The crypto space is evolving day by day in aspects of technology and number. Talking of which happens in a crowd of numerous projects, it’s not easy to account for the authenticity of a project.
The growing number of tokens and projects show the potential of technology, but the possibility of a fraud project, scams, or rug pulls also comes along.
It created an effect where scammers/fraudsters evolve with growing technology, making more complex schemes.
As a result of these actions, identifying scam Defi tokens became complex. But this allowed developers to remove the pain point.
One tool to help identify the scam is Token Sniffer, which looks out for different tokens across Binance Smart Chain and Ethereum blockchain. This platform has a user-friendly interface, and its usability is easy.
What is a Network Sniffer?
Before we dive further into what a token sniffer is, let’s take a glance at what a network sniffer and a token mean.
A network sniffer is a tool that can decode traffic and analyze either the metadata or entire contents.
A network sniffer application works by intercepting the data sent across a network, analyzing raw contents or the metadata, and presenting it in a readable form.
What is a Token?
A cryptocurrency token is a denomination of crypto or a virtual currency token. The token represents a utility that resides on its blockchain or tradable asset and allows the holder to use it for economic purposes or investment.
What is a Token Sniffer?
A Token Sniffer is a tool that can be used to search for various tokens on both Binance Chain and Ethereum.
The Token Sniffer platform helps crypto investors to detect hacks, potential malicious contracts, and exit scams.
The website scans cryptocurrency contract addresses for scams, presents traders with helpful token metrics, and stores a database of hacks and scams.
Traders or investors can use the Token Sniffer platform to detect if a new project is a fake/scam or get vital information regarding any new project they are planning to invest in.
The token sniffer platform gets you almost every information necessary to get through the project.
The report based on different aspects will be enough to quickly find out if the crypto token is reliable or not.
As you land on the Token Sniffer website, you get options to find out the vital data either directly in front or through a search for it by putting the address or name of the token.
Whenever a token or new project launches, it becomes necessary to check its authenticity. With the interface of tokenomics, project, usability, and their plan seem so perfectly fit that it’s not easy to get actual intentions most of the time.
In that case, it’s essential to dive into the token’s technical aspects, its analysis from the holder and contract point of view, etc.
This information is not a piece of cake for people with less technical knowledge of cryptocurrency. At that point, an in-depth analysis of Token Sniffer cryptocurrency comes in handy.
How to Find Crypto Arbitrage Opportunities
Bitmart Review: Is Bitmart Exchange Legit or a Scam?
How To Check Out Your Options For A $500 Loans Right Now By KashPilot
7 Best Decentralized Crypto Wallets to Store your Coins
Process of using Token Sniffer
As told earlier about the easy-to-use interface of the Token Sniffer platform, you have to visit its website. After that, you will see an authentication asking to clear the ‘I am not a robot’ page.
Clarifying the page, you will be redirected to the official website welcome page, where you will see it talking about business.
It showcases 3 sections that mention the newest tokens, trending tokens, and the latest reported scams.
Your search should probably end there. If it’s still not, there is a search button in the top right corner where you can search for the token you want to know about.
Simply by putting the address or name of the token you are searching for, which you can put directly or by pasting the copied address.
Then your search result will show you analyses of the searched token. The result shows different factors to judge the token; if you don’t understand it, you can consider using an automatic audit number.
The system of automatic audit on the Token Sniffer platform tells the risk factor included in the respective token.
The numbers given to tokens are from 100. The greater the score, the more significant the risk, implying that a low score possesses low-risk implications.
A high-risk token has a high potential of being a scam token, and the opposite with a low score or low-risk token.
You are ready to go when you are finished with the automatic audit score. If you need more insight and information that gives you a detailed analysis of the token, you can stay and read out further.
Further analysis is done based on contract, Swap, holder, and liquidity analysis.
As clarified by the name, trade analysis or swap analysis informs if the token is sellable or not sellable. You can also introduce the charging rate if it’s eligible to purchase or sell.
The next in line is Contract analysis, which will make you understand whether the agreement source is confirmed or not. Contract analysis shows that the token contract is authentic and has no prior contract.
There is always a point of skepticism in checking for a token’s decentralized nature, which can be judged by the developer’s number of coins/tokens. Holder analysis in the Token Sniffer platform checks on that too and informs you about it.
Lastly, there is Liquidity analysis which allows you to know about the liquidity situation of tokens.
From the aspect where it can be checked, the symbolic liquidity gets analyzed and presented to you.
List of the Top 10 Token Sniffer Alternatives and Competitors
Below is a list of the top 10 token sniffer alternatives and competitors
When you want to invest, you are told to ‘do your research before moving forward for investment.
The Token Sniffer platform can be considered a level out of your multilevel research about a project or token.
The site of Token Sniffer assesses you to decide whether the token you are looking for is genuine or a scam, and so does the related project.
Token Sniffer is an excellent way to detect potential scam projects, but you should not rely solely on the information provided on the token platform.
It would be of great help if you did your analysis before investing in any token. Sometimes, details about tokens on presale are not always correct; this is why you should not entirely rely on the information you get from the website.
Watch the video below to know the top 10 Token Sniffer alternatives: