Meme Coin Utility Guide: Best Tools to Avoid Pitfalls and Discover Opportunities
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Meme Coin Utility Guide: Best Tools to Avoid Pitfalls and Discover Opportunities
How to trade Meme coins on-chain?
Navigating Web3 tides with focused insightsWritten by: serp1337.eth
Translated by: TechFlow
Did you miss $PEPE or $AIDOGE? Want to get into meme coins but don't know where to start? Don't worry—this article will give you practical advice.
This guide covers how to trade meme coins on-chain and shares foundational knowledge such as where to find images, how to spot honeypot scams, and more. We hope this helps you better understand and participate in this space.
*Note: This guide applies to EVM chains (Ethereum, Arbitrum, BSC, etc.).
Where to Buy/Sell?
One of the best things about EVM is that nearly all popular protocols support multiple chains. Personally, I prefer using 1inch as my primary DEX because it's an aggregator that finds the best swap rates. However, for trending and hyped projects, I tend to use Uniswap instead.
- 1inch: https://app.1inch.io
- Uniswap: https://app.uniswap.org
What is Slippage?
When using a DEX, always adjust your slippage settings.
Slippage refers to the percentage change in price that may occur between the time you initiate and confirm a transaction. For tokens with transaction fees, set your slippage slightly higher than the fee itself. For example, if the fee is 7%, use 14% slippage.
For fee-free tokens, keep slippage limited to 2–3% to avoid MEV bot attacks. The same rules apply when selling tokens.
Don’t underestimate slippage—many people have lost money due to slippage-related errors.
How to View Charts?
To view a token’s chart, simply enter its contract address into the search bar at the top of any tracking tool. Here are some commonly used tools:
- DEXTools (http://dextools.io);
- DefinedFi (http://defined.fi);
- DexScreener (http://dexscreener.com).
How to Avoid Honeypots?
Some smart contracts appear normal but prevent you from selling after buying—these are known as "honeypots." To avoid such scams, always verify the contract address using Honeypot.is before making any purchase.
Honeypot: http://honeypot.is
How to Track Meme Coins?
A useful tool for tracking tokens is the Etherdrops Bot. You can use their Telegram bot to monitor wallets, tokens, and more.
*Translator’s note: This tool offers free usage limits; monitoring multiple tokens requires payment.
Etherdrops Bot: https://twitter.com/etherdrops_bot
By now, you’ve learned how to trade meme coins and how to avoid basic honeypot scams. However, there are many other risks associated with meme coins that cannot be fully covered in this article. Most importantly, remember that meme coin trading is highly risky and not suitable for everyone. Only participate with funds you can afford to lose.
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