TOP Shitcoins that Appeared on the Hype

The crypto market has recently been flooded with many “shitcoins,” tokens built on hype with little or no inherent value. Most shitcoins follow a similar development pattern, quickly increasing their value, crashing, and burning within a few months (or even weeks).

But why are shitcoins so popular if they offer little or no certainty in the long run? Some of these digital assets can yield massive returns, resulting from well-crafted marketing campaigns and well-timed launches. So, a new shitcoin on the market often attracts hordes of crypto enthusiasts, traders, and investors eager to become rich quickly.

In some cases, launching a shitcoin is made to coincide with a major event in the digital world, finances, politics, etc. This strategy helps the new token to build on hype and get adepts more quickly. One such event occurred on July 23, 2023, when Twitter abruptly rebranded to X.

Several shitcoins have emerged in decentralized exchanges (DEXes) following this event. One of the most notable shitcoin seizing the moment is the X (X) token, which takes its name from the new logo of Elon Musk’s social network. So, below we will review this shitcoin and others built on the hype after a major event.

1. X (X)

Launched on July 28, 2023, X aims to build a decentralized finance (DeFi) ecosystem that will revolutionize traditional financial systems. It ultimately will create a transparent, secure, and efficient platform that will be the next big success story in the crypto world, similar to Dogecoin and Floki.

As of August 7, 2023, X was the 2,173rd most valuable cryptocurrency by market capitalization, according to CoinMarketCap. The table below summarizes other relevant data for the same date.

Let us briefly describe some of the key features of this emerging and promising project.

A Community-Driven Project

X encourages developers, token holders, and all other members of its community to get actively involved in developing this project. Consequently, there will be an inclusive and collaborative environment where the decisions concerning the project’s future will be made democratically.

A Deflationary Token and NFT Integration

Part of each X transaction will be burned to ensure the X token supply decreases over time. Moreover, X holders will be incentivized to keep their tokens for a long time. Eventually, the X platform will eventually integrate non-fungible tokens (NFTs) into its ecosystem, increasing engagement and utility.

Viral Marketing

The X project originated with a tweet by the world’s richest man, Elon Musk. Hence, the project plans to continue using viral marketing strategies to attract the attention of traders and investors. These marketing strategies include social media campaigns and partnerships with influencers.

Charity and Social Impact

Despite being considered a shitcoin, the X project aims to contribute to meaningful social projects and cause a positive impact beyond the crypto world. X will allocate part of its transactions to charity and community initiatives to achieve it.

2. XRP 2.0 (XRP2)

On July 13, 2023, U.S. District Judge Analisa Torres ruled partially in favor of Ripple Labs Inc. This ruling was a landmark victory against the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which argued that XRP should be classified as a security, similar to stocks or bonds, and therefore would be subject to SEC regulation. However, the ruling stated, "Offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.” This ruling has positive implications for the regulatory status of many other cryptocurrencies.

Building on the hype of the above legal victory, a shitcoin named XRP 2.0 (XRP2) has made headlines recently. By using that name, this shitcoin attempts to attract the attention of traders and investors. It all indicates that the strategy has worked. Although XRP2 has no use cases, many investors rushed to purchase this asset, given the success of “2.0 coins” in previous weeks. A few hours after its launch on July 24, 2023, the XRP2 price exhibited a massive spike. Whether this copycat coin can sustain its upward momentum remains to be seen.

According to CoinMarketCap, XRP2 was the 3,506th most valuable cryptocurrency by market capitalization as of August 7, 2023. You can find other relevant data for the same date in the table below.

3. UFO Gaming (UFO)

Another recent top event that made the headlines around the world was the hearing in which a respected former U.S. intelligence official told a congressional committee that, in effect, aliens exist. In his testimony before the House Oversight and Accountability Committee on July 26, 2023, David Grusch accused the U.S. government of concealing evidence of alien visitation to our planet.

After such declarations, social media was flooded with extraterrestrial-themed posts and memes. The crypto space reacted similarly, witnessing the launch of over fifty shitcoins with the words UFO or Alien in their names. Other existing alien-themed cryptocurrencies benefitted from the hype of the above hearing. That was the case with UFO Gaming (UFO), which launched in Q3 2021.

UFO saw a 2.4% gain within hours after the hearing. Although this coin’s price fell after that modest hike, it might increase again due to the current alien hype. UFO Gaming is a decentralized gaming platform with play-to-earn (P2E) elements, NFTs, and DeFi functionality. As of August 7, 2023, UFO was the 573rd most valuable cryptocurrency by market capitalization, according to CoinMarketCap.

Conclusion

Shitcoins are buzz-driven assets, meaning their prices are greatly determined by hype. Hence, it is not uncommon that major events worldwide prompt the creation of new shitcoins using such occasions to attract followers. While investing in shitcoins can yield massive gains within a short time, the possibility of losing most of your investment is real. Hence, you must invest cautiously in shitcoins. Always research before investing in cryptocurrencies, and be wary when investing in new shitcoins. Many of these opportunistic coins are scams. If you want to invest in popular shitcoins, you can buy such assets on LetsExchange.io at competitive rates.

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.