Everyone keeps talking about shitcoins in the cryptocurrency scene. They are so popular that you may be wondering what they are. Shitcoins are cryptocurrencies that have little or no value.
They are basically of no use and they do not serve any purpose. In some circumstances, shitcoins suddenly become popular and pump & dump well, yielding very high profits for cryptocurrency traders and investors.
This is the case of the Dogecoin (Doge), Feed Every Gorilla Token(FEG), and other shitcoins that have done well in the cryptocurrency market.
If you have ever won an airdrop that totaled into millions or trillions of a token, you might have just gotten yourself a shitcoin.
Although there may be speculations about a shitcoin rising, it may not rise in years to come, or ever.
Shitcoins were first mentioned in the year 2011 in a discussion board. Then there were some arguments about Bitcoin being a shitcoin and a major "scam."
Today the conversation has shifted from Bitcoin to other tokens like Ethereum, Dogecoin, Feed Every Gorilla, Shiba Inu, and many other forms of cryptocurrency. The idea behind creating shitcoins is to create a coin that is very cheap and promises a lot of returns, whilst aggressively promoting that particular coin.
In the end, a lot of people will buy the coin because of the large returns promised and its popularity. Then, due to lack of execution on early promises, and lack of vision for the project, the price of the token will normally tank until it is almost worthless, thus becoming a shitcoin.
If the investors are lucky, they may make enough profit before the coin dips and convince more investors to purchase the coin. Shitcoins have deeply penetrated the cryptocurrency market and in years to come, it would be more difficult to separate shitcoins from regular tokens.
As someone interested in cryptocurrency, over time I have observed that some popular coins are actually shitcoins. They all share similar qualities which are: having little initial value, promising a lot of financial returns, and being relatively cheap to acquire.
Here is my personal list of ten shitcoins that have swarmed the cryptocurrency market.
Dogecoin: The coin that started as a joke in the year 2013 between two engineers buzzed up after billionaire Elon Musk tweeted about it. Doge is rising steadily and growing in demand, making investors take the coin more seriously.
Feed Every Gorilla: Feed Every Gorilla(FEG) token in May 2021 shocked traders by spiraling so high in price that investors reported enormous profit. The token was promoted aggressively in many countries with the use of social media billboards and Telegram, making it pump very well in May 2021.
Shiba Inu: The Shiba Inu Token also known as the Dogecoin killer was launched in August 2020. The coin which is almost a year old was pumped after being listed on Binance and promoted by the owner, Ryoshi as the Dogecoin killer.
Ripple: There have been so many arguments about the Ripple Token(XRP). Shitcoin, scam, and a good investment are the many attributes assigned to this single coin. It is popular but controversial enough to spark up many Reddit arguments and that is a not-so-good sign.
Monero: The Monero Token(XMR) is described as untraceable and difficult to use for many reasons. It is used on the DarkNet and linked with criminal activities on the web, hence its notoriety.
Dash: Dash is a token that has been around for a while now: think of it as a mix of Bitcoin and Litecoin. Like Monero, it is linked with criminal activities and the purchase of illicit substances.
Zen Cash: In the year 2018, Zen Cash now known as Horizen suffered a 51% loss that totaled about $500,000. Although the organization has rebranded, investors will always remember the loss.
Solana: The Solana Token(SOL) is famous for doubling in price sometime in January 2021. The token has been massively promoted on social media and by airdrops, making it one of the most popular shitcoins of 2021.
Safe moon: The Safe Moon Token(SAFEMOON) has been rumored to be a Ponzi scheme. However, it has remained on the list of shitcoins to watch out for in 2021.
Kishu Inu: Kishu Inu is a meme coin that is less popular than Shiba Inu, but still a less expensive investment than the DogeCoin. It is cheap and investors who missed the Shiba Inu dip are willing to buy Kishu Inu: hence it is one of the popular tokens.
Investing in shitcoins is like playing a game of dice. You might get so lucky that your profits are over the roof or feel palpitations when you check the market updates.
Always invest with money you can afford to lose and seek financial advice from experienced crypto traders. Some social media platforms such as Twitter and Reddit give you the opportunity to ask questions: use these platforms as tools to identify the popular shitcoins early and make your profit before the dips.
Ask questions when you are not sure and do your research on the origin of a token before you put your money into it. If the whitepaper is too technical that it is difficult to understand or the website is based on a general template, those are red flags for a shitcoin/crypto scam. You might want to avoid such projects
If the developers are "ghosts", do not put your money in such a coin. In addition, make your inquiries to be sure that there are enough holders of the coin. Websites like Coinbase and CoinMarketCap provide such information.
It would be better to know that you spent your money on some nice clothes or gourmet food and wine than to sit on your couch and cry when you hear of the dips. Stay vigilant and focused: remember, never borrow money to invest.
Disclaimer: The thoughts and opinions in this article belong to the author alone. Nothing in this article constitutes professional investment advice. Please be sure to do your own thorough research before making any investment decisions.