These days, it’s quite common to hear about people making fantastic profits from memecoins. The key often lies in getting in early, before prices increase. But how do you find memecoins that have the potential to yield huge returns? One effective way is to use DEXScreener, a tool designed to identify promising new memecoins before they become widely known. In this article, we’ll dive deep into how to use DEXScreener to find potential memecoins.
Article Summary
- 🎯 DEXScreener (DS) is an analytics platform that provides various tools to track and analyze the performance of crypto assets on decentralized exchanges (DEXs).
- 📚 All data on DEXScreener comes directly from the blockchain it tracks, without relying on external APIs or other data sources. The platform has a custom-built indexer to parse, analyze, and store raw blockchain logs.
- 🌟 The platform offers various important features such as Alerts, New Token Pairs, Gainers and Losers, and Multicharts.
- 🙌 DEXScreener’s features assist users in monitoring prices, analyzing trading volumes, filtering tokens, and tracking tokens across more than 50 blockchain networks.
What is DEXScreener?
DEXScreener is an analytics platform that offers various tools to track and analyze the performance of crypto assets on decentralized exchanges (DEXs). The platform enables users to monitor various market data in real-time, including price, trading volume, and more.
With its intuitive interface and free access, DEXScreener is a valuable tool for anyone looking to gain in-depth information about crypto assets, particularly potential memecoins.
All data on DEXScreener comes directly from the blockchain it tracks without relying on external APIs or other data sources. The platform has a custom-built data indexer to parse, analyze, and store ‘raw’ blockchain logs. This data is then used to create filters, charts, and analytics.
DEXScreener automatically adds a memecoin to its platform when it is added to a liquidity pool with at least one transaction. For memecoin information, DEXScreener automatically retrieves data from external token lists, such as CoinGecko.
What Can You Do on DEXScreener?
DEXScreener offers a vast selection of newly created and less commonly traded tokens, making it popular among users who want to explore and find potential tokens like memecoins.
The platform also provides other essential features such as Alerts, New Token Pairs, Gainers and Losers, and Multicharts. These tools help users make better trading decisions by offering comprehensive data.
Additionally, users can also do the following :
- Monitor price movements: View real-time token price movements.
- Analyze trading volume: Access data on trading volumes to assess a token’s liquidity.
- Use filters and ratings: Filter tokens based on various criteria like volume, liquidity, and price performance, and see token rankings accordingly.
- Track tokens across multiple blockchains: Monitor tokens on more than 50 blockchain networks.
How to Use DEXScreener
DEXScreener has several essential features that make it a useful tool for crypto traders searching for potential memecoins. Below is a guide on how to utilize these features effectively.
1. Filters
The Filters feature allows you to sort tokens based on various criteria, such as trading volume, price change, and market capitalization. Applying these filters allows you to narrow your search to find memecoins that meet your specific preferences.
Here is an example of a filter to find potential memecoins on DEXScreener:
- Liquidity: $10k
- Market Cap: $100k – $1M
- Max pair age: 72 hrs
- Min 24h buys: 50
- Min 24h sells: 30
- Then Min 5m transactions: 10
2. Multicharts
DEXScreener offers a Multicharts feature that allows you to view multiple token charts simultaneously in one display. With this feature, you can view up to 16 charts of your chosen tokens.
To add a chart to Multicharts, click ‘Add Chart’ and then enter the ticker or token name of your choice. For example, to add the TATE token, you can type TATE (ticker) or TateBelonginJail (token name) in the Multicharts search field.
3. New Pairs
The New Pairs feature provides a list of newly added tokens. By monitoring new pairs, you can quickly identify potential tokens before they become popular in the market.
You can view a list of trending tokens from the last 5 minutes up to the past 24 hours. Additionally, you can check the token’s price, number of transactions, trading volume, and liquidity to help you decide whether to invest in the token.
4. Gainers and Losers
The Gainers & Losers feature highlights the tokens that have seen the most significant gains and losses over a specified period. You can select tokens with positive performance in the last 24 hours or according to your preferred timeframe.
5. Alerts
The Alerts feature allows you to set notifications for when a token reaches a specific price or experiences a change in trading volume. This is particularly useful for staying updated on price movements without constant monitoring.
To enable Price Alerts, open the token chart, click ‘Alerts’ on the bottom right, and input the price. Use ‘Goes over’ for a take profit or buy signal when surpassing the resistance level and ‘Goes under’ for a stop loss or buy signal when the price reaches the support level.
In addition to technical analysis, you can also find information about the developer, community, website, and more in the bottom right section of the DEXScreener screen.
Advantages of Using DexScreener
- Increases the chances of finding potential memecoins: DexScreener offers a range of tools that assist users in identifying promising new memecoins with substantial profit potential.
- Access to comprehensive information: DexScreener provides access to extensive data and analyses. It empowers users to make informed decisions when trading memecoins.
- Increased accuracy: DexScreener enables users to make precise forecasts regarding token price movements using real-time data and advanced analytics.
- Efficient time management: Integrated tools and features streamline market analysis and the identification of memecoins, allowing users to save valuable time.
Conclusion
Using DEXScreener allows users to gain profound insights that facilitate more informed investment decisions. With data sourced directly from the blockchain, DEXScreener ensures the reliability and precision of its information.
While DEXScreener equips users with advanced tools for discovering potential memecoins, conducting thorough research remains crucial before investing. Evaluating factors such as a clear whitepaper, comprehensive crypto audits, a transparent development team, and an engaged community can help assess a project’s potential.
References
- Anatol Antonovici, How to Use Dex Screener: 2024 Guide, Tastycrypto, accessed 25 June 2024.
- Plisio, Dex Screener: How to Use in 2024, Plisio, accessed 25 June 2024.
- CryptoBuff, How To Use Dexscreener to Analyse Memecoins (+Make Thousands), Medium, accessed 25 June 2024.