The term ‘shitcoin’ is subjective and can refer to cryptocurrencies with no apparent function or meme tokens. The term is also used to describe potentially undervalued projects or those with a low market cap of fewer than 1 billion dollars.
This guide is for you if you want to take a chance on the underdog. It reveals the 10 best Shitcoins to buy in 2023.
What are Shitcoins?
A shitcoin is a cryptocurrency with little value or a digital currency with no immediate, discernible purpose. The word is a pejorative term often used to describe altcoins or cryptocurrencies developed after bitcoins became popular.
The decreased value of a shitcoin is often because investors have lost interest due to the coin not being created in good faith or because its price was based on speculation. These currencies are not suitable investments.
How do They Work?
Since Satoshi Nakamoto introduced Bitcoin in 2009, the world of cryptocurrencies has seen a significant boom. The success of Bitcoin has led many businesses to explore the advantages of blockchain technology, resulting in the creation of many associated digital currencies, commonly known as altcoins. These altcoins often utilize many of the basic principles set out by Bitcoin, but with some additional twists and turns.
Most of the time, the team working on a coin will say how many tokens will be available. For example, Bitcoin’s whitepaper says there will only ever be a maximum of 21 million Bitcoin (BTC). In the same way, the whitepaper for Ethereum says that the supply of Ether (ETH) cannot be more than 18 million coins per year.
Scarcity creates demand. Investors know that a coin’s supply will become limited after a specific time. Issuing more tokens than initially promised would dilute the value of investor holdings. When the supply of a cryptocurrency is fixed, its value should depend on demand.
As Shitcoins serve no meaningful purpose, there is often no genuine demand for the token. The token’s value is dependent on pure speculation. Shitcoins are digital currencies people believe to be valuable simply because someone said they were valuable.
How many Types of Shitcoins?
There are many types of shitcoins, but the most common are:
- ICO Shitcoins– These are coins that are created during an ICO (Initial Coin Offering). Most of these ICOs are scams, and the coins they create are worthless.
- Altcoin Shitcoins– These are coins that are created as alternatives to Bitcoin. Most of these altcoins are also worthless.
- Pump and Dump Shitcoins– These are coins that are created for the sole purpose of being pumped and dumped. These coins are often created by pump and dump groups, and they are almost always worthless.
- FOMO Shitcoins– These are coins that people buy because they are afraid of missing out (FOMO). These coins are often created by hype, and they are often worthless.
- Get Rich Quick Shitcoins– These are coins that people buy in the hopes of getting rich quick. These coins are often created by scammers, and they are almost always worthless.
Why are They So Popular?
There are a few reasons for this. First, many people are drawn to the idea of investing in a new or upcoming cryptocurrency because they believe that it has the potential to become very valuable. This is especially true if the shitcoin is being promoted by someone well-known or respected in the cryptocurrency community.
Second, Shitcoins are often much cheaper than more established cryptocurrencies. This makes them more affordable for people who are just getting started in the world of cryptocurrency investing.
Finally, Shitcoins tend to be much more volatile than more established cryptocurrencies. This means that they can offer investors the opportunity to make quick profits if the price of the shitcoin rises sharply. However, it also means that investors could lose all of their money just as quickly if the price of the shitcoin plummets.
Why is Market Capitalization Important?
A company’s market capitalization is crucial because it allows potential investors to understand the company’s actual value and size in relation to other companies. It helps investors predict the future performance of a company’s stock because it reflects what the market is willing to pay for the stock.
Best Shitcoins To Trade & Hold In 2023: A Full Guidance
When crypto investors want to explore new opportunities and take on more risk, they sometimes turn to shitcoins, such as the best meme coins.
When it comes to digital assets, there are a lot of options to choose from. However, not all of them are worth your investment. So, to help you, Cove Market has compiled a list of the best Shitcoins to buy.
