What a name to give to a group of coins. Even without any cryptocurrency or digital asset knowledge, we know that anything that has the prefix “shit” in front of it has little or no regard or worth. Just as we have things of little or no value in the world, we have some coins which have little or no worth, value in the crypto world. This article will give you a better insight into all you need to know about shitcoins.
If you’re a newbie to the crypto world, don’t worry we got you covered on all the knowledge you need about shitcoins. Let’s dig in
To help us know what shitcoins are, we’ll be borrowing a lift from a few sources. According to investopedia.com “shitcoin refers to a cryptocurrency with little to no value or a digital currency that has no immediate, discernible purpose.” This definition shows you that if shitcoins should be given another name it would be “Zero Worth coin.” This little or no value characteristic of shitcoins is said to be caused by the creators of these coins followed by those who “invest in them.” The short life span of shitcoins is said to be caused by investors who want to get rich quickly, so they use these coins as part of their scheme and pull out when the coins need them the most. This goes to say that these investors only want short-term gains and not long-term gains.
According to a post on Quora, a shitcoin is called an “altcoin (that) is considered worthless due to the lack of useful features in the development of its blockchain. While shitcoins are considered worthless, that doesn’t necessarily stop them from going ‘to the moon’.” This post clearly shows that the creators of these coins have no solid view of what these coins should do but could become better if they begin to pay attention to their features.
The urban dictionary seems to have the harshest view of a shitcoin. The Urban Dictionary defines a shitcoin as “a great way to lose money” and “a cryptocurrency with no utility or unique features.” We termed this the harshest because this definition goes to say that a shitcoin has no hope of value at all so it’s like all the hope a shitcoin has is the hope of becoming valueless or worthless in the future.
The deal about shitcoins is that from the very beginning, these coins have no clear goals and make little or no impact in the cryptocurrency market. These coins only seem to be copies of already existing and standing coins in the crypto world. Generally, the subjective opinion of most crypto traders and analysts is that shitcoins are bad for investment. This opinion is rather subjective owing to the fact that most coins considered to be shitcoins have beat their way through the crypto market to stand among other valuable coins.
Not everyone can spot or identify a shitcoin. Some experts can spot a shitcoin from a distance (by distance I mean certain information about the coin). Funny enough, the price is not the first thing you check out for when trying to identify a shitcoin. Instead of checking for the prices of these coins first, here are a few tips you should watch out for?
Are the creators, developers known, or are they, strangers? You see this question right here, this is your very first step to spotting, identifying a Shitcoin. What more can generate distrust among people if not fake names and people who possibly hide behind cartoon avatars or emojis. If you find a coin whose creators have not been identified, that’s a sign that the coin is a Shitcoin.
Does the coin, project have a whitepaper or is the whitepaper difficult to understand? To help us answer this question, let’s first know what a whitepaper is. Simply put, a whitepaper is a document that gives investors proper information on the coin or project they want to invest in. Now one funny feature of a shitcoin is that the whitepaper is either a copy of an already existing project or it is so complex that even if your it upside down you will not be able to get anything out of it. To worsen the case of some of these projects, coins don’t even have a whitepaper at all. So if All the boxes about the whitepaper are checked, then you know you’re standing on a Shitcoin.
Your next step on the checklist for spotting a shitcoin is to find out the goals for this project. They should have a specific goal and a time frame for this goal. The deceit most times is to present the inventor with so many goals and no specificity. It is the goals of the project that will define and also assure the investor of development shortly.
Your next step is to check for the number of holders and the liquidity pool. Cryptocurrency experts say holders of any coin that will do well should be up to 200 and above. Anything below is more of a red flag and the liquidity pool should be about $30,000.
Related: What is Wakanda Inu
Right now I’m guessing someone is already asking “why do we have a guide to buying shitcoins after all indications show that they will do little or no good?” You must understand that the certainty of the crypto market is highly volatile, so this means a so-called shitcoin can become an enriching project in no time. Some coins labeled as shitcoins have shown that shitcoins have a hope of value and worth.
To be able to buy shitcoins, you must have a wallet where you can store these coins. One safe and trustworthy platform for this is Trust Wallet. Your next step will be to purchase BNB. You can do this on a platform that sells BNB, one platform is Binance, another option will be crypto.com.
After the purchase of the BNB, send the BNB to your Trust Wallet BNB address. After the transfer of BNB to your Trust Wallet BNB address. Your next step is to connect your Trust Wallet to PancakeSwap, you will do this by pasting the PancakeSwap website address on your Trust Wallet DApps browser and then selecting the go/enter option. When the PancakeSwap website opens, change the operation icon at the top right-hand corner to Smart Chain. Your wallet will connect automatically and after this, you can trade your BNB for any shitcoin of your choice.
Even though there are scanty speculations of good profit in shitcoin investments, a lot of people have made investments in certain shitcoins and these shitcoins broke off the bounds of being shitcoins. If you have invested in any shitcoin and you’re looking to sell, here’s a little advice we have for you.
The key to knowing when to sell your shitcoin is consistent monitoring and what your target is. So if you have a target of 400% – 500% then when the coin hits that target you can sell. Some other people let the coin rise to its all-time high and when they notice it will go for a considerably painful dip, they sell it off. Whichever way you choose, the time to sell your shitcoin depends on the market and the investor. The timing is dependent on how much knowledge you have of the crypto market and what your plans are for HODLing.
By now you should have understood that the volatility of the crypto market is high and so rise and fall is expected at any time and at no time in particular. If you’re looking to invest in some shitcoins here are some which we see to have a good future.
With its fast-rising price and analysis from Crypto market experts, Wakanda Inu is one shitcoin you can invest in. Wakanda Inu was created by some African developers after the success of Shiba Inu and it has proven to be like its predecessor. It’s a fast-moving train and it’s not too late to join in and enjoy all the fun that comes with it.
Created after its predecessor Meme coin the Dodge, the Shiba Inu has grown above the expectations of analysts and marketers in the crypto world. As one of the most successful shitcoins in the market, Shiba Inu has shown a lot of hope at the moment and much more hope for the future. If you’re looking to invest in a shitcoin with a smart future this is one you should jump on.
One of the first Meme coins to be created in the history of the crypto market. The Dodge coin has shown a lot of success and is still showing hope for more success as it has the backing of a rising number of influencers and a lot of hype in the world.
This is one coin that many people have downgraded basically because it is used for purchasing mobile packages. Some analysts feel this project would work better without a blockchain system but so far market experts have seen this coin as a chance for many to cash in.
BitTorrent (BTT) is a coin that was built to enable the file-sharing platform known as BitTorrent. The BitTorrent platform was already a standing platform before the inception of the coin. This coin has proven to be a shitcoin that will be good for investment.
If they are other amazing shitcoin out there that you think should be in this list kindly drop it at the comment section. Kindly share with your friends so they cash in on a 10x profit of shitcoins.