Meme coins seem like fun but they are extremely volatile, even for crypto. Even worse is the risk of being scammed.
Trading cute and silly meme coins may fun, but the platforms these crypto lottery tickets trade on are often infested with dangerous sharks. Blockchain analytics firm Webacy specializes in sniffing out meme coin scams. Below are their top three warning signs:
Concentrated Holders
If the top 10 wallets in a meme coin own more than 20% of the total supply the risk of rug pull is extremely high, according to Maika Isogawa, CEO of Webacy. There are numerous examples of tokens crashing in a matter of........