What Are Shitcoins

What Are Shitcoins

In this blog today I wanted to cover something that I’ve been seeing a lot of news around and attention surrounding it. That is exactly what everyone calls it shitcoins. These type of cryptos are called shitcoin for one reason and on reason only. That’s the fact that they are useless worthless and are overhyped and most likely scams. That’s what makes them so shitty and have earned these cryptos the special unique name of shitcoins. Now I’m going to go over the coins to look out for that are scams some that are just plan useless and overhyped along with what to look out for when investing into crypto so that you don’t invest into a shitcoin. Lets now get into the article.

Why Shitcoins even exist

So to understand shitcoins we need to first understand why they were even made. Many attempt to become meme coins such as the likes of coins like dogecoin or shiba inu. But most don’t live up to the hype that those crypto coins have. They end up as failures and flop and loose people money who were invested into them. The second reason they are created is to scam people. Some coins don’t have good intentions like meme coins or other cryptos. These type of scams are just rip offs of other coins or are just a whole other type of scam of there own creation. These coins intents are to get you to pump them full of money then they will sell the crypto out as most of the time the creators have the majority of the supply of these coins in these scenarios.

Signs of a Shitcoin

Now I’m going to give you some tips you can use to watch out for shitcoins you might possibly invest into. Now if a coin gets crazy growth and it doesn’t have a utility or a well know trusted authentic community no matter how much the price goes up on a shit coin just remember it’s most likely a pump dump scheme and the crazy growth is attributed to this very scheme. This type of scheme most closely represents a pyramid scheme as the more people that buy add value to it. You might say though that’s how cryptocurrency works and your not wrong but your also not right. Giving the coin some sort of utility or feature people want can also adds value to a crypto. Besides that another key feature to look out for is a roadmap. Now most shitcoins will draw up some shit roadmap that can be some what believable to make the coin…