Covduk

Covduk

24-04-2022

18:00

Shitcoins can make you 100x if you play them right. Here's how to consistently find & evaluate 100x shitcoins A thread🧵

The faster alpha comes in, the more money you can make. We're diving into: • Twitter & Discord • Etherscan • Wallet watching • Token Sniffer • Sentiment tools • Risk management and more 2/

#1 Twitter There are a lot of things you can do to curate twitter to maximize alpha: • Curate your following • Use lists & Tweetdeck • Follow the right accounts (chads, bots, tools) Good thread by @alpha_pls on maximizing alpha on twitter: 3/

#2 Discord Discord is both a shithole & a treasure trove at the same time. • Curate & organize your servers • Create a discord evaluation checklist • Pay special attention to the community 4/

Discord reveals a lot about the legitimacy of the project & can lead to more opportunities. Learn to navigate through discord. Here’s a good how-to discord thread by @TraderDefi 5/

#3 Etherscan Etherscan is god send for finding good shitcoins. Things to look for: • Verified contract address • Max supply • Top holders & what they’re holding • Is ownership renounced • And a lot more 6/

Here’s a good explanation on using Etherscan for shitcoin analysis by @shitc0in 7/

#4 Whale/Wallet watching Follow the pros & whales for alpha: • Use Etherscan for finding interesting wallets • Use tools like @DeBankDeFi & @ape_board to look at a breakdown of any wallet • Follow good traders & shitcoin hunters. Turn on notifications 8/

Here’s my guide on finding & tracking wallets: 9/

#5 Token sniffer Token sniffer is a great tool to use to find coins and get a quick overview about them. It provides you with an analysis about the token & looks over the key details Use this to verify legitimacy & key info. 10/

#6 Hype & Social Sentiment Shitcoins live & die by hype. You need to find & measure this hype. • Look at the number of tweets & hashtags on twitter • Use tools like @LunarCrush to gauge the social sentiment 11/

#7 Allocation & Risk management. Playing with shitcoins is literally playing with shit. You need to be careful. With proper risk management you can maximize the chances of you making money. Manage your risk to reward ratio. Set & stick to exits 12/

Let’s say you decide to exit after a 10% gain and you decide on putting in 5% of your $ into it. In the long run, may such situations will occur. With this risk to reward ratio, you only need to be right 1/3 of the time for you to break even. 13/

Even if you lose way more than you win, you will fine. You just need to win >33% to make money. Adjust your exit price based on how much of your portfolio you’re putting in and what your risk level is. Here’s my thread on risk management: 14/

#8 Cautions: LOTS of cautions. • Buying into shitcoins involves a LOT of risk. Allocate a very small % of your portfolio to this • Scams are everywhere, be hyper vigilant when you are investigating the legitmacy 15/

Cautions: • Practice good wallet safety. Have a phantom wallet to interact with these sites • Survivor bias is real. Making money off of shitcoins is hard. • You’re probably gonna get rekt a couple of times. Developing the shitcoin intuition takes time. 16/

#9 Scams & Security. Most shitcoins are scams. We know this. • Check the contract address, holdings & top holders • Use tools like to check if it’s a honey pot trap • Check the discords to get a sense of the team 17/

Scams & Security. • Use a phantom wallet & practice good wallet safety. • Security tools like honeypot & token sniffer may miss out on scams. Take their verdict with a grain of salt. • Don't trust influencers • DYOR and don’t get dumped on 18/

I hope that was insightful. If you found this useful • Please retweet this tweet • Follow me @Cov_duk for alpha & actionable insights

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