As we are a community intended to avoid rug-pulls in BSC we will tell you one of the biggest issues in crypto and how to spot a scam from a mile away without any coding knowledge.
What is a Shitcoin?
A shitcoin is a cryptocurrency or token that typically gets launched, pumped and dumps again. These days they even incorporate degen aspects to the token in order to prolong imminent doom. They are generally tokens with no use-case or intrinsic value.
How to spot a Shitcoin?
A shitcoin typically pushes only marketing elements of it’s project, has 0 value and no unique use-case or opportunity. Is simply a copy-paste of another project with nothing new to it. Another way to spot if a token is a shitcoin or not is to spot the community, if they are constantly talking about price and nothing else, it’s probably a shitcoin.
Is $YOLO a shitcoin?
We’re sure this question goes through many of your minds. That’s because $YOLO has many points, aspects and elements that a shitcoin has. However, what distinguishes us from a shit-coin is real, tangible value. We offer services in exchange for our $YOLO token. This doesn’t get paid to the dev, but instead to the DAO fund. That means that for every priority audit or promotion (currently more use-case to come), $YOLO’s price will increase.
How to make money with Shitcoins?
Making money with shitcoins can be a difficult task, the main reason is the “when do I get out?”, question. The truth is, shitcoins are like an online casino, you can make a lot of profit or lose it all. But here are some tips on helping you make some money off of them (in case you’re interested):*
- Buy in early (Make sure they are safe, you can request an audit in our community as well if you’d like)
- Keep a value in mind from the start (e.x 2X, 3X)
- Withdraw constantly until you hit your target (as long as you’re in profit)
Do not forget most have fees on transaction, so that may take a cut from your profit margin.
*I am not a financial advisor in any way, this is just some friendly advice from what’s been picked up over the years