To avoid being scammed in cryptocurrency, you must have in-depth research and enough knowledge on the subject matter. Terms like ‘Rug Pull’ or ‘Unruggable’ should be in your dictionary.
Unruggable: Everything You Need To Know
What Is Unruggable?
The projects that don’t have significantly large tokens held by the development team are called Unruggable. Here, the developers cannot take a large number of tokens and cause a rug pull or exit scam.
Unruggable cryptocurrency tokens are digital assets with value, not any currency. They are basically programmable assets, representing anything in the real world. Unruggable tokens are based on the Ethereum platform, and you can transfer them among the blockchain participants.
Besides, you can use them as an investment or store them as value. In order to deem it an unruggable cryptocurrency, you must look at its market cap. If it has a low market cap, it’s an unruggable crypto token.
These tokens generally have a high volume and high supply of coins. That’s why it’s pretty hard to price them, making them a safe option for investing. Most interestingly, buying and selling tokens will not manipulate the market.
What is Rug Pull?
Another term directly related to cryptocurrency is Rug Pull. You must know about this term to understand unruggable tokens properly. We often hear about cryptocurrency fraudulence, which in most cases is rug pull.
Cryptocurrency is the most advanced technology with a $2 trillion market capitalization. But these tokens are programmable digital assets within the blockchain and require zero permission, making them susceptive to scams.
Rug pull is a maneuver in cryptocurrency, a malicious one where the developers abandon their projects and run away with the investors’ funds. It mostly happens in DEXs, where greedy people create a token, list it on DEX, and pair it with leading crypto like Ethereum.
Then they create hype among the investors using social media platforms. When a significant number of unsuspecting investors swap their ETH for that token, they take everything from the liquidity pool, pull the token price to zero, and run.
It mostly happens on DEX because it allows people to list tokens free of cost and without any audit. But how can you recognize a potential rug pull? Well, if you see a particular token price has skyrocketed within a few hours, something fishy is going there.
How To Be Sure On Unruggable Tokens?
Unruggable and Rug Pull are two sides of a coin; they can flip any side at any time. So, the smart move here is to stay updated all the time.
Here’re some ways you can save your investments:
- Blockchain transactions and contracts are public information. Make sure you always check contract information before buying and selling.
- Make your presence in every communication media, including social platforms, to funnel accurate information.
- Do not just jump into any decision based on the information on social media; check your facts.
- Research on your own for information, do not rely on other people.
- Do not put more than you can afford to lose.
- Never shy away from asking questions.
Unruggable tokens can be safe, but there is no safe way to say for sure. That’s why you should be your own master in this space to become successful and not be scammed. Good luck!
