The crypto market comprises a large variety of digital coins and tokens. There are nearly 23,000 cryptocurrencies, some of which are part of exciting and promising technological projects. These projects usually seek to solve real-world problems by leveraging blockchain and other related technologies. And there are the so-called ‘shitcoins,’ which have little or no utility. Most meme coins fall into the shitcoin category.
Shitcoins are trending and popular cryptocurrencies that offer enormous growth potential despite having no fundamental utility or actual use. In all fairness, not all shitcoins lack utility. Some of them provide basic utility and even offer rewards to investors. But the primary factors driving the buzz around shitcoins are marketing and hype, often complemented by a celebrity’s endorsement.
Shitcoins are highly speculative and represent extremely risky investments. While some shitcoins can yield enormous gains, they can also lead to catastrophic losses. So, choosing the correct shitcoin to invest in without good knowledge of these crypto assets could be like flipping a coin. Hence, we have compiled a list of the best five shitcoins in 2023 to help crypto investors decide which shitcoins are more convenient for them.
1. Dogecoin (DOGE)
Dogecoin (DOGE) is the original and biggest shitcoin. With a market cap of nearly $8.7 billion, this shitcoin is the 8th most valuable cryptocurrency by market capitalization as of June 20, 2023, according to CoinMarketCap. Dogecoin was launched in 2013 with no specific purpose other than being a fun and light-hearted cryptocurrency. This coin was named after the famous “doge” Internet meme, which gave rise to the “meme coin” category.
Although this cryptocurrency had little growth during its first years in the market, its price skyrocketed in 2021. The endorsement from Elon Musk, the world’s richest person, contributed to this rapid appreciation. DOGE became one of the most prominent cryptocurrencies in the market, something its creators and early followers never imagined.
The DOGE price went from $0.0045 at the beginning of 2021 to an all-time high of $0.73 on May 8 of the same year. It was a massive price hike of 16,122%. However, because of its nil utility, DOGE has not managed to keep its value. This shitcoin traded at $0.062 as of June 20, 2023, 91.6% below its all-time high. Nevertheless, some experts think it could experience another huge price rally in the coming years.
2. Shiba Inu (SHIB)
After the success of Dogecoin, many other dog-themed meme coins appeared on the market. Most of the new meme coins failed to attract investors. However, Shiba Inu (SHIB) drew a lot of attention, and it was billed as the “Dogecoin Killer.” Launched in August 2020, Shiba Inu emerged as the rival of Dogecoin. Its native crypto token, SHIB, overtook DOGE’s market cap in October 2021. As of June 20, 2023, SHIB has a market cap of $4.2 billion, making it the 17th most valuable cryptocurrency, according to CoinMarketCap.
The Shiba Inu team has been developing use cases for its ERC-20 token. For instance, the platform launched ShibaSwap, a decentralized exchange (DEX) that lists SHIB for trading. In 2022, Shiba Inu announced Shibaverse, a metaverse for the SHIB token. The platform also plans to launch a play-to-earn (P2E) game called Oshiverse.
The SHIB price skyrocketed in 2021, growing by a whopping 111,399,000%. Although SHIB traded almost 92% below its all-time high as of June 20, 2023, its utility and strong community could lead to a new massive price rally.
3. Floki Inu (FLOKI)
This meme coin was launched in June 2021 and has quickly become one of the most prominent shitcoins in the market. It was named after Elon Musk’s new pet, a Shiba Inu dog by the name Floki. The FLOKI price rose more than 300% in Q1 2023, becoming one of the top five shitcoins by market capitalization. According to CoinMarketCap, it is the 120th most valuable cryptocurrency, with a market cap of $205.1 million as of June 20, 2023.
Despite being considered a shitcoin, FLOKI is the utility token of the Floki Ecosystem. This digital asset is at the center of several flagship projects, including:
- Valhalla, an NFT gaming metaverse ecosystem,
- FlokiPlaces, an NFT and merchandise marketplace,
- The University of Floki, a content and education platform.
However, as with other shitcoins, FLOKI’s growth is driven mainly by viral social media posts. FLOKI increased its price in 2023 because Elon Musk posted a picture of his Floki dog on Twitter. The price jump was so high that Binance listed FLOKI at the beginning of May previous year.
4. Dogelon Mars (ELON)
This shitcoin refers to Elon Musk's wish to explore Mars. Dogelon Mars quickly attracted a large social media fan base of more than 500,000 followers on Twitter, Telegram, and Reddit. This digital hit the market in April 2021, experiencing an instant price hike after its launch. Within one month of its launch, this shitcoin price had grown by more than 30,000%. Even though the ELON price significantly decreased during the crypto winter of 2022, the trading volume of this asset has remained high. As the crypto market recovers, some experts think this coin price could skyrocket to new highs in the remainder of this year.
5. ApeCoin (APE)
The creators of the popular NFT collection Bored Ape Yacht Club (BAYC) launched ApeCoin (APE) in early 2022. APE is an ERC-20 governance and utility token. APE holders can participate in the APE decentralized autonomous organization (DAO), voting on different matters like funds allocation on the ecosystem, partnerships, and plans for future development.
Despite APE’s utility, many consider this crypto asset a shitcoin since its growth has been primarily driven by hype and marketing. Immediately after its launch, APE reached its all-time high of $39.4 on March 17, 2022. But the APE price dropped throughout 2022, ending the year at $3.6. However, experts believe the APE price can explode later this year.
Conclusions
We have reviewed some of the best shitcoins you can buy in 2024. Shitcoins are risky investments, and, in many cases, they are used to rip off investors through pump-and-dump schemes. Moreover, since most shitcoins do not have real-world use cases, their value depends solely on hype and speculation. So, while a shitcoin price might suddenly skyrocket and yield massive gains, it might also plummet, leaving investors with enormous losses.
Many crypto investors and enthusiasts trade shitcoins because of the possibility of getting significant short-term returns. If you plan to invest in these crypto assets, you should do it cautiously. Never invest more money than you can afford to lose; preferably, invest in reliable shitcoins like those listed above. You can buy the most profitable shitcoins of 2024 on LetsExchange.io.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.