To stay away from being scammed by cryptocurrency, you should conduct thorough research and sufficient understanding of the subject. The terms “Rug Pull” or “Unruggable” are essential to include within your vocabulary.
What is UNRUGGABLE ?
The projects that do not have substantial amounts of tokens owned by the developers are known as Unruggable. The developers here are unable to use a huge amount of tokens, causing the rug to pull or even exit scam.
Cryptocurrency tokens that are not ruggable can be described as digital currencies with value, and not money.
It is essentially a programmable asset that represent anything in the actual world. Unruggable tokens are built on the Ethereum platform.
You can exchange them between blockchain participants.
Additionally, you can utilize them to invest in or store them in a value. To determine if it’s an unrestricted cryptocurrency. And you need to examine its market cap.
If it’s a tiny market cap that means it’s an unruggable cryptocurrency token.
They generally come in large quantities and a an abundance of coins. It’s the reason it’s hard to value them, making them a secure option for investment.
It is also interesting that the buying and selling of tokens won’t affect the market.
WHAT IS RUG PULL?
Another word that is directly linked with cryptocurrency can be rug pull. You should be aware of this term in order to comprehend the meaning of unruggable tokens.
There is a lot of talk about fraud in cryptocurrency that in the majority of cases is rug pulling.
Cryptocurrency is among the most advanced technology, with an estimated market capitalization of $2 trillion.
However, these tokens can be programmed digital assets in the blockchain system and do not require authorization, which makes them vulnerable to fraud.
Rug Pull is an technique in crypto, a devious one that sees developers abandon their plans and take away capital of the investors.
It is most often seen in DEXs where greedy investors create tokens, post it on DEX and then connect it to a top crypto such as Ethereum.
Then , they generate buzz among investors on the social networks. When a substantial amount of investors who are not aware swap their ETH in exchange for the token, they pull all the liquid assets, then reduce the price of the token to zero, and then run.
It is most often seen mostly on DEX since it permits people to sell tokens at no expense and without having to pass an audit.
How do you identify an indication of a possible rug pull? If you observe that an item’s price gone up in a matter of hours, you should suspect something is taking place.
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How can I be sure on UNRUGGABLE tokens?
Rug Pull and Rug Pull can be described as two coins with two sides; they can flip either side at any point. Therefore, the best strategy is to keep yourself informed every day.
Here are some strategies to make sure you’re investing wisely:
- The transactions made through blockchain and the contracts they are public records. Be sure to verify the details of your contract prior to buying or selling.
- Include yourself in every communication medium including social media platforms to provide precise information.
- Don’t just make any decision based solely on information you find on social media. And make sure you are aware of the facts.
- Do your own research for any facts, don’t depend on the opinions of others.
- Don’t invest more money than you are able to lose.
- Don’t be afraid to ask any questions.
Unruggable tokens are secure, but there’s no way to be sure that for certain.
It is the reason you need to be the master of your own in this area to be successful and not fall victim to scams. Best of luck!