Few people have worked in the field of cryptocurrencies and are not encounter with this title. But the question is, is Shitcoin a crypto in itself? What kind of cryptocurrencies are called Shitcoin and what is the use of such cryptocurrencies in the market?
If we want to define Shitcoin a little more precisely, we have to go back to the time when the first tokens after Bitcoin (BTC) entered the market. After the high popularity of Bitcoin, every token that was later introduced to the market was called Shitcoin, but this definition changed over time.
Shitcoin was first used on a forum called Bitcointalk on November 2, 2010. The term has been used by users on other websites, such as Reddit, but Google analysts show that the use of the Shitcoin name has been very low since 2017, and after this year, with a growing wave of demand for cryptos the use of this term also became very intense.
Nowadays, those cryptocurrencies that enter the market without strong support, without purpose, without a plan, or even with aspects such as the joke aspect, are commonly referred to as Shitcoin.
If we want to name some of the most famous Shitcoins in 2021, we must mention DOGE and SHIB.
One of the things that increased the popularity of Shetcoin among the people was that many people were able to make huge profits in a short period of time by investing in some of them; But the opposite is also true.
There were many people who put their long-term capital into these Shitcoins and unfortunately lost all or part of it.
One of the basically different between Shitcoins with other coins is its unknown development team.
Some other features of a Shitcoin include:
Low liquidity ; Unfounded pricing ; Taking over other projects in performance and Behind the promise in doing programs of their roadmap.
But in the meantime, what has attracted the most attention is the finding of "explosive Shitcoins". This means that it is possible pumping price in every moment.Some of these exclusive Shitcoins are:
Dogecoin
It was released in the last days of 2013 and its purpose was nothing but a joke or mockery of BTC, but it opened so much space in the hearts of fans that today it is one of the best Meme coins on the market. One of the most influential factors in the price fluctuations of DOGECOIN was the supportive Tweets from Elon Musk, CEO of Tesla.
Shiba Inu
One of the another Shitcoins that in 2021 make a big news controversy Is SHIBA-INU.
Since the acceptance of a token by large exchangers usually has a great impact on their prices, this token, due to high demand from users, was able to place a significant price increase by being included in the list of large Bainance exchanger and put this token in the list of the best Shitcoins.
SafeMoon
Other high-potential explosive shitcoins include SafeMoon. Recently, the focus on this token has greatly increased and led to a price correction for it, but because of its strong strategy and good support team, we can hope for its increasing as the market rises.
in addition of these tokens there are 3 exclusive Shitcoins:
Hoge
Elongate
Kickpad
At the end I emphasize if you want invest in Shitcoins, be sure to do enough research on it.
