You need to conduct an in-depth study and have sufficient knowledge about bitcoin to prevent falling victim to scams. You should have words like “rug pull” and “unruggable” in your lexicon.
What Is Unruggable?
Unruggable projects are those for which the development team does not hold any tokens that are notably huge. Developers are prohibited from conducting an exit scam or pulling a large number of tokens in this situation.
Cryptocurrency tokens that are impossible to hack are digital assets with value, not money. They essentially act as programmable assets that can represent anything in reality. Unruggable tokens are based on the Ethereum network and can be transferred between users of the blockchain.
Additionally, you can invest in them or keep them as a store of value. It would help if you looked at the cryptocurrency’s market cap in order to determine whether it can be hacked. It’s impossible to hack a crypto token if it has a small market valuation.
These tokens typically have a large quantity and amount of currency. Because of this, it’s difficult to value them, making them a safe choice for investing. Most intriguingly, trading and buying and selling tokens won’t affect the market.
What Is Rug Pull?
Rug Pull is another expression that has a direct connection to cryptocurrencies. This concept is essential to comprehending unruggable tokens. We frequently hear about bitcoin fraud, which is mostly just a ruse.
The most cutting-edge technology is a cryptocurrency, which has a $2 trillion market valuation. However, because these tokens can be programmed within the blockchain and don’t need authorization, they are vulnerable to scams.
Rug pulling is a dishonest cryptocurrency move in which the creators quit their projects and flee with the money from the investors. The majority of the time, greedy individuals develop a token, post it on a DEX, and couple it with a popular cryptocurrency like Ethereum.
Then they use social media sites to amplify the investment hype. When a sizable number of unwary investors convert their ETH into that token, they drain the liquidity pool of all its assets, drive the token price to zero, and then flee.
Because DEX makes it possible to advertise tokens for free and without an audit, that is where it happens the most frequently. But how do you spot a possible rug pull? So, if you see that a certain token’s price has increased dramatically in a short period of time, something is definitely wrong.
How To Be Sure On Unruggable Tokens?
Both Unruggable and Rug Pull are like two sides of a coin that can never flip. Being constantly informed is the wise course of action in this situation.
Here Are Some Strategies for Protecting Your Investments:
- Contracts and transactions on the blockchain are open to the public. Always double-check contract details before buying or selling.
- Create a presence across all communication channels, including social media, to spread correct information.
- Check your facts before judging based only on the information you saw on social media.
- Do your own independent research; do not rely on others for information.
- Put only as much money as you can afford to lose.
- Never be afraid to ask questions.
- There is no safe way to determine whether or not untameable tokens are secure. To succeed and avoid being conned, you should be your own boss in this industry. Good fortune!