Trading in the cryptocurrency market requires a lot of information, because without this information, your chances of falling into a cryptocurrency trap are very high.
But the problem everyone suffers from is: Where can you find this information?
There are dozens of tools, most of which require subscriptions costing hundreds of dollars, and others whose credibility is unknown.
The solution lies in the Binance platform, which is always working to serve its users and provide the best tools to facilitate and improve their trading experience.
How do you verify the information of a coin?
If you have any coin you wish to know the details of in depth, the best way is to go to the Binance app and search for the coin.
A trading page will appear, and at the top, you will see the word Info.
By clicking on it, a list of the coin data that the Binance platform has gathered for you will appear.
I will explain to you below the meaning of each one:
How do you uncover bad coins?
By using the information provided to you by Binance, you can uncover bad coins, or let's say coins with negative indicators because some coins may have bad indicators, but they are still valid for investment.
Use the concentration indicator to detect coins monopolized by whales.
One of the most negative indicators for a coin is being monopolized by a few whales.
This is because any movement from these whales will have a strong impact on the price of the coin, considering that the whale holds a large percentage of the coin or constitutes a large percentage of the trading volume.
In some meme coins, a high concentration ratio often indicates that the coin's team is preparing to offload it.
Meanwhile, a high concentration ratio in other Altcoins is also concerning, but less dangerous than meme coins.
Therefore, monitoring the concentration metric is very important because it gives you a clear indicator: the lower the number and the closer it is to zero, the better the distribution of the coin.
