(STL.News) The term “shit coin” refers to a digital currency with little or no value or a cryptocurrency with no obvious purpose. The word is often used to describe altcoins or cryptocurrencies developed after Bitcoin became popular. Shit coins are characterized by a short-term rise in prices followed by a sharp fall caused by investors who want to capitalize on short-term profits.
How Do Shit Coins Work?
Interest in shit coins has grown significantly since the advent of Bitcoin in 2009. Its success has attracted organizations looking to take advantage of blockchain technology to generate their own altcoins. These are digital assets combined with the basic design of Bitcoin. Developers usually announce how many tokens are finally available. Thus, for example, the supply of Bitcoin is limited to 21 million, while the supply of Ether is limited to 18 million.
Setting a staking cap creates a scarcity as investors realize that no additional tokens will be created after a certain point. In such conditions, it will be beneficial, for example, to change USD to DOGE. In theory, more tokens will lower the value of an investor’s shares, just as a new share issue can lower the value of a share.
When providing a fixed altcoin, its value should depend on demand. But since most cryptocurrencies have limited practical use, buying and selling real goods and services using cryptocurrencies is still not commonplace. Their values are based on pure speculation. So, a shit coin is something people find valuable because it exists. Shit coin cryptocurrencies have limited practical use, and their value is based purely on speculation.
List of 5 Best Shit Cons for Profitable Investing
If you only invest in Bitcoin or Ether, you can always exchange dollar to Bitcoin or dollar to ETH on the best cryptocurrency exchange LetsExchange. If you are interested in shit coins, then find out more below about which coins deserve the most attention today:
- Tamadoge. This is a popular project that combines the ideas of memes and non-fungible tokens. Unlike other crypto memes, users are offered a technologically useful product. They can earn money in the game. It is just necessary to purchase a Tamadoge pet and take care of it. The growth of the coin can bring good profits;
- Shiba Inu. This token was created on the Ethereum blockchain. It hit the market in August 2020. Today it is very popular and is available on many cryptocurrency exchanges. It is not yet known whether the project has long-term investment potential, but short-term investments in Shiba Inu are proving to be quite successful;
- Dogecoin. It is an open-source cryptocurrency. It is named after the popular Internet meme DOGE, a picture of a Shiba Inu, a Japanese hunting dog breed. Dogecoin is currently attracting the attention of many investors. It has an active community, is available on various crypto exchanges, and is supported by many multi-currency wallets;
- Dogelon Mars. This is a joke token created on the Ethereum blockchain against the backdrop of the popularity of Dogecoin. The token has a much larger maximum supply than Dogecoin, which makes the asset less scarce. Due to the frequent changes in this coin’s value, it is considered a speculative investment in the cryptocurrency market. Nevertheless, it is very popular today, and this trend is likely to continue in the near future;
- Floki Inu. This cryptocurrency was created in honor of Elon Musk’s Shiba Inu dog called, Floki. Since its inception, Floki Inu has demonstrated consistent performance. As of August 2022, the market cap is $139.2M.
Choose the shit coins that deserve the most trust and make a good investment already today!