Magic Internet Money (MIM)
MIM, or Magic Internet Money, is a stablecoin pegged to the US dollar. Its price usually hovers around $1, but it has recently been trading at $0.9982. MIM was touted as the future stablecoin, but it failed to gain any serious traction with the market due to a lack of information about its founders. However, that could easily change, as MIM is still on the market and has a daily trading volume of over $15 million.
SafeMoon is a DeFi token, which stands for Decentralized Finance. It went on sale on March 8, 2021. According to CoinMarketCap, SafeMoon has a capitalization capital of more than $1 billion and ranks #207 in the crypto market.
The token was built on the Binance Smart Chain blockchain. Its protocol has three functions: reflecting, acquiring liquidity pools, and burning.
This digital currency was in the news because celebrities like Logan Paul and the rapper Lil Yachty were interested in it. Its slogan, “Safely to the Moon,” has also helped it become well-known. Soon, SafeMoon will open its NFT and marketplace, as well as a coin launchpad that users can use to make their cryptocurrencies.
Due to its low liquidity, investing in SafeMoon may be riskier than investing in other scam coins.
Dogelon Mars (ELON)
Dogelon Mars is an offshoot of the more well-known cryptocurrency Dogecoin. It is a highly volatile coin that is seen as a high-risk investment. In other words, it’s a typical piece of trash. The company’s founders tried to cash in on Elon Musk’s fame, but they haven’t had much luck. But more than $5 million is traded daily could mean that something is going on, and for $0.0000007468, ELON is an exciting idea.
Baby DogeCoin (BABYDOGE)
This shitcoin doesn’t need an introduction because its name clarifies that it’s just another copy of Dogecoin. People have said that the coin is the child of its father, the Dogecoin.
As we’ve said before, the idea behind many cryptocurrencies came from Dogecoin, which had substantial price jumps and, of course, Elon Musk’s support. For example, the price of baby Dogecoin went up by 1,000% in just two weeks after it came out in June 2021. Elon Musk’s tweets about Baby Dogecoin can be blamed for the price increase. After his tweet, the cryptocurrency price went up by 228.3% in 24 hours.
When you look into it, you’ll find that this token claims to be faster than the original meme coin regarding transactions.
Floki Inu (FLOKI)
Combining the name of Elon Musk’s dog with that of the popular Shiba Inu coin gave it its name. This was done to give the impression that a famous investor backed the project. Even so, it has gotten the attention and trust of some critical people in the crypto community, which may be the key to its success.
Shiba Inu (SHIB)
After Elon Musk tweeted about it, Shiba Inu blew up in October 2021. That’s everything you need to know about this token. If one tweet from a famous person is enough to send it to the Moon, it’s probably a meme coin. But Shiba Inu still has a market cap of over $13 billion, so many people are still hopeful that the coin’s current price of $0.00002388 will go back up. More than $750 million was traded every day, which shows that there is a lot of interest in the coin.
In 2023, the people who started Bored Ape Yacht Club introduced Apecoin. This platform comprises 10,000 unique tokens that can only be used once (NFTs). Some of the best NFTs, based on the Ethereum blockchain, are sold on this marketplace.
ApeCoin is a digital currency that is based on the ERC-20 standard. It is both governed and valuable. When it was first made available in March 2023, this top shitcoin cost about $6.50. But APE coins sold for about $40 each in just a few hours before they fell back to earth. Within two days, the price of Apecoin was $17.75.
This meme money is worth about $3 billion on the market. So, if you like to play games or shop in virtual worlds, this is one of the best Shitcoinsto buy.
The 1inch Network brings together decentralized protocols that, when used together, make DeFi operations the most profitable, fastest, and safest.
The first protocol of the 1inch Network is a decentralized exchange (DEX) aggregator. This solution looks for deals across multiple liquidity sources and gives users better rates than any single exchange.
Samoyed Coin (SAMO)
SAMO is a digital asset that supports a community focused on onboarding Solana users, educating market participants, making personal connections, and helping each other navigate life. SAMO is the fastest, most efficient, and most eco-friendly dog coin in the game, but SAMO aspires to be more than that; it aspires to be Solana’s ambassador.
