Because I have been trading memecoins long enough, I’ve seen the same mistake ruin traders over and over again. And it’s not just bad entries or chasing tops. It’s approvals.

Every time you swap into a shiny new token, you’re forced to “approve” the contract. Most people, in the rush of FOMO, hit “Approve Unlimited” without thinking. And that’s where the trap begins.

What looks like a harmless click can become a blank cheque. Once approved, that contract has ongoing permission to pull funds from your wallet. If the dev slipped in malicious code and in the memecoin arena, many do — then your wallet is compromised for as long as the approval stands.

Billions have been drained across cycles. Rug pulls and malicious approvals combined accounted for hundreds of millions in losses in 2024 alone, with thousands of wallets completely wiped.

Just yesterday my friend @prince__shari got caught in one of these traps. He’d been up heavy on a position, only to wake up the next morning and find his wallet completely drained. It wasn’t the trade that killed him, it was the approval he signed in the heat of the moment. Watching that happen in real time burned the lesson into me: the biggest danger isn’t always price action, sometimes it’s the hidden mechanics behind the trade.

That’s why when I use @LABtrade_, it feels like trading without that constant paranoia. The platform doesn’t just leave approvals hanging wide open. It automates post-purchase approvals in a scoped, controlled way, which means you’re not permanently exposed to every contract you’ve ever interacted with. And when that’s paired with audited infra like @turnkeyhq’s secure key management, you’re not just clicking buttons — you’re operating in a safer trading loop.

Because I’ve been trading memecoins, I know the small technical details are what separate survivors from casualties. It’s never the flashy features that save you, it’s the safeguards you don’t notice until they’re gone.

Prince’s loss is a reminder for me and a warning for anyone who thinks approvals don’t matter. Labtrade has taken one of the biggest hidden risks in memecoin trading and rewired it into a process that doesn’t punish you for chasing opportunities and that matters.

And if you’ve traded memecoins long enough, you’ll know why.