According to Hazelvelvet, “a healthy new coin should have at least 200 – 300 holders. Once you’ve found a brand new coin via BscScan, check how many holders it has. First of all, start trading on the Binance Smart Chain, don’t invest more than $5 per coin in the first 1 – 2 months and be prepared to lose between $150 – 200 on your quest. And every solid project deserves a chance to grow.” So, according to Reddit, this is how you can separate the wheat from the chaff. “Every coin has to start with 0 holders. The Jordan Belfort-esque tone of the post continues, as Hazelvelvet assures us that, while they hate shitcoins too, not every new coin falls into that category. Yes, I have losses like everyone else, but usually I get out with very small losses compared to my gains.”
But with every loss I learned something new and I’m now pretty good at it. In the beginning, while learning, I fell for all the scams just like everyone else. Hazelvelvet, the user who compiled it, makes an important disclaimer: “I trade small coins for a living. Luckily for us, Reddit has come to the rescue with a guide to spotting said shitcoins. Think of them as penny-stock cryptocurrencies. The catch, however, is that shitcoin currencies are often considered to be bad investments, because their prices are usually based on speculation. They’re often used to describe cryptocurrencies that were developed after bitcoins became popular, like Dogecoin or Shiba Inu coin. Basically, these terms refer to cryptocurrencies with little to no value, that have no immediate or discernible purpose.
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