In previous blogs we have talked about what bitcoin is and what altcoins are, on today’s blog we are going to see another widely used term … shitcoins
What are they? Why are they a thing? We will answer these two questions and more
What are shitcoins?
In the crypto world, every coin should have an idea behind it, a project that can back it up, but not all coins have an idea or project those what we call shitcoins, they are basically coins that have zero real world value.
Now if you’re a sane person you might think to yourself “oh well jeez, why do they exist?”
What are shitcoins a thing?
The answer is simple … money, the creators of the coin get massive amounts of money into their coin from crypto novices and greedy people.
Other people make profit from these coins as well, scalpers … they use the coin’s volatile price to make quick gains and leave the market.
In a nutshell people create shitcoins and wait for people to jump on it as others make quick profit when the coin is new and selling hopes and dreams
Examples of shitcoins
Unless you have been living under a rock you must have seen or heard of the squid game meme, well someone decided to make a coin out of that, it was called squid the price of the coin has reached $2,856 (yes, you read that correctly) and now WSI is trading at $0.001 and It appears that this asset can now be traded freely on various exchanges. The project is now ostensibly run by the community after the initial rugging allegations.
Other examples of this include but are not limited to apecoin, floki inu, dogeilon mars, dogecoin, shiba inu, tamadoge.