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Shitcoins
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About
About
Shitcoins are near worthless altcoins that typically have no vision or purpose. Many of them can start off or progress into pump and dump schemes. The shitcoins we trade are transacted on a DEX, or decentralized exchange. Specifically, we are trading DeFi tokens, or decentralized finance tokens. These are tokens that make use of something called smart contracts - this allows them utilize the blockchain to facilitate transactions and agreements between the buyer and seller. This guide is geared towards Trust Wallet users, but the fundamentals are universal.
Common Terms
Common Terms
Some terms will make more sense as you read the guide and will be expounded on below.
Address: A string of letters and numbers that you can send and receive crypto from.
Airdrop: When a developer of a token does a giveaway to hype up the coin (usually done on a social media platform, such as Twitter).
Ape: It basically means to YOLO into a position at any point during a shitcoins life cycle.
Audit: A 3rd part that will grade the code found within the smart contract. It is somewhat rare to see this done on a token pre-presale.
Bagholder: Someone who is holding a position through the ups and downs of the underlying.
Burn: When tokens are taking out of circulation and moved to a dead wallet (has the 0x000...0dead address). Burning can often be used as a shill tactic during the presale to rally people into buying, but should generally be regarded as a false sense of comfort. Even after a burn you can still get rugged (see rug pull definition below).
DEX: Decentralized exchange.
DYOR: Do your own research.
Fair launch: The listing price is the same as the presale price. The coin does not start with any whales.
FOMO: Fear of missing out. People who FOMO will ape into a position.
Gas: In layman's terms, these are fees paid to facilitate the transactions.
Honeypot: A coin that will let you buy but not sell. This is done by increasing the fees and tax to be 100% when trying to sell. The developer of the token gets all your money.
ICO: Initial coin offering.
IDO: Initial DEX offering.
Liquidity lock: A period of time where the developer or team members cannot sell or liquidate their position. This does not prevent a rug pull, but definitely makes it harder and easier for you to notice. For example, one way to rug pull after the liquidity is locked is to have a mint feature in the contract (see mint definition below).
Liquidity pool (LP): The liquidity pool has a direct impact on the slippage (see slippage definition below). If the liquidity pool is too small it will be harder to exchange the token if there is a lot of volume.
Mint: To create new tokens. Read red flags for more on this.
Telegram (TG): Telegram is a chatting app and is a necessary tool of the trade. You can find a lot of stealth launches and useful discourse on here. Download it here: https://telegram.org/.
Roadmap: This outlines what the devs have planned for the token. Usually this is some fluff someone whipped up in a few minutes. For a good 95% of these shitcoins the roadmap is meaningless.
Rug pull/Rugged: When the developer of the coin immediately liquidates their wallets and causes the coin to plummet within seconds of listing. If the top holder is a wallet then there is a high likelihood that is a rug pull. Go to the section titled Red Flags for additional information.
Safu: It means your funds are safe.
Shill: To advertise the token.
Slippage: This is a value that depends entirely on the liquidity. If the liquidity pool is big then you will be able to use a low slippage; however, if it is small then you will have to use a higher slippage. These are independent from the fees of the smart contract. In layman's terms, this is the percent difference between what you are bidding and what is being sold - the higher the slippage the bigger the difference between these two.
Stealth launch: The presale or contract address for the live sale is posted without any lead time. These are usually done in the coin's TG group.
Tokenomics: How the token is structured in regards to the tax, burn rate, distribution, etc..
Whale: Someone who owns a lot of the token.
Whitepaper: A document that shows the developer's vision for the coin.
Setup
Setup
The shitcoins we trade on the server are 99% part of the Binance Smart Chain (BSC). You need to convert BNB, which is a BEP2 token, to BSC, which is a BEP20 token.
Steps
Create a Binance US account here: https://www.binance.us/. If you are in the US do not use Binance.COM. If you live in a state that Binance US does not serve (such as Texas) you can either use a VPN with Binance.COM or try and purchase BNB through some other means (fees will likely be higher). I suggest you do this with haste as it can take some time to verify your account. Furthermore, it takes ~10 days to transfer out your BNB as this is the settlement date for any funds on your account.
Open a Trust Wallet account: https://trustwallet.com/. I strongly recommend you save your keys both electronically and on physical paper. If you lose your login info you will never be able to gain access to any of your stored crypto.
Transfer your BNB from Binance to Trust Wallet.
On Trust Wallet, convert your BNB to Smart Chain.
Enable the Browser on Trust Wallet if you are an iOS user:
Go to your Safari Browser and type this in the URL field: trust://browser_enable.
