• $SHROOMS is the latest meme coin to skyrocket in the crypto market, up 70,000% within 24 hours.
• Early investors are now cashing out their profits, but there may still be room for growth if it consolidates at a high support level.
• Investors need to take certain steps to avoid getting rug-pulled and ensure they’re investing in only the highest quality meme coins.
The Latest Meme Coin: $SHROOMS
$SHROOMS is the latest meme coin to capture attention in the crypto markets with an incredible +70,000% price surge in just 24 hours. This amazing rise has made millionaires of some early investors who have already begun cashing out their profits while there’s still time. The liquidity of $179k and trading volume of $5.56m indicates that there could be room for more growth if $SHROOMs can consolidate at a high support level – however very little else is known about this coin yet. With 1,790 holders and over 2000 transactions during its opening day, it appears that $SHROOMs is gaining traction as a popular meme coin choice.
How Can You Get In Early On Meme Coin Moonshots?
With so much potential profit on offer from these types of investments, many investors are asking how can they get involved early enough to secure maximum gains? By the time you spot a +70,000% increase in value it is often too late to make major profits and also exposes you to potential downside dumps. Fortunately there are several steps you can follow to maximize your chances of success:
1) Check Smart Contract Using Honeypot Detector
The first step should involve using a Honeypot Detector to check the smart contract and ensure you can sell when it’s time to lock-in your new found gains.
2) Check Prelaunch Transactions
You should then look at prelaunch transactions of deployment wallet and aim for a ‘clean’ wallet with only transactions related to ETH purchase or creation of smart contract address visible on Etherscan.
3) Check Token Holder Numbers
Another important factor is checking token holder numbers – if huge amounts of tokens are held by few wallets this could indicate potential dangers ahead! Keep an eye on DEX transaction tools that monitor buys and sells – honeypots are best avoided!
4) Assess Social Media Presence
Having an active website, Twitter account, Telegram group and Medium page all help create trust around any project – so check these before committing any funds!