexscreener.com you can see a lock available next to total available liquidity, if it's not there or liquidity is not locked, lp is not burned then it's definitely a rug or scam project in most cases

Another thing is if total market capitalization is equal to available liquidity it's also a red flag, these two are very useful tips to follow but still there is Need of more research and experience to avoid it completely, I hope it will help someone

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