You now have access to the Browser in Trust Wallet. This is where you will access exchanges like PancakeSwap or presale vendors such as DxSale.
Now that you have access to the Browser, bookmark the following by pasting it into Trust Wallet's Browser's URL bar:
PancakeSwap: https://pancakeswap.finance/
DxSale: https://dxsale.app/ (Note: Android users you might have to delete the 's' after 'http'.)
Prepare to never play anything related to the stock market again.
How To Buy Shitcoins
How To Buy Shitcoins
There are two ways to get in on a BSC shitcoin: you can either buy into the presale on a platform like DxSale or purchase it on a DEX like PancakeSwap. Red flags to look for will be discussed in a different section below.
Presales
Presales
We will be primarily using DxSales.app to scout for and buy into presales. When you go onto the site through your Trust Wallet Browser it should automatically connect to your BSC wallet. Navigate to DxLaunch > DeFi Dashboard. From what we have seen, the launches in the Standard Dashboard are not that popular. Below is an example of an active presale (do not purchase, this is merely an example):
This is where you will usually find some description of the coin and its socials. At the very least it should have a Telegram link. If nothing is here then that is a huge red flag.
This is an automated warning system put in place by DxSale in order to better protect buyers. Some of these can be false positives and you should always do your own research (DYOR) to confirm whether any of these warnings are indeed accurate.
This is where the important information regarding the token is found.
Presale Address: This is the address purely for the presale.
Token Address: This is the address you would copy into PancakeSwap in order to purchase it.
BNB Raised: This is how much BNB the token has raised during the presale. Once it hits the hard cap (defined below) it can be finalized by the creator. Once finalized you will be able to claim your tokens and then sell it on PancakeSwap.
Enter amount...: This is where you enter how much BNB you want to put into the presale. The amount you put in needs to fall within the bounds of the minimum and maximum contribution.
Presale Ends: This is when the presale ends and is ready to be finalized. Once it is finalized you will need to refresh the page again in order to see the claim button. Once claimed it will go directly into your wallet. If the presale has not hit the soft cap then the presale will end and you will get a refund on the BNB you put in (it can sometimes take up to a day to get your BNB back).
Total Supply: This is the total supply of tokens in circulation.
Tokens for Presale: The amount of tokens specifically dedicated to the presale.
Tokens for Liquidity: The number of tokens that contribute to the liquidity pool.
Soft Cap (SC): The minimum amount the presale must achieve for the presale to be a success.
Hard Cap (HC): The maximum amount before the presale ends. Depending on how popular the token is a smaller hard cap can fill up very quickly (seconds to minutes).
Presale Rate: The rate at which the presale occurs at. This should either be higher than the PancakeSwap listing rate or the same as said rate.
PancakeSwap Listing Rate: This is the rate at which the underlying will trade at once it goes live. This should either be below or equal to the presale rate. If it is higher then it is likely a scam.
PancakeSwap Liquidity %: This is how much liquidity is split between PancakeSwap and the devs. In this example, with a 55% PancakeSwap liquidity, 55% is devoted to PancakeSwap while the remaining 45% is paid to the devs.
Liquidity Unlock Date: This is when tokens owned by the dev team or team members unlock and can be liquidated.
This is where you can vote on the token and comment on it. Sometimes it is hard to discern fear, uncertainty, and doubt (FUD) from actual helpful comments so it is always best to DYOR before buying anything.
Live Listing
Live Listing
When buying into the live listing we will be using PancakeSwap, a DEX.
Go to to the Browser on Trust Wallet and select PancakeSwap under New DApps. I recommend bookmarking it so it is always at the top of the Browser.
Link your Trust Wallet to PancakeSwap by clicking Link in the top right corner.
This is where you change the slippage. The slippage for most coins usually hovers around the 8-12% mark. If you have time you should start off with lower than indicated and see if you can get a fill, but if you need to enter and exit a position quickly then don't waste time experimenting.
This is where you will see all your recent transactions.
This is the main trading section. If you are buying you want BNB to be up top, and if selling you want it to be in the To section. You can click the downwards arrow to quickly swap the two.
Click Select a currency and paste the Token Address, either from the presale or from anywhere and then select the currency. It is a very good idea to click (Add) under the token you find on that list as refreshing PancakeSwap will remove it from the currency section. DO NOT BUY WITH MAX BNB. YOU MAY NOT HAVE ENOUGH BNB LEFT TO COVER THE GAS FEES WHEN SELLING.
