A rising number of cryptocurrencies have entered the market since the introduction and expansion of blockchain technology. There’s no denying that bitcoin has become a growing phenomenon, with hundreds of cryptocurrencies in circulation.
However, as a result of its widespread popularity, coins have been generated as memes or even jokes, with no clear route or purpose. This is where you’ll learn about shitcoins. Given its unusual name, you may have come across this word very frequently. Let us go through what these currencies are, as well as the top 5 shitcoins on the market, today
What Are Shitcoins?
Shitcoin is a cryptocurrency having little to no value, a recognisable model, or a specific purpose.
Bitcoin maximalists, on the other hand, have a subjective judgement about shitcoins. They frequently use this lingo to disparage altcoins (any currency other than Bitcoin) as being inferior to Bitcoin.
Shitcoins can also be classified as declining coins, coins having no technological or rational value, coins with poor trading volumes and liquidity, or coins that do not reach the top 100 list.
Magic Internet Money
The first on our list is Magic Internet Money, which is ranked #2764 on CoinMarketCap and has a price of roughly $1 as of this writing. The MIM token, the company’s coin, is a stable coin that can be exchanged for any other stable coin on the market. Why is it referred to as a shitcoin? Little is known about its founding team, it has a poor level of support on exchanges, and, to be honest, it faces stiff competition that renders it insignificant.
SafeMoon is a Decentralized Finance (Defi) coin. It was first released on March 8, 2021. SafeMoon is currently ranked #207 in the crypto market by CoinMarketCap, with a market valuation of over $1 billion.
The Binance Smart Chain blockchain was used to create the token. Reflection, liquidity pool acquisition, and burn are the three purposes of its protocol.
Celebrities like Logan Paul and artist Lil Yachty have expressed interest in this cryptocurrency, which has brought it into the news. Its catchphrase, ‘Safely to the Moon,’ has also helped it gain popularity. SafeMoon is set to launch its NFT and marketplace, as well as a currency launchpad where users may create their own cryptocurrencies, in the near future.
Due to its limited liquidity, investing in SafeMoon may be riskier than investing in other shitcoins.
Donelon Mars is the next crypto token on our list. A fork and spin-off of the well-known Dogecoin. This altcoin follows in the footsteps of Dogecoin, which began as a joke and grew into a popular cryptocurrency.
Donelon Mars (ELON) was launched in April 2021, at the height of Dogecoin’s popularity. This was also the moment when a slew of new cryptos modelled after Dogecoin appeared. ELON was one of them, and it promised to be able to repair the harm caused by fraudulent tokens.
Donelon Mar’s token is ranked #115 in terms of market capitalization, with a market cap of $895 million as of November 30th.
Due to its famous moniker, which indicates it’s another Dogecoin clone, this shitcoin needs no introduction. The currency is said to be the offspring of its father, Dogecoin.
As we previously stated, numerous cryptocurrencies were inspired by the notion of Dogecoin after it saw enormous price increases and, of course, Elon Musk’s backing. Only two weeks after its introduction in June 2021, the price of Baby Dogecoin increased nearly 1,000 per cent. The price of Baby Dogecoin has risen dramatically as a result of Elon Musk’s statements on the cryptocurrency. And the price of the cryptocurrency increased by 228.3 per cent in only 24 hours after his post.
After doing some investigation, you’ll discover that this token claims to have a faster transaction speed than the original meme currency.
Floki Inu is the last shitcoin on the list. It gets its name from Elon Musk’s personal dog, Floki. In November 2021, Floki Inu is ranked #2792 on CoinMarketCap, indicating its presence in the crypto industry.
According to the official Floki website, this cryptocurrency was created by Shiba Inu lovers. Despite this, in just a few months, this shitcoin made tremendous gains. This surge can be attributed to another of Musk’s tweets, which featured his pet ‘Floki.’
Regardless, this did not last long, since cryptocurrencies, particularly meme coins, are known to experience significant price fluctuations in the crypto market.
This token, on the other hand, is linked to a number of initiatives that set it apart from your typical shitcoin. Kimbal Musk’s Floki is officially collaborating with millions of Garden Movements to address food hunger concerns (brother of Elon Musk).
Floki also has a number of flagship initiatives in the works, including Floki Inuversity, a learning platform, NFT, a metaverse NFT gaming Valhalla, and Flokiplaces (merchandise marketplace).
How To Identify ShitCoins?
We’ll leave you with a few indications that might help you spot a shitcoin as we near the end of our list. These are some of them:
A website or white paper that is identical to the websites or white papers of other cryptocurrencies.
- low Liquidity
- Coins that don’t have any functions
- Suspicious Developers
To summarise, these are some of the most popular shitcoins that have experienced a jump in volume due to their rapid popularity. Many shitcoins are simply reproductions of well-known joke coins like Dogecoin, which is a frequent trend. These coins typically acquire traction after being pushed by social media trends or celebrity endorsements. In essence, shitcoins are going to be volatile, and they have a propensity to behave similarly to meme coins.