Learn memecoins without getting rugged.
I lost most of a $30,000 win to rug pulls, so I wrote down everything I wish I had known. Start with the basics, learn the warning signs of a rug pull, and keep your wallet safe before you buy anything.
Not financial advice. Informational only; memecoins can go to zero.
Start here: five steps in the right order
The order I wish I had followed. Each step links to the guide that covers it.
- Learn the languageMemecoin talk is full of slang. The slang dictionary and the Foundations guide explain every term you will see on day one.
- Secure your walletYour wallet is where your money lives, and a seed phrase is the key to it. Follow the wallet safety checklist and never share your seed phrase with anyone.
- Learn how scams workMost new tokens fail, and many are built to take your money. Read about presale traps, what happens when devs sell and how to spot scams before you lose.
- Check before you buyRun every token through the rug pull checklist or try the scam detector. If something feels rushed, skip it.
- Plan your exit firstMy $400 trade grew to $30,000 and I sold in a panic. A written plan prevents that. Fill out the trading plan worksheet before you buy.
Try it yourself
Quick checks, quizzes and printable sheets. All free, no account needed.
Scam detector
Answer a few questions about a token and see how many red flags it has.
Open the tool PracticeSpot the scam
Test your eye on real-looking examples before real money is on the line.
Play SafetyScam message red flags
The DMs and replies scammers send, and how to recognize them.
Read ChecklistRug pull checklist
Run it before every buy. Also available as a printable.
Use the checklist ChecklistWallet safety checklist
Lock down your wallet and seed phrase.
Use the checklist WorksheetTrading plan worksheet
Write your entry, exit and limit before you buy.
Open QuizSlang quiz
How many memecoin terms do you actually know?
Take the quiz QuizMemecoin knowledge test
Find out where you are as a beginner.
Take the test QuizWhat’s your trading style?
Sniper, holder or somewhere in between.
Find out QuizHow degen are you?
A fun check of how much risk you really take.
Take the quiz GameSpeed test
See how fast you react when the market moves.
Play DownloadFree downloads
Printable sheets to keep next to your screen.
Get themPick what you want to learn
Basics
Avoid disaster
Avoid disaster
Rug pulls, honeypots and MEV bots, and how to survive them.
Rug pull warning signs
The red flags to check before every buy.
Presale traps
Why presales are one of the easiest ways to lose money.
When devs sell
What dev selling looks like and what it means for you.
Spot scams before you lose
A practical routine to catch scams early.
Finding coins
Apps and bots
FOMO app
The app I use now, and why.
Bot trading guide
How trading bots work and the risks that come with them.
BonkBot guide
How it works, explained for education.
Sniper bot guide
What sniper bots do and why they are risky.
BullX pro tools
Tracking tools explained.
Bump bots guide
What bump bots do for a project.
Why I mostly use one app now
Many trading bots show ads, and some of those ads are scams. A fake “airdrop” or a copy of a real bot can look exactly like the real thing and empty your wallet. That is the main reason I now use one app, FOMO, instead of jumping between bots.
I still explain how bots like BonkBot and the sniper bots work, because you should understand what you are using before you use it. Only open a bot from a link you trust, check the exact username, and never connect your wallet to an ad. More in scam message red flags.
Disclosure: my FOMO link is a referral link. If you sign up through it I may get a small bonus at no cost to you. Follow me on FOMO.
- Rug pull
- Developers drain a token and the price collapses. See the warning signs.
- Honeypot
- A token you can buy but cannot sell. See Avoid disaster.
- MEV bot
- A bot that jumps ahead of your trade to profit from it.
- Whale
- A wallet holding a very large amount. See Become a whale.
- Seed phrase
- The words that unlock your wallet. Never share them. See wallet safety.
- 100x
- A price that grows to 100 times what you paid.
The trade that changed everything
All I knew was Coinbase Wallet. I started on Ethereum. Didn’t know much, but I knew enough to do research. I found Pepe. Then I found out he had brothers: Brett, Landwolf, Andy, Birddog. The only tool I knew was Token Sniffer.
Pepe had 700,000 holders. Brett had 2,000. Landwolf had 900. Birddog had 600 to 700. Andy had 300 holders. That caught my attention. I put $400 into Andy. Forgot about it.
Six or seven months later, I opened my wallet and saw $30,000. Most money I’d ever seen at one time. I panicked and sold in six separate sales. Two hours later, I clicked on one of my sell transactions, the one I sold for $4,000. That same transaction was now worth $90,000. I missed out on another 100x in two hours. If I had held, I would’ve had way over $200,000 instead of $30,000.
“I cried in a McDonald’s parking lot at 2am. Then I got back up.”
Then I lost about 80% to rug pulls. I made it back, and now I write what I learned. Read the full story on the about page.
Memecoin FAQ
What is a memecoin?
A memecoin is a cryptocurrency that started from a joke, a meme or a community, with little or no built-in use. Prices move on attention and hype, so they can rise fast and fall faster. The Foundations guide covers the basics.
What is a rug pull?
A rug pull is when the people behind a token drain its liquidity or sell their large holdings, so the price collapses and holders can’t sell. Read the warning signs and use the checklist before you buy.
What is a honeypot token?
A honeypot lets you buy a token but blocks you from selling it. Checking tools can flag many of them. See Avoid disaster.
How much money do I need to start?
Never use money you can’t afford to lose, because most new tokens go to zero. My first trade was $400. Plan your limit first with the trading plan worksheet.
Are trading bots safe?
They can be useful, but bots often show ads and some ads are scams. Learn how they work in the bot trading guide, only open bots from trusted links and never connect your wallet to an ad.
How do I keep my wallet safe?
Never share your seed phrase, and nobody legitimate will ask for it. Go through the wallet safety checklist.
Is this financial advice?
No. Everything here is educational and my own opinion. Crypto is risky and you can lose everything. Read the disclaimer.