What is a Crypto Shitcoin and How to Avoid Them?

DISCLAIMER: Before we start, let’s get one thing straight – this post is NOT financial advice! Investing in cryptocurrencies can be risky, and you should always do your own research and make your own decisions. We are not responsible for any profits or losses you may make. Now that that’s out of the way let’s look at the shitcoin phenomenon!

The world of cryptocurrency can be complex and overwhelming (tokenomics, decentralize, buying and selling, etc.), especially in the case of shitcoins. As the name suggests, shitcoins are cryptocurrencies often considered worthless or of little value in the crypto market. However, the shitcoin market is not without potential. Many investors looking to diversify their investments and capitalize on emerging technology are looking to Shitcoins. The term “shitcoin” is often used to describe low-value or questionable projects. However, some shitcoins could explode in the coming years. You should understand the definition of shitcoins and stay safe in the constantly changing blockchain space. There will be shitcoins that will explode in 2023 and beyond, but most shitcoins will probably continue to see a further price decline and never obtain any real value.

Definition of the blockchain term shitcoin 

Okay, let’s cut to the chase. You might have heard the term “shitcoin” thrown around in the crypto world, but what does it even mean? The truth is, the shitcoin definition is somewhat subjective. Generally, it is a cryptocurrency with little value or purpose, but this can be interpreted.

For example, some investors might consider them coins with a small market cap, while others might see them as a promising investment opportunity. On the other hand, a coin that appears to have strong potential could end up being a total shitcoin due to factors such as poor governance, lack of utility, or a weak community. Or the people behind the coin abandon it without developing or doing any more marketing.

In short, “shitcoin” is often used to describe cryptocurrencies considered low quality or high risk. Still, it’s important to remember that this can vary depending on individual perspectives and circumstances. As a crypto investor, it’s up to you to do your due diligence and make informed decisions about which coins to invest in.

Are Bitcoin (BTC) and Ethereum (ETH) shitcoins?

Although some people consider Bitcoin and Ethereum to be shitcoins, they are often negative about the crypto world as a whole. Yet from how many people in the world own these coins and the top position in terms of market cap, it appears that they can generally be seen as anything but shitcoins. Litecoin does tend to be seen as a shitcoin because it is simply a copy of the Bitcoin blockchain, with a few modifications. Its hashrate and market cap is also significantly lower than Bitcoin’s.

Is Dogecoin (DOGE) a shitcoin?

The question of whether Dogecoin is a shitcoin can also be asked. It is important to realize that Dogecoin was initially created as a joke but has since become a successful and popular meme-coin. Its playful nature and engaged community have allowed it to stand out within the crypto market. Although some consider Dogecoin a less serious coin, it has achieved impressive results over the years and gained a unique position. Thus, the perception of whether Dogecoin is a shitcoin depends on personal views. 

Shiba Inu (SHIBA) might be seen as shitcoin rather than Dogecoin because that meme is a simple copy with a different kind of dog. It’s not even a blockchain but a token on the Ethereum blockchain. Then again, it’s subjective. 

How to Avoid Falling for Shitcoins in the Crypto Market

So, how can you avoid stepping into a shitcoin? First and foremost, you need to do your research before investing in any cryptocurrency. Don’t just blindly throw your money at the latest hype train. Instead, take the time to evaluate the crypto token and its growth potential. 

A thing to watch out for is shady marketing tactics. If a crypto project promises the moon and the stars without a solid plan or white paper to back it up, it’s likely a shitcoin. Also, be cautious of tokens with a low market cap and little interest from the crypto community. These coins might seem tempting because of their low price, but they’re often a red flag for a potentially worthless investment. Just join the Telegram or Discord group and see if there is any interest in the project. Does it have a good and positive community, or are people constantly being blocked from asking questions?

You should also check the supply levels of a coin. Bitcoin only has a maximum of 21 million coins, but all these newer coins often have a supply of multiple billions or even trillions. If that is the case, you can be sure it will never reach a high price for a single coin. On the other hand, it is possible to get a hand on millions of coins with a small investment, which makes it attractive to people. You have to balance these factors and make an informed decision.

Shitcoins That Will Explode in 2023

Okay, we’ve talked a lot about avoiding shitcoins, but what about the ones that might be worth something? Believe it or not, a few altcoins and meme coins could explode in 2023. These crypto tokens have unique features and growth potential, but you must approach them cautiously.

If you’re interested in investing in shitcoins, watch for presale opportunities and join the newsletter to stay updated on new cryptocurrency projects. But be warned, investing in shitcoins is a high-risk game, and you should only invest what you can afford to lose. We cannot give you any names of coins, but as always, there will be some potential in 2023 as in any other year. During bear or bull market times, gains can still be made. 

What are official shitcoin examples?

Have you ever wondered which cryptocurrencies are considered “official” shitcoins? While the term is subjective and can be applied to any cryptocurrency, depending on who you ask, certain coins even have it in their name! Again, we do not endorse these coins whatsoever. Here are some examples of where shitcoin is a cryptocurrency:

1. Shitcoin Token (SHIT) (Offline)

This coin was launched on the Binance Smart Chain, but the website and Twitter are already offline. 

2. Shitcoin (STC) 

This coin was also launched on Binance Smart Chain, and had an all-time high in 2202.  The website and Twitter are still active. 

3. Shitcoin (SHIT)

This token was launched on the Ethereum blockchain and was last active on Twitter in 2021.  The website is expired.

