Season Greetings EveryoneI would like to say a big thank you to God the creator for having given me this opportunity to be among the living and also being part of this week's homework task.
I did like to say a big thank you to prof.@nane15 for this wonderful class, it is indeed really great and also a beautiful thank you to the Academy board for this opportunity.
INTRODUCTION
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Particularly, it is said to be that there are two people who are eager to know what shitcoin is all about. First, the person who hears about shitcoin, but they do not know what it means for something to be called a shitcoin. And second, the person who gets the idea of what shitcoin is all about, but they don’t know the exact cryptocurrencies that are called shitcoins.
Shitcoin is a great way for someone to lose money or cryptocurrency with no benefit or special features. In another word, it is a cryptocurrency that will become worthless someday
Explain your understanding of what a Shitcoin isShitcoin are simply to those cryptocurrencies that have no value or digital currencies that have no tangible purpose, immediately. Also, It is referred to as failed cryptocurrencies.
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Blockchain technology has given the opportunity for everyone to create their own cryptocurrencies and token. It always leads to the creation of cryptocurrencies that has no value, and they don’t yield any profit to them. It is also a coin that has no potential value or use.
Furthermore, it is a coin that is used to describe altcoin that has become useless or worthless, its value may vanish due to failed interest of it to be materialized because the altcoin wasn’t created in a good faith and hope or it is because the price wasn’t really on speculation.
Do you think it is possible to profit from investing in Shit Coins?YES…!, Investing on Shitcoin is very risky, but it is also potentially profitable.
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Many people dedicate their time to trading on Shitcoin based on its speculation, and in different ways, it is always seen that the currency that is odd in the market increases one – ten(1-10) times its value, and it seems many times it is always shitcoin that correspond very strong in rising of its prices.
You will agree with me that since this shit coins are very cheap and are affordable for investors to hold this coins over a million and therefore enable them maximize huge amount of profit. It is therefore a good investment for investors or traders but it would be very nice to make good inquiries to know more about the particular shit token to invest on so investors don't fall a victim of the wrong token.
A more clearer Example of this type of coin is coin like SHIBAINU, it is a crypto currency that was brought in homage to dogecoin, without any strong project. But today it is strong and it’s also been supported and listed among the successful currencies by the exchangers, but it is also a shitcoin.
List advantages and disadvantages of investing in Shitcoins.There are several advantages that are found on the things we do and this is no different from this hence, below are advantages and disadvantages of Investing on the Shitcoins..
Advantages of investing in shitcoins
Shitcoin is cheap and always common to invest in, and investors will still gain in case of any losses. This simply demonstrate that this tokens are being sole/bought are very cheap rates and so being it can serve as a good investment for profit can be generated in the later future.
Shitcoin provide profit in a given short time: This is to say profit generated from this token is maximized or gotten over a short time frame.
Shitcoin provide millions of gain for its investors:Large amount not profit is usually the end product of shitcoins for investors.
There are coins that are been sold at a very low price and investors are always able to buy millions of it
Disadvantages of investing in Shitcoin
It will result in the loss of a huge amount of money, due to unforeseen occurrence.
Shitcoin is a means used to perform different scamming and fraudulent activities.
It results in loss of funds if invested in the wrong token.
It is not a long term investment.
Of at least 3 examples of Shitcoin that have been a scam, also explain what they consisted ofHere are shitcoins that have been said to be a scam or an unsuccessful projects.
Deku Inu:
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It is a token that is placed on an animated superhero character, the token is running on a decentralized payment system that gives back in return 4% of its gain or losses to the investors. It also runs on the ERC-20 network and was created to support the functionality payment that are been programmed and it’s among the Ethereum Uniswap and Paraswap. Dated on December 2021. And it was said to at 1,000,000,000,000 DEKU in terms of supplies. And its present price is $0.000000008363
Squid Game token:
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It is a Japanese series that people are been forced to play in form of games to their deaths. And it was launched on December 2021, it has a supply amount of 100,000,000,000 SGT, and it a distribution supply amount of 100,000,000,000 SGT and it is been traded at the price of 0.00084 USD.
Golden shiba:
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Explain at least two examples of Shitcoin that have been successful and are currently keeping it. (Other than Dogecoin or Shibainu)Baby Doge Coin:
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Dogelon Mars:
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Perform a historical analysis of the prices of any of the cryptocurrencies that you chose for the previous question. (Use screenshots.)
Price analysis for the Dogelon Mars token. From the observation of the screenshot above, you will notice some vertical blue lines where I used to demarcate the price chart into segments.
From the first segment with dates 30th May 2021, you will notice a two-bar rise from then there came the duo which lasted for over four (4) months. This is shown in the chart above.
From 6th of October 2021The coin started to experience a rise to the bullish side. This kept on with multiples of higher highs being formed at this period up to the 31st of October 2021` then dit dropped in price.
The dip continued in a slow manner until the 20th of December 2021where another bullish trend happened which lasted for days and down it went. Until date which had it current piece to be $0.000001347. As shown in the screenshot below.
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.From the look of things through the analysis above, you will notice that the token had risen or had a bullish trend, this is an interesting phenomenon to show that this token Will definitely have a greater height than last year.
On the other hand, I will say this coin is a very good coin to invest on holding to the fact that this token is still very much cheap. I will say if more investors/traders get to know about this it will therefore trigger more investment and this will help tia token grow to a better height this year.
.CONCLUSIONI will sy this was an interesting class all thanks to Prof.@nane15 for his time which he took in explain in details to enable us understand.
In this lesson we have been able to talk about Shit coins, its meaning and also the various advantages as well its disadvantages too. We further talked about some common examples of shit coins which are now successful and also those that are fake/scam.
In a nutshell i will say the class was hillarious all thanks to prof.@nane15.
Best Regards:
Thanks for Reading.
CC:@nane15
CC:@steemitblog.
All screenshots where taken by me from.
https://www.tradingview.com
https://nomics.com
https://coinmarketcap.com