Step 1 – Exploring Social Media platforms
You should take social media very seriously. Each platform offers specific insights, and you should get a feel for what people are saying about a specific token. When a coin is heavily shilled, it generally should see an increase in price. This is not really the place to look for advice though. Rather, understand what the masses are attracted to – what coins they will likely invest in.
My secret weapon is https://coinanalyst.news/ .
This website is free and you can scroll through what people are saying about a coin on Reddit, Twitter, Telegram, Forums and so on. You get the gist. You save time and don’t have to visit each of those pages separately.
Otherwise just visit all the social platforms and browse through them manually.
Step 2 – Analyzing upcoming events
I use https://coinmarketcal.com/ to search for the coin I am interested in. Here, you can see the type of events that are scheduled for a particular coin and based on the number of votes you can do some assumptions if this event may have an impact on the coin’s price.
Step 3 – Research fundamentals
The biggest questions: Is the coin actually solving a problem? Or is it the 500th shitcoin copy?
Who is solving the problem? You know everyone by now I guess has been scammed somehow. DYOR and try to figure out if the team exists (I know funny right, but thispersondoesnotexist.com is the best friend of many scammers) and check what the team members been up to in the past.
Step 4 – The Trending game
Look, Crypto is all around trends. Shitcoins, NFTs, Metaverse…
Try to understand what is buzzing and in which direction the market demand is going to develop.
I know, I know it is not easy. This is why investing is not easy. However, analyze keywords and use tools like https://ahrefs.com/.
Try to understand how the search volume for a particular term is evolving. Like „NFT” for example. If you see it is rising, compare it to other trends from the past and try to find similarities.
Step 5 – Liquidity
Liquidity is important! I repeat no liquidity, no market, run! Run as far as you can! Why? If there is no market, there is no point in investing into a token. Check the transaction volume as additional indicator.
Step 6 – Turn on your brain!!!!
I guess this should be step 1 HAHA.
I am serious don’t just invest because you hear „everyone” is investing into a token. The risk of burning your hands is pretty high. If something seems to be to good to be true, then it is probably exactly that. Develop your own strategy and use guides like these as additional complementary information.
These are some easy steps to follow that serve as a basic guideline. DYOR!!!!
Note, before you waste any time on research for any token save your time and see what other people are saying about it. If the general market is leaning towards „…nah this aint it” then move on! (Step 1)