4. Best Shitcoin Ever (BSE)

This token is created on the Binance Smart Chain, and the Twitter account is still active. 

Any coin we missed in this list? Reach out to us on Twitter!

Which shitcoins should I invest in?

We cannot give you any specific coin tips, but it’s important to remember that investing in shitcoins can be risky, and many have little to no value or purpose. They can be subject to extreme price volatility, pump-and-dump schemes, and exit scams. As mentioned before, investing in any cryptocurrency, including shitcoins, requires thorough research and an understanding of the risks involved. Most shitcoins have a ridiculous circulating supply, so be aware of that. 

Ultimately, deciding to invest in shitcoins or any other cryptocurrency is up to you. Still, it’s crucial to approach it cautiously and thoroughly understand the risks involved. You can compare it with playing roulette in a casino. Most of the time, you lose, but sometimes you have a winner.  It’s recommended to consult with a financial advisor before making any investment decisions.

How to short shitcoins?

Shorting shitcoins can be very risky due to their extreme price volatility, and many low-cap coins are unavailable too short on exchanges. Shorting involves betting against a cryptocurrency’s price, hoping its value will decrease. However, in the case of shitcoins, it can be difficult to predict their movements, and their lack of value or purpose can make shorting even more unpredictable. The liquidity in the order book is often also very thin, which makes it subjective to price manipulation.

If you are still interested in shorting shitcoins, the first step is to find an exchange that allows shorting on the particular coin you are interested in. Remember that many smaller exchanges may not offer shorting options; even on larger exchanges, not all shitcoins will be available to short.

Once you have identified an exchange offering to short on the desired coin, you must open a margin trading account and deposit funds. From there, you can initiate a short position by borrowing the cryptocurrency and selling it on the market to buy it back later at a lower price to return the borrowed funds and make a profit. Maybe the exchange also offers a derivative product, like Coin-X-Short, that will achieve similar results, but you must read and understand the mechanics carefully. 

However, it’s important to remember that shorting shitcoins can be very risky, and there is always the possibility of losing all of your investment. Due to the extreme price volatility of shitcoins, it’s crucial to have a solid risk management strategy and monitor the market to avoid any unexpected losses closely.

Do I have shitcoin?

Determining whether you have a shitcoin is subjective and depends on factors like market value, adoption, and development progress. If you’re an active participant in the crypto space, you may have received some shitcoins as airdrops or giveaways in your wallet.  You might not be able to find it in your Metamask wallet, but if you check the blockchain explorer of your wallet on multiple chains, you can probably find some. Many are based on the Ethereum blockchain, but you should also check the Binance Smart Chain on the same wallet address.

If you have participated in an ICO (initial coin offering) or IDO (initial dex offering) in the past, then if all goes well, you receive tokens for it. If not, and you received nothing, it was just a scam. However, it could also very well be a scam if you did get the tokens and then (almost) nothing happens. In this case, you are the victim of a scam and are, unfortunately, a “bagholder” of a real shitcoin. You notice this soon enough when people get blocked in Telegram after asking critical questions or when standard questions about progress go unanswered or are evaded.

How to sell shitcoins?

Selling shitcoins can be tricky, especially if they have a low market cap or are no longer supported on big exchanges. The first step is finding an exchange that supports trading the coin you want to sell. Be aware that some shitcoins are often traded on smaller exchanges, so it’s important to read reviews and check social media for any concerns about the exchange.

If you can’t find an exchange to sell your shitcoins, you might consider doing an over-the-counter (OTC) deal. OTC deals are typically done through forums or social media groups and involve finding a buyer willing to purchase your coins directly. Make sure to use a trusted escrow service if you go this route. Another option is to donate your shitcoins to a known charity address, although this may not be feasible for all coins.

Often it is not worth the time and effort to sell them if their value is low. In a crazy bull market, even shitcoins can go up significantly, so just holding them and keeping an eye on their price movements is always a good idea.

Can shitcoins make you rich?

Many people wonder, “Is there money to be made with shitcoins?” While shitcoins can make you rich, the reality is that this is highly unlikely. Shitcoins are cryptocurrencies with little value or purpose, and investing in them can be risky. Many shitcoins lack decentralization in terms of supply distribution, making them vulnerable to scams and fraud. There is also often high inflation or rapid growth in the circulating supply, creating additional potential selling pressure.

However, some shitcoins could potentially explode in the future, but that would usually be pure luck. A good example is Safemoon, which experienced huge price increases in 2021. Remember that most shitcoins have a low value and little growth potential, so investing in them should be done with caution. 

Final Thoughts

In conclusion, the world of cryptocurrencies is vast and can be overwhelming, with shitcoins adding an extra layer of complexity. Shitcoins are cryptocurrencies that are considered low-quality or high-risk investments. While some may have growth potential, most have little value or purpose. To avoid falling for shitcoins, conducting thorough research is crucial, as being wary of shady marketing tactics and monitoring factors like supply levels and community interest. Investing in shitcoins is a high-risk game, and it’s essential to approach it cautiously, understanding the risks involved. While there is a slim chance that some shitcoins may make you rich, the likelihood is low, and investing in them should be done with utmost care. Always consult a financial advisor before making investment decisions, and be prepared to accept the potential losses of investing in the volatile world of cryptocurrencies.

Dive into the wild world of cryptocurrencies, where "shitcoins" lurk in the shadows, waiting to trip up unsuspecting investors! This blog post is your trusty guide to navigating the crypto jungle, helping you dodge the duds and sniff out the hidden gems.

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