Be careful of the coins promoted on news

[Karl_3000]

Two years ago there was a coin that was promoted on one of the news in Nigeria which I thought will be good but the coin was a bad coin. When it was lauched on an exchange, the price fall more than 10 times. When I went to the exchange last year, the coin value has fallen 1000 times.

Today I did not see the coin anymore on the exchange which was Bitmart which means the coin has been unlisted.

I saw the coin promoted on Punch news

Baby Doge Coin versus DigiToads: More Meme Coin Traders Banking on TOADS
https://punchng.com/baby-doge-coin-versus-digitoads-more-meme-coin-traders-banking-on-toads

Baby Doge Coin versus DigiToads: More Meme Coin Traders Banking on TOADS
https://punchng.com/baby-doge-coin-versus-digitoads-more-meme-coin-traders-banking-on-toads

DigiToads Raises the bar for Memecoins, the demand for Dogecoin (DOGE) and Pepecoin (PEPE) takes a big hit
https://punchng.com/digitoads-raises-the-bar-for-memecoins-the-demand-for-dogecoin-doge-and-pepecoin-pepe-takes-a-big-hit

The Rise of DigiToads (TOADS): Memecoin Royalty Takes Over as Cardano (ADA) and Polkadot (DOT) Fall Behind
https://punchng.com/the-rise-of-digitoads-toads-memecoin-royalty-takes-over-as-cardano-ada-and-polkadot-dot-fall-behind

Pepecoin (PEPE) and ShibaInu (SHIB) Lead Meme Coin Losses as New Memecoin DigiToads (TOADS) Garners Investors' Attentions
https://punchng.com/pepecoin-pepe-and-shibainu-shib-lead-meme-coin-losses-as-new-memecoin-digitoads-toads-garners-investors-attentions

Do not believe everything you are seeing on the news.

[CryptoHeadlineNews]

And that's why it's always good to Do Your Own Research before investing your hard earn money into any investments, be it crypto or not. Because secondly, the "PunchNG" newspaper is not a crypto news platform, but rather a general Nigerian news website and Newspaper, of which I'm pretty sure this adverts you saw above, wasn't free, but rather a paid ads, in other to convince to want to see it as legit, simply because it was published on one of the most popular Nigerian News platform. So in conclusion, the best advice I can give you now is to only invest in Bitcoin, because all other altcoins are highly volatile.

[Iroh]

The punch newspaper is not a crypto related paper and isn't a viable place to get your crypto related advice on what coins to invest in. Also, these articles are likely opinion based articles so again, they're likely someone's thoughts and opinions and may not actually be a professional advice on what alt coins is good to invest in or not.
Also, you've got to be extremely careful when generally dealing with alt coins and be very thorough and selective when it comes to acquiring information on alt coins to invest in. There are lots of better options to get your information from than from Punch newspaper.

[SuperBitMan]

When you see a new coin think promoted the next thing you are supposed to do is to do a very good investigation on the coin for me I usually check if the coin is a decentralized coin if it is a decentralized coin I will then have little Trust on the coin, however if it is a centralized coin I will have very low trust in it after that I will check if the coin bring something new for example faster transactions, cheaper fees, privacy, interoperability, AI, DeFi, etc, i will also check How many coins exist Total supply & circulating supply I will then check if is a fair distribution or do the developers hold too much, I will na check lastly if they have strong and active communities on Telegram, Discord, X.
These are the things that will help you know the true potential of a coin before investing in it don't just see a coin and feel that it is okay to invest in it especially if it is been advertised online even though it is advertise by someone who you believe is a guru in cryptocurrency please still check if the coin has good potential.

[Gozie51]

I think this thread will be useful to newbies because them blood go still dey hot to invest in everything called cryptocurrency online but the truth is that, it is not all that glitters be gold, some na flash in the pan.

To invest in a coin, you don't need to follow influencers because most of those coins that you see hyped on newspaper or social media channels, those that are hyping them are either collaborators or whales waiting to dump the millions of unit they have acquired and that is why when you invest soonest the project loses value. Except you only want to take the risk but it is not worth it to invest in shit coins or memecoin.

