In this article, we will explore the fundamentals of Inedible Coin and on-chain data for their crypto asset, the INEDIBLE token. As we do so, we will use Moralis Money! Thanks to this tool, we can look at different timeframes of what’s happening on-chain for INEDIBLE and catch increasing momentum. Plus, on the Moralis Money token page for Inedible Coin, you can find useful links and more information about the token!
Since Moralis Money will be a big part of today’s article, we’ll illustrate how you can use this tool not just for INEDIBLE but also to find other altcoin opportunities! Here is a sneak peek of how it works:
What is Inedible Coin?
Inedible Coin is the crypto project behind the INEDIBLE token. $INEDIBLE is an ERC-20 token – an experimental anti-MEV cryptocurrency that can be traded on Uniswap.
According to the creator of this coin, Rober M. C. Forster (@RobertMCForster), INEDIBLE makes it impossible for its trades to fall prey to sandwich attacks, hence the name “INEDIBLE.” In addition, “Robertforster.eth” is the blockchain address that minted the INEDIBLE token on June 7th, 2023.
As you can see from the project’s official website, INEDIBLE has no specific use case. Hence, it is just one of many meme coins that came to life during the 2023 memecoin season.
In line with the token’s “memetic nature,” it has an enormous token supply – there’s a total of 888,888,888,888,888 Inedible Coin tokens.
Sandwich Attack Explained
A sandwich attack is an automated action executed by bots (a.k.a. MEV bots). But how does this actually work? Well, whenever a user wants to purchase a token, a bot (or bots) buys the token right before the user. This drives the price up. The bot then sells those tokens to the user at a higher price.
Essentially, these bot owners profit by purchasing tokens at the market price and selling them to users at the highest possible price. Consequently, sandwich attacks cause users to always get the worst price at any particular moment.
These kinds of attacks require three trades on a DEX in a single block, as indicated by the following image.
Robert Forster explains that he made such an attack impossible by simply making the trades in a DEX pool fail after two transactions in the block. As such, two individuals can still swap INEDIBLE tokens inside a single block, but it prevents the sandwich attack.
This safety feature may cause innocent transaction failures every once in a while. However, according to Forster, the cost of this rarely-failed transaction should be much lower than the amount saved by stopping sandwich attacks.
Forster also states that he believes this is the simplest and most effective way to natively stop sandwich attacks.
Inedible Coin Price Action
As mentioned above, Inedible Coin started trading on Uniswap on June 8th, 2023. The token’s initial price was $0.00000000004994, which remains its all-time low (ATL) level.
Within the first four hours of trading, the token managed to reach as high as $0.000000001783 for a 20x-plus initial rally. After reaching that level, the token experienced a 50%-plus pullback, but it found support at the $0.00000000045-ish level. The latter gave many Moralis Money Pro plan users a chance to get their bags of the INEDIBLE token. And those who took action were neatly rewarded in the next 19 hours.
On June 9th, 2023, the token took off from the aforementioned level and rose by more than 900% (more than 10x) in just eight hours. Then, the token retraced for about 60% just to go on another 3x-plus rally. The latter resulted in INEDIBLE’s current ATH, which sits at $0.00000007535.
Since setting its ATH, the token has been quite volatile within the $0.0000000034-ish and $0.0000000067-ish region.
At the time of writing, INEDIBLE is at the $0.0000000036-ish level, which seems to be its local support. If this area holds, the price could reverse toward the ATH level. However, since the token’s initial momentum has decreased, it could easily continue its downward movement. In that case, the following levels are the most likely levels of support and potentially interesting entry points:
- $0.0000000031-ish
- $0.0000000027-ish
- $0.0000000021-ish
- $0.0000000015-ish
Should You Buy Inedible Coin?
It’s important to point out that we are not financial advisors, so we cannot answer the above question for you. However, by using the information provided above and combining that with the power of on-chain insights offered by Moralis Money, you should be able to make an informed decision.
Keep in mind that the token is an experiment and that it has already experienced a noticeable price increase. Still, if its on-chain metrics remain strong and even pick up the pace and the current price range holds, the INEDIBLE token could go on another run.
So, if you do decide to get your bag of INEDIBLE, you can use the “Buy” button on the respective Moralis Money page.
