Shitcoins are coins that are considered crappy or, to put it another way, coins that are not yet productive in the market. These coins aren't guaranteed to be stable, and their project concept isn't very concrete, therefore there's a chance the project may fail if it isn't properly maintained in the future.
Shitcoins are coins that are considered to have no value, and some people use the term to refer to any coin other than BTC. perhaps some coins of such a low value that they are almost worthless.
How we can easily identify a shitcoin.
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• Because the project's profitability isn't guaranteed, some shitcois creators choose to remain anonymous. As a result, they tend to operate in a safe environment and may succumb to fraud.
• Most shitcoins have a market capitalization of less than $5 billion and no circulation supply.
• Some shitcoins have extremely few token holders. If the token holders are less than 200 or 300, we consider the currency to be a shitcoin.
• They are not listed on a reputable exchange
• Coins with a lot of tags and a lot of associates are termed shitcoins since the project isn't serious yet.
• The whitepaper may also be used to assess if a currency is a shitcoin or not; for example, if the project promises high profits or tries to entice investors, these currencies are termed shitcoins.
It is possible to earn from shitcoin investments. Trading shitcoin might be beneficial because it is not a long-term investment. The easiest approach to invest in any shitcoin is to research which ones are thriving and then invest in them for a limited period of time.
Although it is rare to identify a shitcoin with a high potential for giving a good payout, it is feasible to find one or more that individuals may benefit from. Investors can invest in several shitcoins so that if one performs well, it will be compensated for by others that perform poorly.
To invest and profit in shitcoin, investors must conduct extensive study and analysis in order to learn about the project's creators and, most likely, the project's direction through its white paper. This will assist investors in determining which shitcoins to invest in and which have a high possibility of providing or generating a reward.
• When the asset price rises, investing in shitcoins may be quite beneficial. In a few of days, there have been incidents of a 100x increase and even more.
• It's a way of putting money aside that you don't need right now. And, of course, conserving it allows you to get the most return on your investment.
• Investing in shitcoins might result in the long-term ownership of a huge token, especially if you invest more in the pre-sale of the coins.
• Due to the low market capitalization and backing of most shitcoins, they can quickly transform your investment into a significant loss.
• These coins are riddled with frauds. Anyone may make the token and use it to deceive others.
• There are no use cases for shitcoins. They are made just for the sake of amusement or as coinage.
After the premiere of the South Korean Netflix film, Squid, a token emerged. This was a cryptocurrency token that could be used to generate money. The major goal of the token was to promote the movie's concept.
On October 26th, 2021, this coin began trading on the pancakeswap. The currency was established on the etherium network and hit an all-time high price of $2861.80 but dropped massively. Its current value is $0.04865.
The PPT, or Populous token, was established in 2017 with the goal of providing 90-day liquidity to medium-sized businesses. Such liquidity would be used to facilitate engagement between businesses and, among other things, to assist solve difficulties.
When the PPT was first released, it had a price of $1.9, and within two months, it had risen to $74.85; a point at which the creators and project team decided to leave before investors could take their earnings. Now it has dropped to $0.4526.
In 2016, the Salt token was introduced. It was envisioned as a lending platform that would provide crypto-backed loans to its members. The platform functioned by letting users to deposit tokens like bitcoin and doge, among others, as collateral for borrowing money or stable currencies.
When the SALT token was first released, it was at $8, but it soon rose to $16, before the developers abandoned the project before consumers could profit. The price dropped to 0.30 dollars and is currently worth $0.1013.
Safemoon is a well-known shitcoin that has recently entered the crypto market. In the crypto realm, it serves no use. Around March 2021, it was released on Binance Smart Chain. The coin was created to encourage long-term investment, thus a 10% transaction fee is applied to Safemoon transactions to deter users from making unnecessary transactions that might jeopardize their long-term investment.
Safemoon has no intrinsic worth, hence it derives its value from the people who have invested in it. Safemoon's current price is $0.000002124, as shown in the screenshot below, with a trading volume of $2,357,726. Safe moon reached an all-time high of $0.000011 on May 11th 2021.
Dent was created to give solutions to the communication sector by providing electronic SIM cards, mobile services such as mobile internet and call minutes, and many other things. Dent is quickly gaining traction in the industry, with 35 million mobile users from from more than 150 different countries. And has a large number of partners, including Samsung, Alliance, and Telecom Infra.
Dent is currently valued at $0.003302, has a market capitalization of $326,874,666, and is ranked #161 on Coinmarketcap. Dent reached an all-time high of $0.1006 on January 9th 2018.
In this part of the question, I am going to be performing the historical price of one of the shitcoin token previously discussed. I am going to use Coingecko website to do this and I am going to be selecting Dent.
The price of SafeMars started at a very low price $0.00089 right from August 17th, 2017
After the price skyrocketed on, August 11st, 2017 which sent the price of the token up to $0.098.
After there was a huge drop from January 2018 to November 2018 which the price dropped to $0.001.
The price continued to drop drastically to $0.0001 until October 2021 it witness another bull run which skyrocketed thr price to $0.019
Then, the price began to fall again to $0.002. The price at which is trading is $0.003302.
Based on my research, I am certain that the price of dent will surpass the all-time high reached in April. To forecast the direction of the trend in this month,
I believe that the ability to work with large firms like as GSMA, Enterprise Ethereum Alliance, Samsung Blockchain, Telecom Infra Project (TIP), and bunq will be the primary reason driving Dent's price in 2022. Dent's aims will be achieved with the support of these firms, which will help it attract more attention from the market, leading its price to rise in 2022.
Also, placing Dent on the most popular exchange is another move that will help push the price of the asset higher. I'll be surprised if an investor says he hasn't heard of Binance, Houbi, or Bittrex, so the coin being listed there will make it extremely easy for investors to buy when they want.
Investing in shitcoins has the potential to be rewarding, but it also has the potential to be extremely risky. The reason for this is that if you don't know how to disperse your money among them, you risk losing all of your money. The best method to invest in them is to spread your risk among a large number of them. If you do that, some of your ideas may be effective, allowing you to get the best return on your investment.
Thank you Professor @nane15 for this class.