How to find a legitimate project for investment
Dozen of projects launch on daily basis and all claims that they have the best team and best project which can make your rich, but only few projects manage to achieve success.
Finding a legitimate project starts with your own research. There is no need to blindly follow any influencer. Influencer may done sponsored contents. I am not against the views of influencer. You can listen/read their words but don't act on the suggestion blindly, as at the end you will be responisble for your loss. Better approach is to do your own research. It will not help you to learn new things beside increasing your confidence level.
Try to read out the whitepaper of the project, backers of project, and the company background which audited their task. You may check the project stats by using coingecko and coinmarketcap. Coingecko not only tell you about project stats but it will also provide you project twitter or telegram channel. More user on twitter will tell you about the popularity of the projects. User will be more if there is a hype in project.
You must know about the tokenomics of project. Chart reading and technical analysis will help you to decide either it is beneficial to invest in project.
Another point is needed to be remembered that never chase down any project which is offering high APR/APY. Such projects easily loose their worth due to generation of more tokens and mostly such projects are spam.
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
Pancakeswap is the example here, they are minting more cake and burning less. This is why the price is getting down day by day.
https://twitter.com/lee19389/status/1666147334755844104
#hive #posh
A lot of projects mess up with their tokenomics trying to increase the price only to make it fall down. I like how coingecko presents basic and fundamental details about a crypto project. It's one of the first sites I visit when researching about a crypto project.
https://twitter.com/LovingGirlHive/status/1666313447288737793
Brother so many people Don there own research and they know already about a project but still take risks because they think it's price will go up and they will make profits, believe me all these meme coins or NFTs are based on this mindset investors only care about making profits not interested to know about actual use cases, team and project
It is necessary for all of us to read about the project, its roadmap, its whitepaper, and its tokonomics, otherwise, we can face a huge loss in our investment.
Finding a legitimate project for investment requires careful research, due diligence, and analysis. It is important to
stay informed about current market trends, economic conditions, and industry developments. Reading financial publications, following reputable news sources, and studying market reports will help to a certain extent at gaining insights into potential investment opportunities.
You are absolutely right that this is a market that goes up and down a lot, if you have any idea, you can make up your mind that it can have losses, just as there are profits in business. Sometimes there is loss. The things that happen to us are that one should know one thing about the project first, what are its uses and what does its white paper say and what will the team do in the coming time then go. That then you should put your money.
I feel once we have invested in a project we should always follow its social media accounts to keep track of what is going on so that in case things go bad we can take corrective measures.