Checking the supply of a coin, volume etc may not really be the saviour.

A coin with its own blockchain might be promising because they will have more projects coming under them and that will help them sustain their technology and grow. It helped Ethereum, BNB, sol and few more.

Currently, it is better to invest in Bitcoin than taking a risk that is very risky.

[Egii Nna]

Before you invest in any coin, it is mandatory to do your own research, and you can’t just go on and invest in a coin just because it is being promoted on the news. Mostly, pump-and-dump coins are promoted on news and social media platforms to draw the attention of plenty of investors, to invest and pump up the price of the coin. To protect yourself from all these things, you should instead focus only on Bitcoin investment and let go of memecoin investment, especially overhyped new coins, because they are mostly scam projects that aim to lure investors into losing money.

As an investor, never get greedy and FOMO because of the hype you hear about a certain coin, and make sure you receive your crypto-related news from only trusted and reliable crypto sources, to avoid falling for pump-and-dump scams.

[Marvelockg]

Two years ago there was a coin that was promoted on one of the news in Nigeria which I thought will be good but the coin was a bad coin. When it was lauched on an exchange, the price fall more than 10 times. When I went to the exchange last year, the coin value has fallen 1000 times.

Today I did not see the coin anymore on the exchange which was Bitmart which means the coin has been unlisted.

Do you just believe in the potential of a coin just because it is being promoted on the news? what happens if it is just a paid promotion which is usually the case and the person promoting it is neither investing in the coin nor knows much about it, are you not going to encounter loss trying such a risky thing? in a time where people invest so much in advertisement and push out narrative that are not completely true, you don't just believe things just because you see it on the news.

As an investor, if for any reason you want to invest in an altcoin, you have to do your own research first and be sure that you have cleared any form of doubt in your mind before investing in them. as long as it is not bitcoin, then only invest after you have done proper research.

[B-BossMan]

That is why it's always advisable to be careful when seeing a new coin being promoted and they make use of the social media or news channels to divide people's attention in order to make them develop interest in investing in that particular coin, no matter how it's being addressed, that when you miss the opportunity now, it will never come again. Never in your thoughts be deceived by those influences.

With these, when you have experienced all those scenarios, I believe in the future you wouldn't want to repeat the mistake. By going through research, knowing and understanding the foundation of new coins, identifying market values, and acquiring all the necessary knowledge before going into it or investing into it. Moreover, when investing in cryptocurrency, caution should be the first thing you should put In your mind.

[Mate2237]

Investing in crypto comes with it own problems, that is why one needs to make a proper background check on any crypto projects especially with all these altcoins which has flooded the crypto currency market today. One thing that we nigerian investors make is following social media influenced coins this is not a good idea.



The danger of investing in crypto projects that, are influenced by social media is much as they can lead to to investing in what is not real and up tenable. Because what people should know is that social media is controlled by people and they can Play with the psychology of investors by trying to project what is not real to investors.

[Callido]

A few reason to have in mind before investing.

1. Always make proper analysis.

2. Don't buy the news, especially from influencers.

3. Don't buy through hype

4. Investing in crypto is a very risky decision, always have in mind that it's never always right and your portfolio can swing to zero, be able to bear every loss incase.

Crypto projects are not successful as it used to be, the majority of projects are not focused on utility and long term goals, it is mostly projects planned to be rugged as soon they realize huge amount from investors, don't take crypto project seriously, if not bitcoin.

[Nasdel4]

Them no dey tell person o, you go later learn lesson if you no use your head because how can you jump on every information you see online without doing your research or asking valid questions as to if it's legitimate or not. As for me I've never found myself following up a trend without understanding what it's about and how it works. I dot my i and cross my T so I don't regret my actions in the long run. You should too to avoid stories that touch.

[Stepstowealth]

Do not believe everything you are seeing on the news.