The best opportunity to enter this altcoin was in the first minutes of its launch or by entering in the above-outlined retrace following the initial pump. Moralis Money Pro users who entered promptly could have pocketed more than 10x profits.
That said, you can’t go wrong by focusing on other altcoin opportunities. After all, there are many new coins going live every day. There are also countless existing altcoins currently at highly undervalued price levels, ready to reverse their prices as soon as the crypto bull market starts.
If you’d like to explore Inedible Coin further, make sure to check out its token page below!
Now, let’s dive into Moralis Money! As we do so, we will illustrate how to spot altcoin opportunities and ride gains such as those Inedible Coin produced!
Moralis Money – Altcoin Opportunities at Your Fingertips
Moralis Money launched at the beginning of 2023 and has already helped numerous casual and professional crypto traders make the most of altcoin opportunities.
Many of these tokens were meme coins, including PEPE, VIRAL, INU, VOLT, HPOS10I, and many others. However, Moralis Money has also helped traders spot upcoming DeFi projects.
Unlike other on-chain tools for crypto data analysis, which are complex and cause information overload, Moralis Money provides straightforward and actionable results.
You see, most other on-chain tools are created by data scientists with no altcoin-trading experience. However, Moralis Money is a product of collaboration between seasoned altcoin traders and industry-leading Web3 developers.
It provides beneficial on-chain insights – the same kind of data that enabled us to spot coins like EGDL, MATIC, and many others in the previous cycle.
Nonetheless, Moralis Money’s three core features – Token Explorer, Token Alerts, and Token Shield – help you avoid the three most common hurdles altcoin traders face: FOMO, scams, and lack of time.
How to Get Started with Moralis Money
This section covers more than a dozen useful tips that will help you get going with Moralis Money without breaking a sweat. As such, you’ll be ready to use this awesome tool to spot the next INEDIBLE token in no time.
- If you are looking for the fastest and simplest way to generate your first dynamic list of altcoin opportunities, the premade filters are the way to go. They await you on the Moralis Money homepage:
- Next, get comfortable with applying unique filters on the Token Explorer page. Open Token Explorer and master the following five-step process:
- Select a metric
- Select the metric’s filter option
- Enter a value for that metric
- Select the timeframe
- Hit “Run Query”
- Spot the best altcoin opportunities by combining the power of multiple metrics:
- When your goal is to find new coins, apply the Coin Age filter and enter the maximum age of coins you wish to focus on.
- If you prefer to keep an eye on more seasoned altcoins, use the Market Cap metric.
- Use metrics like Liquidity, Holders, Buyers, Experienced Buyers, and similar to identify tokens that are gaining on-chain momentum.
- Experiment with the Token Explorer metrics, values, and timeframes to find winning queries. Do not forget to save your favorite filter combos!
- Reduce your risk of being scammed by considering Token Shield’s security scores:
- You can run your saved queries on autopilot thanks to the Token Alerts feature:
- Switch to other blockchain networks to explore different cross-chain opportunities:
- To be the first on the ball, unlock the lower timeframes by locking in the Moralis Money Pro plan:
- Do you want to test Moralis Money first? Use the seven-day test drive option:
- Explore other Moralis Money features and perks – you can even track your crypto portfolio:
Exploring Inedible Coin – Should You Buy the INEDIBLE Token? – Summary
In today’s article, you found out that Inedible Coin is a crypto project, and you now know that the INEDIBLE token follows the ERC-20 token standard. You also found out that the token doesn’t have any actual use case at this point. As such, it qualifies as a meme coin.
You also discovered that the token has a built-in safety feature that prevents sandwich attacks. So, if you were looking to trade a meme coin without the risk of MEV bots driving your trading price higher, INEDIBLE might be the token for you.
We also looked at the INEDIBLE’s price action, where you learned that the coin had already increased by more than 100x. As such, it might be smarter to focus on other altcoin opportunities.
With Moralis Money and the on-chain insights it provides, you can finally stack the chances of finding alts early to your advantage. Nonetheless, we even provided useful tips to help you get started with this powerful on-chain tool fast.
Do not forget to lock in the Moralis Money Pro plan before the next price increase!
