In this article, we will discuss How To Buy & Sell MemeCoins on SUI. You will understand the fundamental actions to create a wallet, link to a SUI exchange, and trade popular MemeCoins without hassle.
This helps both novice and pro traders complete the process easily on the SUI blockchain which is fast and offers low fees.
What are MemeCoins?
MemeCoins are a type of cryptocurrency created from memes or other notable trends in society. MemeCoins’ purpose is to entertain, thus they lack the serious technological groundwork seen in cryptocurrencies such as Bitcoin or Ethereum.
Dogecoin and Shiba Inu are prime examples, receiving massive attention from strong online communities and viral social media trends.
Despite the underlying technology being of little to no use, some MemeCoins have managed to gain real-world value and utility. Still, they tend to be high risk volatile investments.
MemeCoins tend to be endorsed by social media celebrities, and their utility is based heavily on the infrastructure provided by technology.
How To Buy & Sell MemeCoins on SUI
Step 1: Create Your Suiet Wallet
- Get the Suiet Wallet extension or mobile app through appropriate app stores.
- Create a new wallet and make sure to back up your seed phrase.
- Add some SUI tokens to your wallet to cover transaction fees which are required during the operations.
Step 2: Link Your Wallet to SuiSwap
- Go to SuiSwap which is one of the leading DEXes in the SUI ecosystem.
- Click on Connect Wallet and opt for Suiet Wallet.
- Approve the connection request sent for your wallet.
Step 3: Purchasing MemeCoins
- On the SuiSwap interface, choose SUI as the token you wish to swap from.
- Input the address of the MemeCoin’s token contract or select it if it’s available.
- Specify the quantity of SUI you intend to swap for the MemeCoins.
- Check the information and click the Swap button.
- Approve the transaction in your Suiet Wallet, and then wait for confirmation.
- After confirmation, your MemeCoins are now available in your wallet.
Step 4: Selling MemeCoins
- To sell MemeCoins, connect your wallet to SuiSwap once again.
- Choose MemeCoin as the “From” token and SUI as the “To” token.
- Specify how many MemeCoins you wish to sell.
- Click Swap, then approve the transaction in your wallet.
- Once confirmed, the SUI tokens you exchanged will be available in your wallet.
Tips for Safe Trading on SUI
Use Trusted Wallets
Make sure to protect your tokens using the official and reputable wallets like Suiet or Sui Wallet.
Verify Token Contracts
Cross-reference the token contract address with official sources to prevent purchasing fake or scam tokens.
Keep Your Private Keys Safe
Protect your seed phrase and private keys because sharing them will only lead to loss of funds.
Maintain Enough SUI for Fees
Make sure some SUI tokens are always available in your wallet for gas fees to cover transactions.
Start with Small Transactions
Ensure everything is working correctly before trading larger sums by first testing with small amounts.
Be Cautious of Price Slippage
Set a reasonable slippage tolerance in order to avoid unintentional losses during token swaps.
Avoid Phishing Sites
Protect yourself from phishing attempts by verifying website URLs and refraining from clicking on dubious hyperlinks.
Stay Updated
Receive the latest updates and security notifications through community forums and social media channels.
Common Issues and Troubleshooting
Transaction Failure or Stuck
These issues may arise as a result of network congestion or low gas fees.
Solution: Make sure you have adequate SUI available for fees. Optimistically, try increasing the gas limit and retrying after some time.
Wallet Fails to Connect to Exchange
This could be due to bugs in the browser or wallet application.
Solution: Refresh the page, restart the wallet, update the wallet firmware, and attempt reconnection.
Purchased Tokens Not Showing in Wallet
Users experience this issue because wallets do not automatically detect new tokens.
Solution: Go to your wallet’s settings and add the token using its contract address.
Swap Errors Due to Low Liquidity
These errors tend to occur if the token is not actively traded.
Solution: Trade smaller amounts or use a different platform with better liquidity.
Sending Tokens to Wrong Address
These are common due to typos in the address.
Solution: Always double check the recipient address. Keep in mind that all transactions are final.
Conclusion
In conclusion, trading MemeCoins on the SUI network is simple as long as you have the appropriate wallet and a reliable DEX such as SuiSwap.
Always double-check token information, maintain sufficient SUI balance for transactions, and proceed with care.
Adhering to these suggestions will allow you to navigate the thrilling realm of MemeCoins on the SUI blockchain’s rapid and economical infrastructure with complete peace of mind.
