Since the first cryptocurrency (Bitcoin) launched in 2009, thousands of new digital coins and tokens have entered the market. Investors and traders have had many options to invest and reap profits. However, it does not mean any new coin that makes a grand entry represents a good investment opportunity. Most of these coins do not have anything under the hood to give them value: no use case, no technical backing, an unclear roadmap, etc. Yet, a few enjoy wide adoption and unusual hype. We are referring to the so-called shitcoins.
As their name implies, shitcoins might not be recommendable investment vehicles. However, this notion is not entirely accurate. For example, if you had invested in Shiba Inu (SHIB), a cryptocurrency widely considered a shitcoin, you would have made enormous profits last year. The one-year price change for this cryptocurrency reached +32,431,073% in 2021. As seen, some shitcoins are worthy of consideration to earn significant gains in a short time. But what is the best shitcoin to buy in 2022? This article provides the list of the top five shitcoins to invest in.
What Are Shitcoins?
Shitcoins are cryptocurrencies with little to no intrinsic value, often with no technological projects to back them. The term also applies to depreciating coins and cryptocurrencies with low trading volumes or liquidity. Bitcoin maximalists use the term shitcoin to refer to all altcoins, but this usage is not so common.
How to Identify Shitcoins?
As mentioned, shitcoins are not necessarily lousy investment vehicles. In a few cases, a shitcoin price might skyrocket, giving significant gains to investors. However, most commonly, a shitcoin price tends to fall. So, to take advantage of a shitcoin’s massive gains, you must identify and purchase it as soon as possible. But before that, you must learn to identify shitcoins in a sea of thousands of cryptocurrencies.
A cryptocurrency can be considered a shitcoin if it has one or more of the following features:
- No use case
- Centralization
- Bad tokenomics
- No clear roadmap
- Limited liquidity
- Untrustworthy development team
- Criminal intent.
However, identifying various shitcoins is just part of the process. You still need to find out which shitcoins are more likely to ‘explode.’ To predict the future price of a cryptocurrency, one needs to have a good understanding of the market and conduct an in-depth technical analysis. If you think it is too complicated, do not worry. We provide a list of the top shitcoins to consider in 2024.
Shitcoins List
The following list includes the most promising shitcoins in 2022. However, keep in mind there is no guarantee their prices will surge this year (or any time in the future, for that matter). If you decide to invest in one of these digital coins, you can purchase them on LetsExchange.io. Our platform supports more than 4,000 cryptocurrencies, which you can buy using fiat money or other digital coins.
Floki Inu
This cryptocurrency is one of the best shitcoins in the market. The name Floki Inu (FLOKI) comes from Elon Musk’s pet dog, Floki. According to CoinMarketCap, FLOKI is in the #2819 position in the cryptocurrency ranking by market capitalization as of July 19, 2022. The maximum supply for this cryptocurrency is 10 trillion FLOKI coins.
According to the official Floki Inu website, this cryptocurrency’s founders are a group of Shiba Inu supporters. In October 2021, the FLOKI price had a meteoric rise, although it did not last long. However, the Floki Inu team is working on ¨three flagship utility projects:”
- An educational platform called Floki Inuversity
- An NFT gaming metaverse called Valhalla
- An NFT and merchandise marketplace called FlokiPlaces.
So, despite being considered a shitcoin, Floki Inu could have another impressive price hike. Elon Musk’s tweets could help the FLOKI price to skyrocket suddenly.
XRP
Many investors and crypto enthusiasts will be surprised to see Ripple’s token in this shitcoins list. But there are several reasons to consider XRP a shitcoin:
- XRP is centralized, which goes against the spirit of cryptocurrencies.
- This token has failed to replace SWIFT, one of its stated goals.
- Ripple has been involved in a lengthy legal battle with the SEC.
The maximum supply of this token is 100 billion XRP. Despite meeting several criteria to be a shitcoin, XRP has a wide variety of applications and use cases, such as micropayments, DeFi, and NFTs shortly. This token reached its all-time high price of $3.84 on January 4, 2018, after an impressive price hike. However, some experts predict the XRP could skyrocket again when its legal battle is settled once and for all.
Baby Doge Coin
Baby Doge Coin (BabyDoge) is yet another clone of Dogecoin (DOGE). Dogecoin-inspired cryptocurrencies appeared when the original meme coin increased its price rapidly, fueled by Elon Musk’s endorsement via Twitter. BabyDoge’s price skyrocketed in June 2021, a few weeks after its launch. Such a meteoric price rise of up to 1,000% was attributed to a tweet in which Elon Musk mentioned this cryptocurrency. BabyDoge has a faster transaction speed than DOGE, which could boost its adoption, leading to a possible new price spike.
Dogelon Mars
Dogelon Mars (ELON) is a cryptocurrency that forked from Dogecoin in April 2021. Dogelon Mars belongs to the group of successful dog-themed coins like Dogecoin, Shiba Inu, and Floki Inu. This shitcoin runs on Ethereum and Polygon and has little utility beyond buying and holding it. However, Dogelon Mars has built a significant community with more than 300,000 followers on Twitter. It also ranks #140 on the CoinMarketCap list of most valuable cryptocurrencies by market capitalization. Hence, a massive ELON price hike is possible this year.
CumRocket
CumRocket is a digital marketplace for adult content launched in April 2021. On this platform, content creators can get tips for their content with the CumRocket platform’s tokens, CUMMIES. This token runs on the Binance Smart Chain (BSC) and has a maximum supply of 10 billion CUMMIES. The adult content industry (worth approx. $100 billion) has been steadily growing, particularly during the Covid-19 lockdowns. CumRocket helps content creators in this industry to overcome various problems like restrictions, discrimination, blocked payments, etc.
Summary
Some of the shitcoins discussed in this article are replicas of popular meme-coins like Dogecoin and Shiba Inu. They usually gain popularity through social media trends and endorsement by celebrities. In general, shitcoins are extraordinarily volatile and continuously lose value. However, some shitcoins experience sudden price surges that can lead to tremendous gains. But remember that a shitcoin price usually drops as fast as it climbs, possibly leading to massive losses. So, to profit from such price surges, you must buy and sell these coins at the right moment.
FAQ
Is BitTorrent a Shitcoin?
BitTorrent (BTT), the token of a popular peer-to-peer (P2P) file sharing platform, is considered a shitcoin.
Are Shitcoins Worth It?
In general, it is not worthwhile investing in shitcoins. However, some shitcoins can experience massive price surges that can give enormous gains to investors. Shitcoins are risky investments. Hence, proceed cautiously if you want to invest in this type of cryptocurrency.
Can Crypto Make You Rich?
Theoretically, it can happen. However, to become rich with cryptocurrencies, you have to learn as much as you can about the crypto market, trading techniques, and other related topics. It would be best if you had a lot of patience and discipline and, last but not least, a good deal of luck.
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.
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