Planning to buy Memecoins? Know how trusted wallets can save you from frauds

The launch of the Memecoins – $Trump token followed by $Melania Token – has already moved the token market into a frenzy. Since its launch on January 17, the market value of $TRUMP token stands at $15 Billion. The enthusiasm received by these tokens has been further complemented by evidence from a recent Chain Analysis Report. The report, as published on 22 January, has revealed that 50% of $TRUMP and  $MELANIA token holders have never bought a Solana altcoin before. “Nearly half of buyers created their wallets the day they purchased the tokens”, the X thread by Chainanalysis revealed.

Need for Secure Wallet

Perhaps, it is this knowledge about naivety of these new retail investors that led many of these to become the target of a newly exposed fraud scam. A Russian cybersecurity firm called F.A.C.C.T (formerly known as Group-Ib ) revealed that TRUMP and MELANIA token holders became a target of 10 fraudulent websites, making investors drain their wallets under the pretence of verifying eligibility for transactions. By asking the ignorant investors the seed phrase from their respective wallets, fraudsters attempted to “hijack” their crypto wallet or connect malware in order to squeeze funds available in the wallet.

Thus, the evolving popularity of meme coins has also led to the growth in fake sites and scams. As new and young investors enter the market, excited by the frenzy created by the Trump family’s tokens, it becomes quite essential for investors to choose a safe and secure wallet to hold their tokens. With more Trump family tokens speculated to be launched this year, the growth in new investors is poised to grow. 

If you are also among the new investors and are seeking to buy and hold the memecoins or any crypto coin for that matter, choosing a safe and secure wallet becomes your highest priority. One such safe wallet that can be used by investors is the Bitget Wallet. The Web3 trading wallet, offers a safe, convenient way to invest in over 500,000+ cryptocurrencies, and not only the memecoins.

Kinds of Wallets you can create at Bitget

Bitget Wallet can be created in two ways: One is Mnemonic Wallet where a mnemonic phrase consisting of 12 common words in English is used to create and recover your private key and wallet address. As a non-custodial decentralized wallet, only its users have the access to their private key and mnemonic phrase, enforced by Bitget’s Double Encryption Storage Mechanism (DESM). Second is the Keyless Wallet which uses Multi-Party Computation (MPC) tech, allowing users to create a wallet with various accounts like Telegram, Google, Apple ID, or email. 

Moreover, it also allows users to create a Hardware Wallet by scanning the QR code. A watch-only wallet to track asset movements across multiple networks via a wallet address can also be created by the users – who are not up for investment yet. Users can also import their already created Keyless or Mnemonic Wallets. 

Completing the Memecoin purchase: After creating your desired wallet account, you can fund it with fiat currency (if you don’t have a base Cryptocurrency like ETH already) according to the number of tokens or Memecoins you wish to buy. Then navigate to the “Markets” tab within Bitget Wallet and search for the Memecoin you want to buy, say if its TRUMP token, type that in the bar. Select “buy” to access Bitget Swap and execute your trade.

A look at the Feature-rich Wallet of Bitget

Offering the most inclusive market intelligence of all memes coins, Bitget Swap will provide you with Real-time Quote, Token Price Chart, Token Contract, Market Cap, Transaction Histories and Data Analysis – to help you out with the trading and buying. It goes beyond traditional wallet services by providing user-friendly tools like asset discovery and management, Instant Swaps, NFT marketplace, DApp Browser, Launchpad functionality. As the Web 3 multi-chain wallet, it holds the record for the highest number of active wallets on Arbitrum and Polygon. In March 2022, its average daily trading volume of multi-chain swaps reached $20 million.

Strong Security of Users’ Wallets

For the security of its over 60 million users, it maintains a $300 million protection fund and collaborates with leading security companies such as CERTIK, GoPLUS, NETCRAFT. For daily transfers, transactions, and private key viewing, it makes sure of the verification of the user by entering a passcode. To mitigate the risk of asset loss, it uses Github’s open-source libraries and Go+ interfaces to identify phishing websites and promptly displays risk alerts to its users.

Moreover, to safeguard your Memecoin assets, it uses proof of reserves, third-party custody mechanism and as mentioned, a protection fund. It also uses biometric authentication and hardware wallet compatibility, verification of transactions before executing them – to ensure top-notch security for it users’ assets. Thus, in case you are an entrant into the crypto market, you can be relieved of the scam risks associated with the investment.

Founded in 2018 as Bitkeep, it rebranded itself as Bitget Wallet in March 2023 after its collaboration with Bitget. Available in over 168+ countries and regions across North America, Europe and Asia, it is the largest decentralised wallet in Asia – making it the safe choice for users  to access the opportunities of Web3 ecosystem.

 

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