CRYPTO MECHANIC
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As $XPL is now listed on Binance Here is what you should do when a new token launches on exchange
1- Find out if there was an ICO (initial sale) for the coin. If there was any what was the sale price. Or find out if they raised any funds and what price.
2- What will be the total supply of the coin and how much is circulating at the time of launch.
3- What sector of the technology they're focusing on? is it Ai , ecosystem ,layer 1 or 2 or any other crypto narrative .
4 - Once you get all the info wait and see at what price the coin is launched. Compare the gap between the ICO price and the launch price.
5- What's the marketcap of the coin at the time of launch. If it's too high it's not worth buying right at the launch. it's most likely launched at higher prices and people who got the presale or free airdrops will rush to cash out.
6- Make sure the price is not too high from the ico price and marketcap is less than $500 million. Even $500 is more but higher than this will hold bigger risk.
7. Find out if it's a new coin or already trading on other exchanges.
8. Find out if there was a free airdrop of this token, As far as i know XPL tokens were shared as free airdrop to it's community and was also shared on BNB Hodlers.
Once you find out all of these details. Now ask yourself should i chase this coin right after it launched or not?
My suggestion to you : Don't even buy a coin right after it launched
- Watch the price action for a few hours
- Let the coin build a base price.
Make your decisions .
Keep learning, Stay safe
1- Find out if there was an ICO (initial sale) for the coin. If there was any what was the sale price. Or find out if they raised any funds and what price.
2- What will be the total supply of the coin and how much is circulating at the time of launch.
3- What sector of the technology they're focusing on? is it Ai , ecosystem ,layer 1 or 2 or any other crypto narrative .
4 - Once you get all the info wait and see at what price the coin is launched. Compare the gap between the ICO price and the launch price.
5- What's the marketcap of the coin at the time of launch. If it's too high it's not worth buying right at the launch. it's most likely launched at higher prices and people who got the presale or free airdrops will rush to cash out.
6- Make sure the price is not too high from the ico price and marketcap is less than $500 million. Even $500 is more but higher than this will hold bigger risk.
7. Find out if it's a new coin or already trading on other exchanges.
8. Find out if there was a free airdrop of this token, As far as i know XPL tokens were shared as free airdrop to it's community and was also shared on BNB Hodlers.
Once you find out all of these details. Now ask yourself should i chase this coin right after it launched or not?
My suggestion to you : Don't even buy a coin right after it launched
- Watch the price action for a few hours
- Let the coin build a base price.
Make your decisions .
Keep learning, Stay safe
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.