Goodday everyone. How're you all doing ? It's been a while. Today I'll be working on the assignment Prof @nane15 gave us in the last class.

1. Explain your understanding of what a Shitcoin is

Human beings create lots of stuffs but we discover that on the long run some of the inventions don't survive after a long time cause most of these projects lack utility or use case or made as a joke.

We have seen some projects and these kind of projects can also be seen in the crypto space and they are known as shitcoins . We have seen thousands of projects in the crypto space with more than 10000 tokens already created with most not moving again after a long time and is because some of these projects are scams or not made with good utility while some are made as a joke which is a case often seen in meme token .

Shitcoins are altcoins but not all altcoins are shitcoins cause some altcoins have very good use case and play a good role in real time while some altcoins are just useless with no good use case or made by corny people and these are the coins we call shitcoins

2. Do you think it is possible to profit from investing in Shitcoin?

From a personal view, yes you can gain with shitcoins but under certain conditions. The conditions are as follows:

-One has to be early in the project and avoid fomo

-Always remember to take profit at every point and never think long term when trading these tokens cause they are just tokens made with no usecase

-Before entering such projects make sure the community is big enough to push it with proper hype. This is a very key part cause no project be it one with mad utility or no utility, it needs a proper community to move forward

• being able to identify them and knowing what you are getting into one of the best ways to do this is by looking at the use case presented by the project by reading their white paper and if you see there is no serious plans , or they don't even have a white paperqq, These are red flags showing they are shit coins and also when you research the Dev and discover they have a bad history of making shitcoins , then you can be able to decide if to still trade it or not

3. List advantages and disadvantages of investing in Shitcoins

Advantages

• They can give one life changing money : seeing how tokens such as saitama, shiba inu, doge has moved greatly and given lots of people life changing money. We can say that trading these tokens at times can give mad profits but these occurs in 1 out of a 1000 or 100. Honestly I feel this is the only benefit of trading shitcoins cause these coins are actually useless at the end of the day

Disadvantages

• One can easily be rekt:since this projects are developed by bad Devs or scammers , they can easily decide to dump this project and often at times people that have invested their hard earned money see it go down to dust
It is a means of scam : due to the exposure that Crypto is getting many scammers use this medium to rob innocent people of their hard earned money . The means of doing this is by creating shitcoins and using social media try to convince people who are either newbies or greedy into investing and then make away with their hard earned money

4. List at least 3 examples of Shitcoin that have been a scam, also explain what they consisted of

Chester moon token :This was created as a fork of safemoon another shitcoin and was created to reward holders for doing nothing which is a very un realistic project cause there is nothing like free money and this project has been on a downhill ever since

Squid game : definetly one of the most famous scam tokens or shitcoins of the year 2021 . This token was built on they hype surrounding the most famous movie of the ending of the last year .this token was made that one can't sell but you can buy with the Devs dumping the project once they realized people have caught up with them

Milf token : A token that was to support a project meant to compete with cyberpunks. They employed big promoters to chill the coin bur ended up being a dump project

5. Explain at least two examples of Shitcoin that have been successful and are currently keeping it (Other than Dogecoin or Shibainu)

Floki: This token like all shitcoin was community based using dog as an inspiration for its creation ..the project has been quite successful because of proper hype and they leverage don elok musk popularity to remain on top although it have been quite profitable since it's launch having moved about 130172.8% and has been listed in some popular exchanges such as Gate.io, mexc global , etc

FEG: Another meme token that has been pretty successful since it's launch with a 41264.1% profit since launch . The project was created to create a cross chain decentralized transaction network but the project has often seen as dumps often but has passed through lots of storms and has been pretty profitable since launch and has been listed in lots of popular exchange

6. Perform a historical analysis of the prices of any of the cryptocurrencies that you chose for the previous question (Use screenshots)

Using FEG token as an example:
As at 28th of may, 2021 the price of FEG token was $0.000000001801. It experienced a bulllisj cycle and the price spiked up to $0.000000022685 around the month of may. This was the highest price it has ever had.

After then, the token price reduced drastically and has been stable (kind of harmonic). It experiences a bearish cycle with a preceding bullish cycle but then it hasn't gotten to the price it go to at the month of may.

7. Based on your previous analysis, what do you think will be the development of the price of the cryptocurrency for this year? Be creative when explaining

The all time high price of FEG token was seen to be around the month of may 2021. Ever since then, it hasn't gotten to that price again. The price is somehow stable and the price will increase if traders can be able to invest in this token.

Since it has experienced its all time high price and ever since then it hasn't gotten to that it is very possible that there is going to be a rise in the price soon (uptrend).

8. Conclusion

Although, shitcoins might not be advisable to invest due to it's uncertainty but then when one is lucky, these coins can produce or make life changing profit for a trader.

Before s reader invests in a shitcoin he/she needs to make an extensive research on the shitcoin so as to monitor its trend and predict its future occurrence in the market.

It is a pleasure working on this assignment because it is very educative and informative. I'll like to thank Professor @nane15 for this wonderful assignment.