Unruggable- A Complete Guideline
If you do not want to be at any loss or scam in the cryptocurrency then you should have precise knowledge regarding every term of the crypto world. Cryptocurrency or Rug pull are common terms. In this article, we will be telling you everything regarding these terminologies.
What Is Unruggable In Cryptocurrency?
Those projects which do not have a large number of tokens by their developing team are known as unruggable projects in the cryptocurrency. For such products, their makers cannot take a large number of tokens without proper procedure. If they’re claiming to have taken a large number of tokens it is considered a Rug pull or a scam ultimately cryptocurrency declares their project as unbreakable.
These Projects in cryptocurrency are usually giving digital assets and they are not representing any currency. You can buy such tokens but for that, you first need to be aware of The current cryptocurrency market status.
The ownership of such projects also changes after a big sale. Due to this, you need to do proper research and compare them with the other coins. These project tokens are produced from the Ethereum platform but the only difference is that they are not actual currency and they are based on Blockchain. Hence according to analyzing the market if you feel that these tokens are worth it then you can invest in them for long-term profit.
What is Rug Pull In Cryptocurrency?
Rug pull is among the most commonly used terms in the Cryptocurrency industry. When people want to join cryptocurrency to make a profit, the biggest fear is that they will experience any scam or fraud. The most usual cases of fraud are due to rug pull.
Cryptocurrency has become the biggest investment industry globally with a $2 trillion market capitalization. The format of Cryptocurrency is not directly dealing with cash but it has programmed digital assets in the form of Blockchains. The format of Cryptocurrency makes it a very easy option for scammers.
Rug pull is a scam word used in cryptocurrency where first developers create a project, get investments from people, and afterward abandon the project and simply run away with all the investments. It is common in DEXs where such scammers and greedy People create similar tokens as Ethereum.
Once a new token or coin is launched they work on their social media campaigns. They create hype about the token on social media ads and attract investors to themselves. Once people exchange their Ethereum coins with their tokens after emptying the liquidity pool, they change the token price to zero. Finally, they are free to run away with all their investments.
The reason why it is common on DEX is that people usually prefer using DEX because it is free of cost. But at the same time, it does not have any audit or check-in balance. The main question is how you can confirm that it is a rug pull. Simple if you find a drastic fluctuation in the price of a coin within a few hours then something is surely wrong with it.
Also Read: Metaverse and Crypto – How To Get Into The Metaverse
How To Invest In Unruggable Tokens
Before making an investment in any token or coin you should be aware of the market situation. Just like head and tail, rug pull give you two sides of a cryptocurrency coin. When you will be updated with the market condition you can easily make the decision about investing your money in profitable coins.
How To Save Your Investment From Scammers
Following are some of the ways through which you can easily protect your hard-earned money from fraud and scammers
- Have a detailed look at the contact information before making any purchase or selling of a coin. The contract information of blockchains is public and you can easily read them.
- Since it is your own money then you should not rely on any other person when making an investment in a coin. Do your research homework by your own self.
- Keep up-to-date on social media handles such as Twitter and Facebook.
- Do not trust any developer rather read the facts about them before making investment decisions.
- Invest the amount of money on a coin that you can actually afford.
The Ways To Secure Crypto Investment From Any Scam or Fraud
- Do not use a software wallet instead prefer using a hardware wallet
It is better to secure your investment in a hardware wallet. If you are using a software wallet then you should definitely exchange it with a hardware wallet to secure your investment.
- Two-Factor Identification
Many platforms especially those that are related to banking and investments have two-factor verification methods for people. It helps in securing your crypto account, hence scammers cannot hack your account. With two Factor authentication after every few days, one has to log in again to their account. To check if it is actually you, they sent you an email or message in which they provide a secret code that performs the exact function of a password.
We can conclude there is no guarantee regarding these tokens. Therefore if you desire to invest your money in them you should be well aware of the market statistics of cryptocurrency.