I've found PooCoin to be a great resource for looking up things like liquidity on BSC tokens. I recently noticed they have a section where you can check the developers wallet for activity. PooCoin calls this
Rug Check (
https://poocoin.app/rugcheck/).. Has anyone used this before?
I never seen that if this feature was exist before and it seems like a new feature that being implemented by poocoin to decrease the potential of people to be scammed or rugpulled by scammers. It sounds good as people can trace the activity of developer's wallet through that feature but the question is about how accurate that feature is? This thing must be answered as sometimes the developers are hiding their own token into the various wallets.
What kind of flags should one look for to determine if a project has higher potential for a rug pull or scam?
It can be seen from the various things like development, transparency, identity of the team and many more.
This seems like a cool little tool put together by the PooCoin team, but they don't do a very good job of explaining the signs you should be looking for. Should we be looking for actions like several transactions being done to create LPs or lots of transactions being sent to the contract? What I'm really trying to figure out is if there is one part/action of this page I should be focusing on to get a sign of whether a particular project has a higher potential of rug pull or scam. Thanks in advance!
That's cool but there must be some tests to make sure how good accurate that owned by such feature.