About Pixiu Coins
Many people are afraid of buying Pixiu coins on the chain, and wonder why they often receive many inexplicable tokens. I will analyze the tricks behind this and how to prevent buying Pixiu coins.
The logic behind scammers airdropping tokens is generally like this: they usually capture transaction records of a certain token on the EVM chain, identifying everyone's EVM chain addresses. This conveniently allows them to locate recently active members on the EVM chain, and then they distribute the Pixiu coins they created to these wallet addresses. This is why you may find an additional token in your wallet.
Generally speaking, authorizing scammers to airdrop tokens will not damage your wallet. For example, if a scammer airdrops tokens to 200 people, and 100 of them, after receiving the tokens, want to sell but find they cannot, they will no longer care about this token. The remaining 100 people choose to continue buying the token, driving up the price. However, when they choose to sell, they find either insufficient liquidity or contract restrictions, meaning that at the moment you bought the token, it has already been secured by the scammer at the code level (because only their wallet address can sell the token). Eventually, when the price rises sufficiently, the scammer withdraws the liquidity at once, profits, and the token price goes to zero.
How to avoid buying Pixiu coins
1*) For chain dog players who are unsure about this coin, you can first buy a small amount of 0.1u. If you can sell it, it at least proves that this coin has not been embedded with malicious code (but there is still a risk of a price crash).
2*) Look at the trading history. If there is a large buying trend from top to bottom, but very few sell orders, you can basically conclude that it is either a Pixiu coin or a manually manipulated coin. Buying in this case will likely incur losses.
3*) Check the candlestick chart. Generally, tokens that keep rising without any decline, or tokens that do have slight declines but continue to rise quickly afterward are likely abnormal. Many tokens posted in the square are basically manipulated to increase in price, waiting for real users to finish buying before suddenly crashing the price. Pay attention to these points, and you can reduce risks in your wallet or on the chain.
Many people are afraid of buying Pixiu coins on the chain, and wonder why they often receive many inexplicable tokens. I will analyze the tricks behind this and how to prevent buying Pixiu coins.
The logic behind scammers airdropping tokens is generally like this: they usually capture transaction records of a certain token on the EVM chain, identifying everyone's EVM chain addresses. This conveniently allows them to locate recently active members on the EVM chain, and then they distribute the Pixiu coins they created to these wallet addresses. This is why you may find an additional token in your wallet.
Generally speaking, authorizing scammers to airdrop tokens will not damage your wallet. For example, if a scammer airdrops tokens to 200 people, and 100 of them, after receiving the tokens, want to sell but find they cannot, they will no longer care about this token. The remaining 100 people choose to continue buying the token, driving up the price. However, when they choose to sell, they find either insufficient liquidity or contract restrictions, meaning that at the moment you bought the token, it has already been secured by the scammer at the code level (because only their wallet address can sell the token). Eventually, when the price rises sufficiently, the scammer withdraws the liquidity at once, profits, and the token price goes to zero.
How to avoid buying Pixiu coins
1*) For chain dog players who are unsure about this coin, you can first buy a small amount of 0.1u. If you can sell it, it at least proves that this coin has not been embedded with malicious code (but there is still a risk of a price crash).
2*) Look at the trading history. If there is a large buying trend from top to bottom, but very few sell orders, you can basically conclude that it is either a Pixiu coin or a manually manipulated coin. Buying in this case will likely incur losses.
3*) Check the candlestick chart. Generally, tokens that keep rising without any decline, or tokens that do have slight declines but continue to rise quickly afterward are likely abnormal. Many tokens posted in the square are basically manipulated to increase in price, waiting for real users to finish buying before suddenly crashing the price. Pay attention to these points, and you can reduce risks in your wallet or on the chain.