DYORing the Memecoin Madness: Must-know Tools

Memecoins have existed since Dogecoin’s playful debut in 2013. What started out as a joke now ranks as the 8th largest cryptocurrency, establishing the blueprint for today’s explosive memecoin trading market. 

Now it’s 2025, and memecoins are impossible to ignore. Stories on X  reveal traders flipping $100 into $100,000 overnight with quirky tokens like $PEPE, $WIF, $MOODENG, and $PNUT. These tokens may seem harmless, but their values can rise and fall unpredictably, offering quick gains but posing an equal risk of rapid loss.

Today’s no-code tools have unleashed a flood of memecoin creation across blockchains like Ethereum, Solana, and Base. Platforms such as Pump.fun, Dexscreener, and Ape Express have made launching and trading these tokens effortless, with hundreds of thousands of new tokens regularly being launched.

In this digital “wild west” of memecoins, how can traders protect themselves? While avoiding memecoins entirely remains the safest choice, there are specific tools you can use to reduce certain risks if you’re determined to participate, and most of them are free and accessible.  

The Risks of Memecoin Trading

For every viral memecoin success story, countless multiples more fail, and 99% of memecoins eventually plummet to zero. A typical meme token chart: a sharp pump and a sudden drop that leaves many traders in the red.

Aside from the obvious risk that you may buy into a token that will eventually head to zero, you could also be hacked!

Some viral memecoins have undergone sales via a pre-sale. In this process, traders deposit funds into a smart contract which will then send them the corresponding memecoins in return. Traders might connect their wallet to the pre-sale website which could be malicious.

The Best Tools for approaching memecoin Trading

So now you know some of the risks associated with memecoin trading, let’s jump into the best tools for understanding the market and making informed decisions:

Transaction Simulators

Browser extensions are applications you can install on your internet browser, such as Google Chrome or Firefox. These tools can detect malicious links and suspicious memecoin trading activity.

Simply, they scan websites and transactions in real-time, alerting users to potential threats before they can cause damage. Pocket Universe, for example, protects users from wallet drainers and phishing scams while detecting compromised crypto websites. The platform also offers optional paid coverage up to $20,000 USDC for your transactions, and launched its “Rug Detector” in September 2023.

Other wallet security extensions include Kerberus and SafeSoul.

Pocket Universe’s “Rug Detector”

Token Evaluation Tools

While browser extensions protect you from clicking malicious links, token evaluation tools dive into memecoin activity to detect transactions and movements.

Solana Blockchain Tools

RugCheck is a platform that analyzes on-chain data and utilizes various risk metrics. It uses data-driven and impartial scoring to ensure all tokens are equally graded.

To use the platform, simply copy and paste the Solana token address to generate a risk score on the platform’s website. Here’s an example based on the famous meme Peanut the Squirrel:

The platform generates a risk category with details on the score. In this case, the token carries a “Danger” tag due to the high concentration of tokens with a single holder. You then combine this information with other research to get an educated opinion on a memecoin.

Remember that RugCheck is not perfect and may generate false signals. However, it never hurts to arm yourself with more tools.

Ethereum Blockchain Tools

There are also a few free and powerful tools offering token analysis on the Ethereum blockchain, including:

• Token Sniffer: Gives an audit score based on criteria such as token tradeability, smart contracts, and holders. The analysis takes into account its proprietary methodology. DeFi Scanner similarly gives a score based on their checklist. Token Sniffer also generates a Bubble Map of the top 100 holders.
• DeFi Scanner is similar to token sniffer, but also lets you track your DeFi portfolio alongside providing data on transactions, deposits, and yields as well as providing the much needed risk analysis. In short, it checks both wallets and connected assets for potential risks, allowing you to make informed decisions.

Sleuthing Tools

To get more hands-on in memecoin analysis, you can equip yourself with sleuthing tools that help you visualize memecoin activity.

• Bubblemaps is a Web3 tool that provides colorful, dynamic maps to visualize blockchain data and spot suspicious wallet activity. The platform maps out the top 150 holders and presents them in a dynamic visual representation. This visual tool allows you to identify clusters of connected wallets, which can flag pump-and-dump risks. If a group of wallets holding many tokens is interconnected, they may be coordinating to dump their holdings and trigger a price crash.

• Arkham: Arkham’s ability to track tokens, addresses, and even entities elevates the sleuthing game. You can input the name of a market maker or venture capital fund to find investments. Some traders have used these to speculate on potential memecoins.
• MetaSleuth: This site is a favorite crypto tracking and investigation tool. Once you create a free account, you can track addresses, transactions, and domain names. 
• MetaSuites: Formerly called MetaDock, MetaSuites provides labels on top of wallet addresses, among other tools. These labels help you quickly identify malicious addresses.

Remember: While all these tools provide the data, you must still interpret it to the best of your ability to create a well-informed decision.

As a bonus, Boring Security provides free Sleuthing classes where you’ll learn the tricks of the trade when it comes to being a Crypto Sleuth.

Social Media

Memecoins thrive on attention, often promoted by influencers or Key Opinion Leaders (KOLs)  on platforms like X and TikTok who can drive traffic to specific tokens. 

Unfortunately, some KOLs promote any deal that pays them, including obvious rug pulls. However, this does give you the opportunity to track which influencers have poor track records and avoid tokens they endorse.

Crypto watchdogs like ZachXBT regularly investigate and expose influencers who promote fraudulent tokens, often revealing patterns of repeated scam endorsements. Following these investigators and researching KOL histories before trusting their recommendations can help you avoid significant losses.

Still Jumping In?

Trading memecoins is an exhilarating yet risky endeavor. While the potential for rapid gains is enticing, the high rate of token failures and the prevalence of scams mean that thorough due diligence is essential. 

Detecting scams using browser extensions, token evaluation tools, sleuthing tools, and monitoring Twitter KOLs for credibility can help you avoid significant losses. However, no research can eliminate the risks, even with all these tools. 

Approach memecoin trading with caution and constantly prepare for possible loss. An informed and balanced mindset is your best asset in navigating memes.