A rising number of cryptocurrencies have entered the market since the introduction and expansion of blockchain technology. However, as a result of its widespread popularity, coins have been created as memes or even jokes, with no clear route or purpose; these are shitcoins. Even if cryptocurrency fans continue to profit from them, shitcoins are considered dangerous investments. Despite the significant risk, some of these “Shitcoins” are among the most popular cryptocurrencies on the market today.
In this article, we discuss top shitcoins to invest in. While we feel they’re good assets for day trading and may even be good investments, we are not giving expert financial advice, and anybody who buys anything we recommend is solely responsible for their funds earned or lost.
What are shitcoins?
The term ‘shitcoin’ refers to all of the spinoffs of failed or already failed cryptocurrencies. These currencies, which are usually devoid of any discernible purpose, have no basis for existence and are backed by no fundamentals. These coins have no specific function; thus, the long-term value is absent.
Despite its origins as a joke, the shitcoin has grown to become one of the most popular cryptocurrencies today. It was based on a humorous image of a Shiba Inu dog named ‘Doge.’ It has since grown in popularity, owing in large part to the influence of Tesla’s CEO, Elon Musk. As a result of the success of this meme currency, Shiba Inu was created.
Like most cryptocurrencies, Dogecoin is based on blockchain technology, which employs a distributed, secure digital ledger to store and add all transactions done on its network. The “proof-of-work” concept is used in its mining, in which miners use computers to solve complex mathematical equations in order to process and record transactions on the blockchain network. Miners receive Dogecoins in exchange for their work, which they can sell on cryptocurrency exchanges or keep in their wallets.
Dogecoin can be used to make payments and purchases, but it hasn’t proven to be a good cryptocurrency for storing value. This is due to the fact that Dogecoins can be manufactured in an endless number of ways, making the cryptocurrency highly inflationary by design.
This is a token based on the BitTorrent file-sharing technology. Many people have labeled BTT as a “Shitcoin” because the platform was previously operational and existed without a token.
BitTorrent is a piece of software that links users to its network in order to process file-sharing requests. When a user requests files from the providers who host the files on their computer, a transaction is initiated.
Providers who host a file divide it into multiple parts. If requesters want to download the file, they’ll get different parts of it from different sources. A requester can also give a provider BTT tokens in exchange for local resources like bandwidth for receiving content or storage for remote backup.
The BitTorrent network also makes use of Tron’s smart contract platform to develop a number of decentralized applications to improve its offerings.
Dent is a game-changer in the mobile communications and data services business. Dent uses blockchain technology to transform the industry and provide global access to mobile data and airtime.
The company’s fundamental goal is to eliminate a significant problem that comes with mobile contracts: data roaming charges. Users purchase data packages from a huge network of ‘nodes,’ those nodes being individuals looking to earn some DENT from their unused data limits, rather than being shackled to expensive roaming charges.
In a similar way to bitcoin mining, gaining DENT serves as an incentive for these nodes. DENT, on the other hand, cannot yet be exchanged for fiat currency; instead, earned DENT can be utilized for future data plans or donated as a gift.
DENT can be purchased and sold on traditional cryptocurrency exchanges. They lose their fiat exchangeability only once you move them to your DENT account.
The Tron Foundation created Tron, a cryptocurrency and blockchain. Tron software offers smart contracts and decentralized apps, making it a good foundation for other cryptocurrencies outside the Tron token, which is at the center of the blockchain’s operation.
Tron uses a delegated proof-of-stake algorithm, which means it consumes significantly less energy than other cryptocurrencies. The Tron network’s architecture allows it to process considerably more transactions at once than proof-of-work systems like Bitcoin, which rely on a vast network of cryptocurrency miners.
Because Tron is such a popular blockchain, numerous software and hardware wallets support it. This includes the ledger hardware wallet and the Tron Foundation’s wallet. Many have questioned its legitimacy, though, because the whitepaper appears to be plagiarized. As a result, it is regarded as a shitcoin.
SafeMoon Protocol is a decentralized finance (DeFi) token. SafeMoon has three functions that take place during each trade: Reflection, LP Acquisition, and Burn.
SafeMoon protocol is a technology that combines RFI tokenomics with an auto-liquidity generator. SafeMoon intends to launch a non-fungible token (NFT) exchange, as well as charity projects and crypto educational apps. Token holders will earn more SAFEMOON depending on how many coins they have using the SafeMoon protocol.
The token price dropped drastically in 2021, implying that SafeMoon is yet to gain traction among crypto investors. SafeMoon has no utility and derives its value purely from other investors’ purchases, prompting some to label it a shitcoin.
Dogecoin, BitTorrent, Dent, Tron, and Safemoon are just a few of the most popular shitcoins that have seen a boom in popularity. Many shitcoins have a common trend in which they gain popularity after being pushed by social media trends or celebrity endorsements. Shitcoins are designed to be volatile. They are preferred by some investors because they can be more profitable in the short term than other coins.