What is a Shitcoin and which coins are labeled as such?
The debate on this issue was intensified by Song and Buterin, who tried for a few minutes to refute the opposing views. And in the absence of due regulatory process for the issuance of cryptocurrencies, technically all of them were issued out of the blue and had no value at the first moment of launch. Learn about stock analysis and how to use it to find the right company to buy. Finder’s Consumer Confidence Index tracks how US consumer sentiment for wealth, debt, work satisfaction, financial sentiment, economic confidence, and more.
The price can suddenly spike overnight and fall back to below zero as investors rush in for short-term gains and dump the project mid-way. For instance, Jacob Martin created the coin called shitcoin and released the project on December 20, 2021. While it is not considered a serious project in some quarters, it still serves as a digital currency. It was available on pancakeswap as a token after the presale. Shitcoins are unique in the way they are traded, despite some projects' striking similarities. Shitcoins like baby shitcoin are a good example of these projects' uniqueness.
We're also a community of traders that support each other on our daily trading journey. Although subjective, some of the well-known shitcoins within the crypto markets include Dogecoin, BitTorrent, Dent, TRON, and Shiba Inu coin. Today, the word shitcoin is tossed around referring to cryptocurrencies like boats in an ocean. There’s just something about it, as Eric Lombrozo explains, the word just has that viral ring to it which allows it to dominate. Apecoin is a platform comprised of 10,000 unique collectible Bored Ape non-fungible tokens . This marketplace provides some of the top NFTs for sale; all built on the Ethereum blockchain.
This game initiative gives users several ways to earn tokens. The coin gas has been attracting the attention of crypto investors because it offers promising prospects. Thanks to its Play-to-earn feature, it is gradually breaking the barrier between crypto technology and non-crypto individuals. Read on to find out what makes these shitcoins valuable and unique among other shitcoins. Another popular shitcoin is Shiba Inu, which is a copy of Dogecoin and aims to dethrone it as the most popular memecoin. Initially founded by an anonymous developer and meant as a joke, Shiba Inu has since tried to pivot to become a more “serious” cryptocurrency by integrating DeFi features.
This action is followed by a nosedive caused by scalpers, panic sellers, and initial investors. According to an individual’s subjective opinion, a shitcoin is a cryptocurrency that is supposed to be a bad investment. Shitcoins are also considered to be coins that do not serve a particular purpose in this ever-evolving crypto-world.
Other marketing techniques used for shitcoins are giveaways, airdrops and token burns. Through a combination of these, shitcoins try to create a sense of scarcity while driving up the demand for the coin. However, since most of these tokens have a freakishly high token supply, in the trillions or even quadrillions, the only purpose of these techniques is to create a sense of FOMO. A shitcoin is generally launched in a bull market when the investor sentiment is at its highest. At the peak of altcoins2023 a bull market, investors care less about utility and fundamental value and more about short-term gains and leveraging their capital.
However, most shitcoins are implicit or explicit pump-and-dump schemes. Their only purpose is speculation, and they aim to increase their token price as much as possible to yield more profit. In the worst-case scenario, the projects behind them turn out to be rug pulls specifically designed to enrich their founders. A shitcoin is often created with no intention to have utility besides speculation on a rising token price. Many shitcoins do not hide the fact that they have no intrinsic value and even try to play on the notion of being a bad investment. As such, they are considered extremely risky investments since they can yield outsized gains but have no fundamental value and can lose all of their value in a bear market.