The question is, how many shit coins will be pumped and dumped before Congress figures out exactly what’s going on. To generate as much publicity in a short time frame as possible, the founders of shitcoins hire professional crypto influencers to shill their coins. These influencers have massive followings on social media channels that are popular in the cryptocurrency space, such as Twitter and YouTube.

Shiba Inu is an Ethereum-based altcoin that features the Shiba Inu hunting dog as its mascot and is considered an alternative to Dogecoin. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.

We're also a community of traders that support each other on our daily trading journey. Although subjective, some of the well-known shitcoins within the crypto markets include Dogecoin, BitTorrent, Dent, TRON, and Shiba Inu coin. Today, the word shitcoin is tossed around referring to cryptocurrencies like boats in an ocean. There’s just something about it, as Eric Lombrozo explains, the word just has that viral ring to it which allows it to dominate. Apecoin is a platform comprised of 10,000 unique collectible Bored Ape non-fungible tokens . This marketplace provides some of the top NFTs for sale; all built on the Ethereum blockchain.

If the development team is made up of largely anonymous and secretive people who avoid public view. Users trade and farm Shitcoins for profit and to produce yields. Many shitcoins also work seamlessly with other cryptocurrencies making crypto trade more versatile. Due to their sudden price fluctuations, they present ideal opportunities for short-term traders like scalpers to make profits.

They’re often used to describe cryptocurrencies that were developed after bitcoins became popular, like Dogecoin or Shiba Inu coin. The catch, however, is that shitcoin currencies are often considered to be bad investments, because their prices are usually based on speculation. It is, after all, the internet, where anonymity reigns supreme, and the entire premise of crypto has always been just that, to transact anonymously, like digital cash. But the end might be nigh for these pump-and-dump shit coin schemes, special thanks to Elon Musk. Some have theorized that Musk’s move was the ultimate pump and dump as he was able to buy low satoshi and sell some of his holdings high .

Other marketing techniques used for shitcoins are giveaways, airdrops and token burns. Through a combination of these, shitcoins try to create a sense of scarcity while driving up the demand for the coin. However, since most of these tokens have a freakishly high token supply, in the trillions or even quadrillions, the only purpose of these techniques is to create a sense of FOMO. A shitcoin is generally launched in a bull market when the investor sentiment is at its highest. At the peak of a bull market, investors care less about utility and fundamental value and more about short-term gains and leveraging their capital.

Other cryptocurrencies aim to build a utility for DeFi purposes. Yet, shitcoins defy all of these value pitches and implicitly, or explicitly, offer no utility whatsoever. A shitcoin is a cryptocurrency with zero or close to zero value and no utility. The term shitcoin is used in a pejorative way to refer to altcoins that try to gain benefit from the success of other cryptocurrencies without offering value on their own. So as you journey through the cryptocurrency space, be sure to apply the term shitcoins to only those coins that are scams and deserve it. Otherwise you might end up biased against alternative cryptocurrencies that might in fact become useful one day.

Ever came across this term on social media conversations or crypto-related forums? Since Shitcoin is such a small cryptocurrency, there aren't many places to get it. The only options are to trade for it on the PancakeSwap exchange or by using the trade function on Shitcoin's website. There's no good reason to buy Shitcoin, and, if you do, you're most likely going to lose money. It's clearly never going to be an investment, so the best-case scenario is that people think it's so hilarious they just have to buy it.

The price can suddenly spike overnight and fall back to below zero as investors rush in for short-term gains and dump the project mid-way. For instance, Jacob Martin created the coin called shitcoin and released the project on December 20, 2021. While it is not considered a serious project in some quarters, it still serves as a digital currency. It was available on pancakeswap as a token after the presale. Shitcoins are unique in the way they are traded, despite some projects' striking similarities. Shitcoins like baby shitcoin are a good example of these projects' uniqueness.

Decryptionary raises the white flag and just defines a shitcoin as “any cryptocurrency that is disliked by the person talking about it.” And even that has some merit. The D2T token was co-created by the Learn2Trade professionals passionate about making the whole market research available to traders, so they can adopt them into strategies that work. This has made the D2T one of the best investments of the season and will be prominent in the future. Shitcoins are easier to identify since their price memecoin chart follows a specific pattern. Shitcoin prices exponentially increase over a short period of time, eventually gaining investors’ attention.

Small-capped coins are often seen as opportunities due to their low price. As such, many people create unrealistic expectations and end up losing a lot more than they invest. A good example of this phenomenon was the impressive rise of value in XVG, a privacy coin that many people regarded as a shitcoin.

They’re often used to describe cryptocurrencies that were developed after bitcoins became popular, like Dogecoin or Shiba Inu coin. The catch, however, is that shitcoin currencies are often considered to be bad investments, because their prices are usually based on speculation. It is, after all, the internet, where anonymity reigns supreme, and the entire premise of crypto has always been just that, to transact anonymously, like digital cash. But the end might be nigh for these pump-and-dump shit coin schemes, special thanks to Elon Musk. Some have theorized that Musk’s move was the ultimate pump and dump as he was able to buy low and sell some of his holdings high .

There are exciting possibilities out there when investing in cryptocurrency, but this isn't one of them. Stick to serious projects that are aiming to solve real problems. With joke tokens, it's only a matter of when -- not if -- they'll collapse. It's one of those cryptocurrencies where the name is pretty much the only reason it exists. There's nothing it does differently from thousands of other crypto tokens, so the only reason to purchase it is the fact that it's called Shitcoin.

Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders. The first thing you should look for is the availability of a whitepaper. If the cryptocurrency doesn't have a whitepaper, it is likely a shitcoin.