Cryptocurrencies have taken the financial world by storm. However, alongside these reputable cryptocurrencies, so-called "shitcoins" coexist.
The term was likely first used in 2010 on a BitcoinTalk forum and referred to a type of cryptocurrency with no value or purpose. Since then, the euphonious sound of the word "Shitcoin" has ensured its virality. The term is now ubiquitous and applies to any or all dead-end cryptocurrencies - analogous to junk bonds from the 1980s.
And, given that there is seemingly no end to the bizarre and cringeworthy names adorned upon these proto-currencies, it should be no surprise that Shitcoin (CRYPTO: STC) is a real thing.
Shitcoin was created as a semi-joke by an out-of-work 26-year-old called Jacob Martin, who was scammed several times over by pump-and-dumps and wanted to create his own for two purposes:
Jacob, known online as Shit-toshi, gets a 1% development fee as its founder and refers to Shitcoin's white paper as 'toilet paper.' Their social media handle is 'Shitcoin69', and most precious of all, NFTs are 'non-fungible turds.' Clearly, a serious enterprise.
Shitcoin launched in December 2021 and has gone from an all-time high of $0.0487 (almost a rounding error) to an all-time low of $0.0007 (a definite rounding error). It reached $0.0481 in 2022; when writing this (Feb 2023), the price was $0.0104 (a rounding error).
To look at their pricing data over time is to relive The Great Depression repeatedly. It isn't a pretty picture but by no means the worst shitcoin example by a long shot.
So how would a Shitcoin (STC) investment play out if you got in on the ground floor? Here's an example for, say, 1,000,000 Shitcoin (STC):
With an 80% loss when factoring in the fees, you could say that with these numbers, the shitcoin hit the fan.
Shitcoin (STC) is a cryptocurrency token built on the Binance Chain, a smart contract blockchain. As a nod to Bitcoin (BTC), Shitcoin (STC) minted a maximum of 21 million shitcoins - literally piles of shitcoin. Each wallet can have a maximum of 882,000 STC (4.2%). There's no fee for transferring Shitcoin, but there are fees for buying and selling it.
Shitcoins (in the general sense of the term) operate across all types of blockchains and utilize varying token standards depending on their chosen model and ethos. Shitcoin issuers have specific distribution models, allocation types, tranches, and roll-out phases to build hype and momentum. They also have varying fee structures.There is a much more detailed and technical definition to be given here, but based on their value, it wasn't worth the time.
Most shitcoins are tokenizable parodies that monetize based on buzzability, virality, and memeability. A single Elon Musk Tweet has contributed to Dogecoin's (DOGE) multi-billion dollar market cap, and the closely related Shiba Inu (SHIB) has also had some success. However, the vast majority are nonsense.
These currencies may seem playful and good-natured, but make no mistake; there are people behind the scenes with vested interests trying to hype them up, cash out at the peak and leave you high and dry (pump-and-dump). These assets are more volatile than an active volcano. So if you're seeking an answer to the question, are shitcoins right for me? Then please choose from the following options:
Remember: You cannot polish a Shitcoin.