As the cryptocurrency world continues to evolve, memecoins have taken center stage, with $pepe coin being one of the most popular on Twitter. Many investors are diving headfirst into these trending coins without taking the necessary precautions to keep their investments safe. The high risk associated with memecoins means that it's crucial to take security seriously when investing in them. To help investors navigate the murky waters of memecoins, Webacy has partnered with Wallet Guard to create the ultimate guide on how to safely dgen into memecoins without putting your assets at risk. Whether you're a seasoned investor or a newcomer to the crypto world, our guide will provide you with everything you need to know to make informed decisions and protect your investment.
How can Wallet Guard protect me while buying memecoins?
Wallet Guard will protect against phishing attempts, websites with low trust, unverified marketplaces, and scams. Wallet Guard also provides clear insights on transactions via simulations that tell you what is coming in & out of your wallet on a given transaction. Stormwatcher, is their latest innovation in phishing protection. This cutting-edge feature detects wallet drainers on a website before you even connect your web3 wallet, keeping you one step ahead of potential scammers.
How can Webacy protect me while buying memecoins?
Webacy is a suite of tools that make self-custody secure and easy, no keys or seed phrases needed. Wallet Watch is the most trusted security layer for self-custody management featuring real-time sms and e-mail alerts for all inbound and outbound wallet activity. Safely evacuate your assets with the Panic Button, backup your access with Backup Wallet, and so much more.
As memecoins continue to circulate on Twitter, it's important to stay vigilant for scams. With the fear of missing out (FOMO) gripping investors, many are quick to invest in newly created memecoins without doing proper research. Unfortunately, not all of these coins are created equal, and some are even malicious. We've seen instances where investors are unable to sell their coins, leaving them with a bag they never intended to hold. As a beginner in the space, it's crucial to start enhancing your security by ensuring that the memecoin you're investing in has a verified smart contract on Etherscan. CoinMarketCap makes it easy to check this - simply click on the contract to view it on Etherscan, and then confirm in the contract tab on Etherscan that the smart contract has been verified.
Are you using flashbots?
Flashbots is not specifically designed to stop scams on non-custodial wallets like MetaMask. Rather, it is a relatively new technology that allows for a more efficient and fairer way of submitting transactions to the Ethereum network. However, the use of Flashbots can indirectly help prevent certain types of scams that can occur on non-custodial wallets.
One way in which Flashbots can help prevent scams on non-custodial wallets is by providing a more secure way of submitting transactions. Flashbots allow miners to bundle transactions together into a single block, which can reduce the risk of a malicious actor exploiting a vulnerability in a single transaction to steal funds. This means that Flashbots can help prevent front-running attacks, where a bad actor tries to intercept and execute a transaction before it is confirmed on the network, by allowing users to bypass the public mempool where transactions are typically broadcasted.
0xQuit said it best:
If you do trade memecoins, you should be using flashbots to protect yourself from sandwiches (and failed transactions!). Here's a quick guide to getting set up:
- Flashbots is an organization focused on enabling a permissionless, transparent, and sustainable ecosystem for MEV. They provide a vast suite of tools, but today we'll just focus on Flashbots Protect.
2. Flashbots Protect comes with two primary benefits:
- Your transactions aren't broadcast to the public mempool
- If your transaction would revert, it is not included at all. This means no more lost gas on failed transactions
3. If you've never added an RPC endpoint before, it's simple. Go to the "Custom RPC" option in your MM network dropdown, and input the following:
Name: whatever you want RPC URL:
[<https://rpc.flashbots.net>](<https://t.co/BNq2ZQ8H3D>) Chain ID: 1 Symbol: ETH
4. That's it. Next time you go to swap on your favorite aggregator, swap networks to flashbots first. You'll save on slippage, and you won't pay for any failed transactions. The best way to protect yourself is to stop trading illiquid shitcoins. The second best way is flashbots.
Keeping yourself safe in crypto
However you choose to approach the memecoin market, basic security practices are vital for a safe long-term journey on the blockchain. Along with the specific tips above, it’s important to review both the web2 and web3 security best-practices to keep yourself happy and rug-free.
Along with individual safety habits, there a variety of new tools and services in the market to keep you safer in crypto. Wallet Guard will protect against phishing attempts, websites with low trust, unverified marketplaces, and scams. Webacy is a suite of tools that make self-custody secure and easy, no keys or seed phrases needed. Get started on a safer web3 path by signing up below.