What Does Aping Mean in Crypto?

There is no lack of slang terms when it comes to the world of cryptocurrency. One of them is aping. So, what does aping mean in crypto? Let’s find out!

To cut a long story short, aping represents the situation when traders buy a crypto token shortly after the crypto token project launch without running appropriate research. 

In most cases, aping happens when traders are fearful of missing out, usually as they fear missing out on potential profit that could be lost if they hesitate to conduct due diligence. 

Now, you know “what does aping mean in crypto.” Let’s focus on FOMO. 

First of all, do you know what FOMO is? 

It is an acronym for “fear of missing out.” Importantly, FOMO is a feeling of anxiety often felt when others are having a good time. People who invest in cryptocurrencies are no strangers to FOMO.

As a reminder, many of them got FOMO in 2020 and 2021 when many cryptocurrency prices were soaring. Emotions, along with social media posts, had a serious influence on investors. 

FOMO isn’t necessarily a bad feeling. On the contrary, it is a healthy feeling in the right dose.

However, it also has the ability to create numerous problems. 

How to deal with FOMO 

Source: daututheky.com

It is a well-known fact that fear and greed dominate markets (stocks, cryptocurrencies, etc.) in the short term, and trying to chase the current emotion can lead to disaster.

Unfortunately, it isn’t an easy task to control your emotions. However, it is possible to avoid FOMO. 

First of all, it is important to learn as much as possible about cryptocurrencies. As a reminder, 

getting educated about a topic is often the best cure for FOMO. 

What’s interesting, FOMO is often caused by traders who are trying to make money quickly. 

You should ask yourself one question, “Why am I buying this cryptocurrency?” It is better not to buy random cryptocurrency. You need to take into account various factors.

Moreover, you need to focus on your goals. You need to ask yourself, “What is my plan?” 

As a reminder, saving and investing have a purpose. You need to know why you need money. In order to buy a house, car, etc. 

Remember, it is important to think about many details. It makes sense to write your goals on a piece of paper. Don’t forget to take a look at your goals from time to time.

You need to remember that it may be hard, if not impossible, to find out the motive of investors trumpeting their massive returns on the internet.

So, it is better not to trust all crypto projects. When in doubt, fight investing FOMO by spending less time on social media. Moreover, it makes sense to discuss the situation with your family members or friends or some other trusted person and try to find an optimal solution. 

Is it possible to avoid the aping?

Now, you know what to answer if someone asks, “What does aping mean in crypto?” 

We can switch to other important topics. One of the most popular questions is, “How to avoid 

the aping when investing in crypto tokens?”

As a reminder, cryptocurrencies are famous for being volatile. For example, cryptocurrencies are far more volatile compared to stocks. In spite of all challenges, people are interested in cryptocurrencies.

In the case of ICOs (initial coin offerings), it is the same concept but on steroids. So, you need to be careful with ICOs. 

On the one hand, it is possible to earn a profit, and on the other hand, there is a chance to lose almost everything. Hopefully, it is possible to limit the risks. How? You need to pick your ICOs carefully. 

One good idea is to take a look at the number of tokens that will be offered for sale. Moreover, don’t forget to check the soft as well as the hard cap. As a reminder, the soft cap refers to the minimum amount of funds that the issuer of the cryptocurrency plans to raise. Importantly, the maximum cap refers to the maximum amount of funds the above-mentioned issuer would like to raise. 

Interestingly, this allows you to assess the market value of the above-mentioned cryptocurrency once the ICO is concluded and see how the cryptocurrency ranks in the CoinMarketCap rankings. 

Whitepaper and its importance 

It is hard to overstate the importance of whitepapers. Importantly, they often give an idea about the real-world utility of the crypto project. For instance, a whitepaper could describe how it solves a specific problem, etc. 

Nonetheless, it is vital to stay cautious about the promises. You need to remember that it is quite easy to create a whitepaper. Numerous crypto projects were unable to meet expectations. 

Apart from goals and promises, a whitepaper can also explain how the above-mentioned cryptocurrency will really work. For instance, it could explain what kind of consensus mechanism it utilizes in order to enable network participants to coordinate in a distributed way. 

What’s interesting, it could also give an in-depth perspective into tokenomics components. Besides, a whitepaper could include a roadmap informing interested parties about the project timetable. 

It is quite easy to read the vast majority of whitepapers. So, you don’t have to be a crypto enthusiast in order to understand what is written in a whitepaper. Moreover, a good whitepaper will also give technical explanations in order to highlight the project’s competence.

Important details about ICO 

It is vital to determine the potential of the idea. Moreover, it is desirable to gather more information about the team behind ICO. 

The information about team members should be open to the public. Importantly, the website of an ICO must provide a list of team members. Don’t forget to check the information about each member. 

Hopefully, you don’t have to be a tech guru in order to find the information about the CEO or other key figures. You can use Google Search in order to take a look at the management. So, it is quite easy to find out if there is something wrong with the project.

In essence, the cryptocurrency code is open source and published on GitHub. 

As a result, people have the opportunity to take a look at the code. Even if you aren’t a big lover of technical aspects, it still makes sense to gather more data. For example, it is possible to find out how many people work on the project. 

Last but not least, the crypto world is unique. You have to be prepared for all kinds of challenges. Nevertheless, it makes sense to join one of the most exciting markets in the world. 

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