- Uniswap moonboys are ten a penny on crypto Twitter now, but many are just charlatans
- Following others into trades is not necessarily a bad idea, but don’t just fall for promises of a 100x
- There are key things to look out for before you copy someone into a trade
Crypto trading is populated by those who have never traded before, and as such there are rich pickings available for the more educated and less scrupulous in the space. In 2017 it was the ICO boom and Etherdelta gems that led to newcomers getting left holding the baby (and a substantial loss). This time around its Uniswap gems that are bankrupting newbies, but such a fate can be avoided if you stay wary of the wrong kind of Uniswap trader.
Ignore the Uniswap 100x Club
The first thing to know about Uniswap moonboys is that their 50x-100x targets are about as speculative as you can get. Yes, the coin might eventually get there, and some of them do in double quick time, but the vast majority of the projects the 100x club tout are just replicas of existing projects with slight differences, or none at all, meaning there is no reason why they should reach these dizzying heights.
Uniswap moonboys get into pre-sales or buy up the coin when it launches, and then hype the hell out of it, promising three-figure returns. The truth is however that these Uniswap moonboys usually have no intention of holding until that point. They have very clear sells set, usually between 2-5x, leaving a small bag in case the 100x comes off. Their plan is to dump on people like you and move quickly on the next one, using the 100x as bait.
Spot The Difference and Avoid a Loss
Fortunately, these Uniswap charlatans are very easy to spot. Here are some examples of the kinds of posts that now plague the space:
As you can see, these lazy posts are written by those who have either just bought a bunch of the token in question on Uniswap or are underwater with it. Either way, they are doing nothing but try to get you to buy into their terrible hype and boost their own holdings.
Now compare these posts with those from our in-house crypto analyst Will from Crypto Day Traders:
> Against the grain here and buying the uncertainty around this
> I voiced my opinions yesterday and am building a position in this zone
> I think the mixture of the project vision, the possibility of migrated tokens, Andre etc brings significant upside
> Risky – DYOR pic.twitter.com/H1b4d8mWkK
— GΛMBIƬ 🦄 (Uniswap Degen Until Further Notice…) (@Crypto_Gambit_) September 17, 2020
Spot the difference? While others crow about a 100x as being almost inevitable, Will lists very clear points at which to take profit and doesn’t make any ‘moon’ promises. This is the kind of trade that you can be much more comfortable in taking, and reflects the points at which the Uniswap moonboy club will probably be taking theirs too – they just don’t want you to know that.
Dream Big, Act Conservative
At FullyCrypto we always advocate for you making your own trading decisions and not following others into trades, but if you do want to follow someone into a trade, make sure you’re not falling for the antics of the Uniswap 100x club.
Anyone advocating a trade or a token where only multiple gains are mentioned has no intention of holding for that long, and so neither should you. Set conservative sells so you lock in more realistic profits along the way, and by all means keep a moonbag in case that 100x comes off one day.