Since the advent and evolution of blockchain technology, a growing number of cryptocurrencies have entered the market. With thousands of cryptocurrencies in existence, there is no doubt that cryptocurrency is a rising phenomenon.
Despite its wide adoption, many coins are created as jokes or memes without a clear roadmap. Welcome to the world of shitcoins. Considering its strange name, you may have come across this term quite often. Let us examine what these coins are, along with the top 5 shitcoins on the market today.
What are Shitcoins?
Shitcoins are cryptocurrencies with little value, a distinguishable model, or a specific purpose.
A side note: Bitcoin maximalists have a subjective opinion of shitcoins. This slang is frequently used to refer to altcoins (all coins other than Bitcoin) and to view them as inferior to Bitcoin.
Shitocoins may also be categorized as diminished or depreciating coins, coins with no technology and no reasonable value, coins with low trading volumes or low liquidity, or coins that do not make the top 100 list.
Magic Internet Money
The first one on our list is Magic Internet Money, which ranks at #2764 on CoinMarketCap, and has a price of about $1 as of this writing. The MIM token is a stable coin that can be exchanged for any other traditional stable coin. Why is it a shitcoin? Its founders are unknown, its support on exchanges is low, and frankly, it has fierce competition that renders it irrelevant.
The SafeMoon token is a DeFi (Decentralized Finance) token. The token launched on 8th March 2021. SafeMoon ranked #207 in the crypto market as of writing, with a capitalization capital of more than $1 billion.
Binance Smart Chain is the platform on which the token was built. This protocol has three functions: reflection, liquidity pool acquisition, and burn.
Celebrities like Logan Paul and rapper Lil Yachty have shown interest in this cryptocurrency. Its tagline – ‘Safely to the Moon’ – too has contributed to its popularity. Soon, SafeMoon will launch its NFT and marketplace, along with a coin launchpad where users can create cryptocurrencies.
Due to its low liquidity, SafeMoon may be more risky than other shitcoins.
Dogelon Mars is the next crypto token on our list. It is a fork of the infamous Dogecoin. The altcoin followed the steps of Dogecoin as a joke and eventually became a popular cryptocurrency.
ELON (Dogelon Mars) was released in April of 2021 when Dogecoin was at its peak. At the same time, many new cryptos that replicated Dogecoin appeared. ELON claimed to be able to undo the damage caused by scam tokens.
As of 30th November, Dogelon Mar’s token is ranked #115 on the crypto market and has a market cap of $895 million.
Baby Doge Coin
As the name suggests, this shitcoin is just another clone of Dogecoin. The coin is billed as being the progeny of its father, the Dogecoin.
Many cryptocurrencies were inspired by Dogecoin after it experienced massive price jumps and received Elon Musk’s support. Just two weeks after its release in June 2021, Baby Dogecoin’s price increased by 1,000%. Baby Dogecoin’s price spike can be attributed to Elon Musk’s tweets about the cryptocurrency. Within just 24 hours of his tweet, the price of the cryptocurrency shot up by 228,3%.
Research shows that this token has a faster transaction speed than the original meme coin.
Floki Inu is the last shitcoin on the list. The name is derived from Elon Musk’s dog, Floki. Based on its position on CoinMarketCap in November of 2021, Floki Inu is ranked #2792 in the crypto market.
Floki is a cryptocurrency made by supporters of the Shiba Inu. In spite of this, this shitcoin has made significant profits in a short period of time. Musk’s tweet featuring his puppy, Floki, can be credited with this increase.
Cryptocurrencies, especially meme coins, are known to fluctuate a lot in the crypto market, so this did not last long.
However, this token is associated with several projects that make it a bit different from your usual shitcoin. Floki has partnered with millions of Garden Movements to solve food insecurity issues. The Garden Movements are run by Kimbal Musk (brother of Elon Musk).
Furthermore, Floki has many upcoming flagship projects, including a Floki Inuversity education platform, NFT, a metaverse NFT gaming Valhalla, and Flokiplaces (a merchandise marketplace).
How to identify shitcoins
Here are a few indicators that may help you identify a shitcoin at the end of our list. They include:
- Identical to other cryptocurrencies’ websites or white papers.
- Limited liquidity.
- No functionality.
- Untrustworthy developer(s).
These were few of the top shitcoins that have surged in popularity due to sudden surges in volume. Many shitcoins are simple replicas of well-known meme coins such as Dogecoin. Generally, these tokens gain popularity after being hyped by social media trends or endorsements from celebrities. Typically, shitcoins are bound to be volatile and are similar to meme coins. What are your thoughts on shitcoins? Do you think they’re worth it? Let me know in the comments!
Currently, cryptocurrency is not a legal tender, and it is unregulated. Please ensure a sufficient risk assessment when trading cryptocurrencies since they are often subject to high price volatility. IMP does not provide investment advice or represent its official position in this section. IMP reserves the right to amend or change this blog post without prior notice at any time for any reason.