What is generally called a shitcoin? Someone thinks that shitcoin is all the little-known cryptocurrencies, of which there are a thousand. But we don’t call something that can be profitable and convenient with such an obscene word.
Some people say that a shitcoin is a scam or a cryptocurrency made for dishonest gain. But let’s face it: there are coins created without malicious intent, just for fun, and some of them even made it to the top. Therefore, we will agree to call a stupid cryptocurrency – tokens without a specific purpose, without a business model on the part of the creators, tokens that appeared out of nowhere and in which no one believed.
But could shitcoin be more than a meme or a failed attempt to create its own cryptocurrency?
It can. Let’s talk about those joke coins that have turned into something cool (and sometimes even profitable). By the way, the dogs listed below (yes, we are going to talk about dogs!) are not even commonly called shitcoins, they are just unusual, and therefore everyone likes them.
Dogecoin. This is a pure classic. Conceived as a joke, Dogecoin suddenly received support from many celebrities and redditors, and in 2021 its value increased tenfold. Until now, Dogecoin is considered one of the most popular cryptocurrencies, and analysts predict its further growth due to its unflagging popularity. Always wanted to get a dog? Get Dogecoin!
Shiba Inu. The younger brother of dogecoin, who is also famous all over the world and tries very hard to be like his older brother. Shiba Inu even have their own metaverse, Shiberse. Only now she was able to become famous, but not to gain value. Its exchange rate fluctuates around one hundred thousandth of a dollar. However, according to its creator, anonymous under the nickname Ryoshi, the Shiba Inu was conceived as a project that basically did not take a single dollar. Quite a commendable result for such an experiment. By the way, once Ryoshi took a risky step and sent the creator of Etherium, Vitalik Buterin, 505 trillion Shiba Inu coins, and he sent part of it to charity in India, and “burned” the remaining coins. So everyone’s favorite dogs saved the world again, this time, by paying for the treatment of patients with coronavirus free of charge. Who out there still does not believe that the Shiba Inu is a man’s friend?
Floki Inu. And another dog, this time named after Elon Musk’s favorite pet – a puppy named Floki. Thanks to tweets, the Floki Inu Mask showed impressive profits at first, however, as is often the case, rapid growth leads to the same rapid decline.
Why are shitcoins becoming popular and profitable, albeit for a short time? Their liquidity is not based on the potential of the project, the competent distribution of resources, capitalization or community activity – the demand for them is artificial, absurd, and the reason for this demand is just as absurd. People want to buy a meme coin for memes. A fan coin for a fan. A stupid coin for Elon Musk’s stupid tweets.
And about other shitcoins that are not related to dogs, we will talk in one of the following posts.