With some amount of money you can get almost anything advertised on the media but many people do not understand it this is why they continue to trust every recommendation from the media without their own checking. Media is more after their profits done trying to help you benefits from whatever they're promoting , in most cases they don't even care. So trusting the media blindly is an investment mistake, mistake wey you go cry later from.

As e nor good to trust media on coin recommendation, na so you nor still suppose trust your friends wey go recommend coin for you to put money without you doing your own research.

[Mr_Brilliant$]

People should always make personal research on whatever they want to invest. It's very good you do make your one research. Don't rely on somebody or someone, or even an entity or corporation no matter how big they are. Just because you see it on news doesn't mean it's legit. I will be more wary of something that's very popular than something that has less noise.

[icebar]

If you invest only on the basis of news, then the risk will increase. There are many cryptocurrencies that try very hard to get a positive response in the market at the beginning. They advertise their advertisements in various news. When there is a positive response in the market, their true face is revealed. You should definitely be careful about those projects where high profits are shown for a small investment. Moreover, altcoins are always risky. Among them, there are some projects that are run only by hype. When the hype ends, those coins can also die. That is why there is definitely no alternative to Bitcoin for investment. If someone is interested in investing in any other altcoin, then of course they can invest a small part of the total portfolio there, which if lost will not cause them any major financial problems.

[PVequalNRT]

People should always make personal research on whatever they want to invest. It's very good you do make your one research. Don't rely on somebody or someone, or even an entity or corporation no matter how big they are. Just because you see it on news doesn't mean it's legit. I will be more wary of something that's very popular than something that has less noise.

Nigerians are easily influenced online and that things pains me so much. Let's Davido and Wizkid do something now, even if it's a foolish thing, the fans will defend them from now till eternity. I don't know where they got their sense with supports.

Uptil now, some people are dragging Davido for launching a scam coin that if it's in a develop country, he would be arrested for promoting a fake coin but some fans are supporting they do. We really need to do better with this way of tricking people to bad investment.

[Swift_tr]

News outlets are not financial or crypto experts so taking advice from them is at your own risk. There job is to do adverts for attention but they cannot control the intentions behind the coin, positive or negative.
Doing your own research is very important so as to avoid trends that can lead to scam because these news channels are not responsible for any decisions you make.
Stay safe and avoid quick bucks.

[Olotu20]

As for me I have decided that anything aside Bitcoin count me out. I don't even know why people still buy into these types of coins that are been promoted just to gather people who can invest in it. And after that we don't see anything that has to do with rise in such coins. We have seen this over and over play out so by now I expect that people should become more wiser and stop wasting money in investing in some of these shitcoins without any future growth prospects. It Should also be noted that most of these coins that are being promoted on social media platforms and even on print media such this particular one in discussion, are actually developed by scammers with the view of making money off the investors who ignorantly put their monies into such coins.

[Oyoyoma_yu]

When coins are being promoted on the news, this doesn't mean they are genue, the advertisement is to attract more people into investing in such coin, and thereafter you see the same coin collapsing in their price. Sometimes, you see some of this coins being promoted by celebrities, and their huge fans will begin to invest in them. When baby dogecoin came onboard, it was regarded as a good memecoin, and personally I even invested in it using OKX exchange, but unknowingly to me it is a pump , and dump memecoin, and on the same bitmart exchange you mentioned, I invested in one trending coin then called bear coin, this very coin pumped initially, and later dumped to zero. Most altcoins are dangerous to invest your money, it good you invest just little amount of your money in altcoins to save yourself from regret.

[Dreadboost]

Gone are the days when hyped memecoins used to make people rich. Hyped coins are mostly scam coins.

People who are joining cryptocurrency at this time should stop following the hype. The mistake most of us make is to buy every coin trending on the news, on Facebook, or YouTube. Meanwhile, the right thing to do is to ask the people who have been there before them what coins to buy.

For Nigeria dem say "peso way de ask question no de miss road". Na so crypto be too. Ask questions where necessary. There are lots of people ready to teach you.