When you are looking to sell make sure your currency is in the From section and BNB is in the To section. Hit Max when it pops up to see how much BNB your position is worth. If you are looking to scalp then keep it on this selection and monitor the price changes on a service like PooCoin.
If you are having trouble selling (such as a 'K' or some other error) then you can usually increase the slippage or delete the last number of what you are trying to sell to a 1 (123456 > 123451). This isn't going to offer a guaranteed exit, but many on the server have had a high success rate when this method has been employed.
Red Flags
Red Flags
An extremely high hard cap or a high hard cap relative to the soft cap can be fishy. Generally, if the HC is >500 you should avoid it.
If the SC is less than 50% of the HC you should proceed with caution. Ex. HC of 300 BNB but a SC of 20 BNB would be very sketchy as it should be at least 150 BNB.
If the PancakeSwap liquidity is <80% then it should be avoided. This is a deal breaker no matter how good everything else may seem.
The dev wallet/liquidity is not locked. Always make sure you have proof that something is locked. At minimum, it should be locked for at least a couple of days.
A presale without any socials is likely a no-go. At minimum, the token should have a TG group, and said TG group should have at least 200+ members in order to help drive momentum and shill. Fomo'ing is what drives the price up.
If a TG gets muted then that can become a red flag, especially if they do not unmute after presale ends.
If the developer or team is inactive on TG then it is likely a rug pull and they will be deleting everything on listing or after the rug pull.
Their TG and/or other socials are obviously botted. If you go into a TG with 700+ members and you either see no engagement or a lot of weird usernames (Ex. AA, A, BB, etc.) then it is likely botted to some degree. This would be an immediate no-go.
If the developer can change the fees/tax as needed then you should avoid the token. They could set it so that 100% of your sale goes towards various fees and taxes.
If the contract is not finalized on BscScan then you should avoid the token altogether. Without a verified contract you would be unable to read the code.
Bad Code
Bad Code
These are snippets of code that if found in the contract should make you do a double take. As mentioned before, you can always view the contract code, if verified, on BscScan after searching for the token's address. WARNING: these can be hidden under other function names, so this is not always apparent.
enableTrading() - If this is in their contract code then do not purchase the token. This allows the dev to pause trading altogether.
burnTokenCheck() - Only addresses approved by the owner can sell.
clearCNDAO or transfernewun - These signify that the token is likely a honeypot.
_mint: This one is not always bad as certain mint functions are used to inject liquidity into PancakeSwap. However, if you see a mint function under Write Contract on BscScan (click Contract > Write Contract if you can't find it) then it is likely a malicious mint function and you should avoid the project.
Transfer(burnaddress, msg.sender, amount): This will allow the contract creator to unburn any burned tokens.
Tips and Tricks
Tips and Tricks
If you are buying a fair launch right at open it may be best to use ~49% slippage so you can enter in quickly. If you are conservative with your slippage right at open you likely won't get a fill due to the price volatility.
If you keep getting an error on PancakeSwap when trying to sell or buy your position (usually a 'K' error) try increasing your slippage OR deleting and adding a 1 at the end of the value found in the "To" section of the order screen.
If everything looks good and the presale filled very quickly, then that is a good sign that there will be a lot of FOMO when the listing is live. It might be worthwhile to consider buying right at listing for a quick scalp.
If you are up a decent amount then at least secure your initial investment and let the rest ride risk free.
If you get into a presale make sure you do the following as it gets filled or waits to get finalized:
Copy the token address > paste it into PancakeSwap and add it to your list. This will ensure that you have quick access to it if you plan to presale dump right away. Don't waste time claiming it, then copying the address, and then pasting it. Instead having everything ready so as soon as you hit claim you can quickly hop over to PancakeSwap and sell the position.
Have PooCoin, or whatever charting service you use, up. Sometimes a dev will just start the presale randomly and as soon as you see an order show up on the order flow on one of these charting services you will get your signal to claim your tokens.
Useful Links
Useful Links
https://telegram.org/ - Can be a hive of scum and villainy, but it is necessary evil. Useful ones down below:
https://bscscan.com/ - Can look up address and contracts of any BSC token
https://poocoin.app/ - Charts
https://dex.guru/ - Charts
https://tokensniffer.com/ - Can help with validating new BSC DeFi projects. It will find the newest tokens and look if they have a similar contract. Great if you want to look and see if your coin is a scam or not.
https://tokenfomo.io/ - List of all new ETH and BSC tokens that got deployed in the last 24 hours. Refresh the page to update.
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