Tips and Tools for Solana Memecoin Hunters: A Quick Guide

Tips and Tools for Solana Memecoin Hunters: A Quick Guide
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As someone who has spent considerable time hunting for promising tokens, I wanted to share some valuable tips and tools that can help other enthusiasts. Here’s a collection of the bots and tools I frequently use, along with some practical advice for navigating the world of Solana shitcoins.

Essential Bots and Tools

  1. Sol Trading Bot (STB)

  2. Bonkbot

  3. Trojan Bot

  4. Sol Fast Trade Bot (SFTB)

  5. Shuriken Trade Bot

  6. Contract Scanner

Tips and Tricks for Solana Shitcoin Trading

  1. Check for Honest Developers

    • Verify mint authority to ensure it's not "mintable."
    • Make sure the developers hold only 2-5% of the total supply using Rugcheck.
  2. Invest in Potential Tokens

    • Look for tokens with strong narratives and mechanisms like burning to reduce supply.
  3. Use Available Tools

    • Regularly monitor token movements using tools like Birdeye or DexScreen.
  4. Be Aware of Risks

    • Watch out for domains prone to soft rugs: .xyz, .pro, .vip, .fun, .cc.
    • Check if liquidity is larger than the market cap, which could indicate a soft rug.
    • Be cautious if developers distribute tokens to many addresses without burning or renouncing them.
  5. Slippage Tolerance

    • Understand slippage tolerance to avoid failed transactions due to price changes. For example, if you set slippage at 10% and the price increases by 50%, the transaction will fail. Higher tips (0.005+) are better for snipers, while manual buys usually work well with 5-15%.
  6. Limit Your Investment

    • Given the high risk, I usually limit my investments to under $20. Secure your capital whenever the value doubles.

Additional Bots for Token Checking

Add these bots to a group to get detailed token information by pasting the contract address (CA):

These tips and tools have been instrumental in my shitcoin hunting journey. If there’s anything I missed, feel free to add or share your experiences. Happy hunting!

People Also Ask

What is a shitcoin? A shitcoin is a cryptocurrency with little to no value or a digital asset created as a joke or without a clear purpose or utility.

Why is slippage tolerance important in trading? Slippage tolerance helps traders manage the difference between the expected price of a trade and the actual price at execution, preventing failed transactions due to sudden price changes.

How can I avoid getting scammed with shitcoins? To avoid scams, always verify the developer's credibility, check the token's liquidity and market cap, and use tools to monitor token movements and contract details.

What are some reliable tools for monitoring token movements? Reliable tools include Birdeye, DexScreen, and various Telegram bots like Sol Trading Bot, Bonkbot, and Trojan Bot.

About the Author

Ordinary People

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