How to find new crypto coins have become a needed knowledge since the advent of Bitcoin and the riches made by early investors. The crypto space has experienced a boom and rush of investors, with many having hopes of catching the next bitcoin. However, many are still clueless about how to navigate the crypto space and do not know how to find new crypto coins.
While it is a thrill to find new coins, we must be on the lookout for scam coins that can take advantage of unsuspecting investors. An example of this is the Squid token that took advantage of the popular movie series, Squid Game. Before taking a look at how to find new crypto coins, let’s consider a few pointers to look out for before making an investment decision.
Checklist before investing:
The whitepaper: The whitepaper of any project is a great first point of call. Every new crypto project usually has a whitepaper or official document that contains the use case, tokenomics, team members, plans/roadmap of the project, and all other important information about the project. The presence or absence of a whitepaper tells you a lot about the seriousness of the project.
While reading a project’s whitepaper, there are a couple of things to look out for:
Use case: This is primarily what the crypto project seeks to address, its novel idea, or its functions. For instance, there are several Layer 2 projects that seek to solve the low latency and low transaction time of traditional blockchains without compromising security and decentralization.
Tokenomics / Token Economics: This is the basic layout of how the new crypto tokens of the project will be distributed. This includes how many of the tokens go to the founding team, advisors, how many will be available for sale to the community, how many will be in the treasury, what type of token will it be; deflationary or inflationary, i.e will there be a limited supply, will it reduce overtime or there is no limit to how many tokens will be minted.
- What is the lock-up period of the founding team tokens? This is usually the period the founding team is willing to lock up their tokens before they can have access to it. The length of the period boosts investors’ period, as it shows their commitment to the project in the long run.
Tokenomics also shows the number of new coins that will be available for sale per time. This gives an idea of the price of the token based on the law of demand and supply. When the excess new token is flooded into the market, it may hurt the price of the coin.
The founding team: Checking the background of the project’s founding team is essential. How experienced is the team, does their experience match the project, and is there any fraudulent history in their past projects?
The profile of the advisors could also be an advantage, along with the investors/backers of the project.
Social Virality: Decentralization is at the core of crypto, hence they are usually community-driven. That’s why the growth of the community is an indication of investors’ confidence in the project. Twitter, Telegram, and Discord are major platforms that crypto projects build their communities.
As for extras, the number of people on the watchlist of the project, if they are listed on coinmarketcap.com or coingecko, is also a good confidence booster.
Roadmap: The roadmap of the new crypto project contains the project’s major plans and timeline. This could also indicate how serious the project is, especially when cross-checked with what they have accomplished; has the project actualized any of the earlier plans on the roadmap within the stipulated timeline?
How to Find New Cryptos
Before new crypto coins are listed on exchanges, the majority are first listed as Initial Coin Offerings (ICO). ICOs of new crypto coins offer investors the opportunity to jump in early on projects before they go mainstream. This is where early investors get into major projects before listing on crypto exchanges. It is in Initial Coin Offerings that the majority of new cryptos can be found.
There are a couple of platforms that feature ICOs listing. These are important resources to get information on new coins. We will be taking a look at the major platforms that are listed:
Top ICO List provides white papers and one-pagers of ICOs of new crypto coins. Here you get a comprehensive list of ICO potential blockbusters. This site provides a list of all ICOs of new crypto coins along with information on some of the best ICOs in the market, and info on past ICOs as a basis for benchmarking the ICOs performance you are considering.
CoinGecko is a useful tool for crypto traders and investors for staying up to date with the market. It provides real-time prices of cryptocurrencies from multiple exchanges, along with other important information about different cryptocurrencies, such as their historic performance data, community, and insights into the coin development.
In addition to all the amazing features, coingecko also provides an ICO list of new crypto coins along with relevant information about the new crypto coin/project.
Much like coingecko, coinmarketcap is an alternative preferred by some investors to find new crypto coins. Whichever appeals to you, you can get a relevant list of ICOs as well as relevant information. Not just ICOs of new crypto coins, it contains information on 100s of other cryptocurrency projects as well as actionable data.
The watchlist feature is also one of several items investors find useful. As it could give you an insight into how many persons are hyped about the project.
ICO Bench is a useful tool that can help you find new crypto coins and upcoming coins. ICO Bench is an ICO grading website that uses crowdsourced ratings from crypto traders and experts. The experts evaluate projects using various parameters and grade the projects accordingly. The highest score that can be earned by an ICO is 40 points.
There are over 10,000+ cryptos. This means numerous opportunities exist out there, just as there are shady platforms and crypto projects, hence it is important to know how to find crypto with potential, as well as make sure the projects are viable, making use of some of the tips we discussed.
To learn more about everything crypto, see our Learn section.