Choose Crypto for Investment Carefully, Don't Be Easily Influenced by Hype.

[Suba]

Since a few months ago, I observed from various sites out there, I found that many new tokens have been created. On average, these tokens support the Metaverse ecosystem, NFT marketplace, and P2P gaming or play-to-earn games. The developers are promoting the token with hype so that it will attract new crypto investors. Before investing or buying new tokens we not only need to open the whitepaper, profit and team performance, the blockchain used, but we also need to analyze the volume, Max supply and Market Cap.
Currently crypto tokens are very easy to make by anyone without the need for blockchain skills or programmer expertise, so we must always be vigilant and careful before buying crypto tokens as an investment, we also have to think about capital loss because prices will drop drastically, as well as the possibility of rugpull.

 

[Finger Geek]

I never for once like to invest in NFT because most of them have proven to be scam. There are many NFT out there that are scam. If we search on Google, there are many reviews of these NFT that people have written about them been scam. There are many scammers that have chosen to scam people with out.

Like some months ago in my area. A guy in my area went to his mom's school. His mom own a primary school. He went there and gave the teachers and the non teaching staffs a t-shirt that has name of a NFT in it with the website to the NFT printed on it. Because those teachers know nothing about cryptocurrency so they had no idea of what it means thinking that the guy just gave it to them as a gift. So he asked them to put it on, he gathered them together to snap them. But before he snap them , he placed a banner of the NFT as background.

This he made to create awareness to the public on the NFT he has created. So anyone that sees the picture will see responsible people and think that it is real. And with that they will fall to buy and they will be scam.

 

[Sotherefore]

Well is left for people to really understand all these things because that is just the best thing to do and it is not advisable for us to just invest in any cryptocurrency we just comes across without doing a deep research to really understand this cryptocurrency perfectly and also to know those people behind the invention of it and the main purpose for which the cryptocurrency was created for .

Well I always try as much as possible on my own to invest in good and potential cryptocurrency because those are the most suitable one for me , I do not even like the idea of investing in cryptocurrency that does not make sense . I have to carry out my own research to understand the function and the potential the cryptocurrency I am investing on has to offer to the entire investors In The crypto space.

If someone cannot carry out proper research concerning any cryptocurrency he or she is really interested to invest on then I suggest that such person should try as much as possible to get himself or herself in touch with expert that really understand perfectly how to carry out these research , that's just the only way.

 

[Shaf]

This applies to all cryptocurrency and not just NFTs, though NFTs and how they work can be a bit more difficult to understand.

A lot of people get involved in hype especially when they have loosing money in a bid to make it all back in a few trades, and though it's possible with cryptocurrency, it's also part of what whales and market makers use to manipulate the market and take give profits when retail traders least expect.

For example, some people who bought doge at $0.69 are still in loss months later. If someone wants to get involved in hype, it's best you understand the rules, study the market and wait for a good opportunity to start.

 

[Mika]

Last year I invested in dogecoin. When I invested in doge, I was basically influenced by the hype. I was watching dogecoin since the beginning of 2021 when it became 1 cent. When I saw the meme coin reach 68 cents, I decided to invest. I continued to watch the price and when it started dropping, I began buying the coin. I bought 50 coins when it became 37 cents. I bought 50 more when the price dropped to 31 cents. I continued buying until it reached 19 cents. I spent just about $200 to buy 400 dogecoins. Now, I was waiting for the price to improve. I started believing that the coin will become $1 and I will earn good profits. When the price did not improve, I began studying the coin and I finally understood the coin may never reach $1 because the coin was in unlimited supply and every minute 10 thousand more dogecoins were being added in the doge network. Therefore, I started selling whenever I saw a slight price improvement. Thankfully, I did not make big losses with my dogecoin investment because I sold all of my coins when the price was 25 cents. Therefore, never go with the hype.

 

[sincerem]

The hype is always there, thanks @Suba for letting us know to keep vigilant too. When dogecoin trend started I invested and sold off when it got to $0.51, I didn't buy again, because I believed it will drop off any moment, because crypto is always like that, living with hype all the time. That's why I've started trading short term because I don't want to be a victim anymore of their hype. Such also took place with Shiba Inu coin, which everyone saw early last year especially when it boosted over night to reach 10,000% increase in price. Such still didn't trigger me to buy the coin up to this day. And I don't think I can buy too for long term if only i will buy in the future. I love trading around coins at the top half of the crypto table, like BTC, BNB, ADA, UNI, ETH, etc, because they don't drop easily low, it takes time for them, and with time too, they increase in price and reaching to a high price mark. Unlike other coins having that rugpull potential, they may likely not improve after reaching a very high price benchmark, we should be wary of them just as you've said.

 

[Sotherefore]

All these new and upcoming cryptocurrency is something I have to be very careful of, because some of them are not trusted and I will always try as much as possible to avoid them because I know what I pass through in their hands in the past . They can easily be rugpull by the creator and the mercy of such token lies in the hands of the creator because they can decide to do anything and we do not have control over it.

Nowadays , I put more effort to research and that is what I have been trying to do before investing in any crypto project , I must be able to carry out research to really understand how the project will be in the future . I have to also checked out for what they have to offer because this is very important and they must have something reasonable to offer before I can even think of investing in such

 

[coinsrider]

Yes its better to avoid ICO's and coins that don't actually have a good use cases please don't get scammed.

 

[Allen42]

Recently only I got a keen interest in this industry. It is a highly volatile market but I feel it has a scope for the future as well. But before investing go in depth analysis of a particular coin, token or any other digital asset.

 

[Snaffle]

Thanks for the insight! Traders need to give enough time to their analysis before they make any decisions. Scams are smarter than them and they better not fall for anything that is beyond their understanding.