The Good, The Bad and The Damn Right Ugly Tokens Circulating Right Now
They say time is money, nowhere is that more true than in the world of cryptocurrency. There are so many different platforms and ‘experts’ vying for our attention, from Twitter influencers to YouTube tipsters, from Discord pump groups to Reddit forums. So how do we select the best channels that will reap the highest financial rewards?
One of the most common complaints we see is from investors moaning about the constant spamming prevalent in the majority of Reddit crypto forums and Telegram channels. You can check this out yourself by taking a quick look at the sub Reddit forum r/cryptomoonshots. If you are a lover of memecoins you are probably ok with this, but the majority of the 500,000 members we suspect are there to find hidden gems. That job is so much harder when forums are subject to the constant pumping of crappy memecoins with names like DinoNuggest Coin Token, WhenLambo, Blast0ff and Cosmyc.
This wasn’t always the case. Only a few months ago you could be certain to encounter a healthy discussion of cryptocurrencies with fundamentals. Not anymore. Now you require the patience of a practicing monk to sift through all the memecoin crap to discover maybe one or two gems.
Here are some of the findings we learnt when trawling the various forums like a stalker on MDMA.
The influx of new cryptocurrencies continues unabated. It is these newly listed cryptocurrencies that take up the vast majority of screen space on the most popular forums. Many of these are Binance Smart Chain based tokens. And unfortunately the majority of these are total crap. Whilst there may be an opportunity to make a fast buck from getting in early and exiting with some fancy footwork, in general few of these can be described as cryptocurrencies with fundamentals. This stream of new tokens generally consists of various types of memecoins including a noticeable abundance of memecoins focused on charitable causes, different forms of lotteries, staking and no shortage of porn coins.
The tokens being relentlessly pumped on Reddit and Telegram range from coins with a market cap of a few hundred thousand to a few billion dollar projects. The vast majority however were newly listed memecoins with market caps under $5 million.
It was also not lost on us that there were many scam coins being promoted among the hundreds that hit the market daily. This is in fact quite surprising because we are talking about tokens that are literally a few days old with developers running off with the money. This blatant scamming makes it even more important that you carry out detailed due diligence and avoid projects with anonymous founders.
Rankings of forums on Reddit
We decided to focus our ranking on Reddit rather than include Telegram as many of the big Telegram channels are spin offs of Reddit forums such as the massive SatoshiStreetBets which is itself a spin off of the infamous WallStreetBets.