Lucky Block (LBLOCK)
LuckyBlock Lucky Block is a worldwide lottery that uses Blockchain protocols and operates on the Binance smart chain. The focus of Lucky Block is to develop further transparency and fairness in gaming, creating a lottery where every player has better win odds while providing a solid investment strategy for token holders and contributing to the community. LBLOCK is one of the fastest-growing Shitcoins in crypto history.
Tamadoge is currently the most sought-after shitcoin of 2023. The Tamaverse is a universe where you will be able to breed, trade, and care for your Tamadoge on the go. The world revolves around the Tamaverse, making it the most sought-after shitcoin of the year.
The popular virtual pet called Tamagotchi, introduced to kids in the 90s has given rise to the Tamadoge. Like the virtual pet back then, people can now take their dogs and interact with them. This vintage/retro spectrum brings the theme to today’s favorite meme pets, the Corgi and Shiba.
Their use case is strong, and the doges themselves will be NFTs, which has drawn even more attention from investors. Tamadoge is currently on pre-sale, and like most coins, it’s expected to launch and make big bucks for its early investors. Though it cannot be guaranteed, that is usually the case with most pre-sale projects. The team has already raised over $ 1 million dollars in its first 2 weeks.
Dogecoin has seen a sharp decline from its peak in May 2021. Once hyped by various TikTokers and self-styled Dogecoin daddy Elon Musk, the token reached a value of $0.55. This was a massive increase from January, when it was worth just $0.01. However, at the moment, it is priced at $0.122435. Despite this, it still has over a $16 billion market cap.
Advantages vs. Disadvantages
Advantages of Shitcons
- Low prices make it easy for average investors to start, and even small investments can yield good profits.
- The investor earns a remarkable profit from the booming coin market because it causes a rapid increase.
- New traders can get a stable profit for a good start by investing in small amounts of Shitcoins first.
- Can amass a small fortune with just a little investment.
Disadvantages of Shitcons
- The investors who make significant investments can get a massive loss because, in the way the market increases, it can also decrease.
- Many unorganized Shitcoins can harm investors by tracking their investments and scamming them.
- Long-term investors avoid buying Shitcoins because it helps to ensure their profitability in the short term.
Where to Buy Shitcoins?
As mentioned before, Shitcoins are highly subjective. Any altcoin can be deemed a “shitcoin”; therefore, it is hard to give specific guidelines for where to buy them.
Shitcoins are not as common on significant cryptocurrency exchanges such as Binance or Coinbase because most hold a small market capitalization. Exchanges such as these require coins to be officially listed, which means the project undergoes a thorough vetting process. Very few Shitcoins make it that far.
You can also get lower market cap coins through a decentralized exchange (DEX), where there are no restrictions on what coins can be listed.
How to Buy ShitcoinsCrypto Coins?
- Get a Binance wallet.
- Create a Binance account.
- Make BNB Chain your base currency.
- Move your BNB Chain from Binance to your crypto wallet.
- Choose an exchange that doesn’t have a central office (DEX).
- Connect Your Wallet.
- Swap your BNB chain for the coin you want to get.
- If Shitcoin doesn’t appear, look for its smart contract.
- Do the Switch.
- Go to the FTX website and create an account.
- Once you have created and verified your account, deposit funds into your account.
- Select the Shitcoins tab on the FTX website.
- Select the coin you want to buy and enter the amount you want to buy.
- Click the Buy button, and your order will be placed.
- Open Coinbase and log in.
- On the main page, click “Buy/Sell” at the top of the screen.
- Select “Crypto Currency” from the drop-down menu on the next page.
- Enter the number of Shitcoins you want to buy in the “Amount” field.
- Click the “Buy” button.
- Congratulations, you just bought shitcoins!
It’s pretty easy to buy Shitcoins crypto coins on eToro. Here are the steps you need to follow:
- Open an account with eToro and verify your identity.
- Deposit funds into your account.
- Go to the Markets page and search for the crypto coin you want to buy.
- Click on ‘Buy’ and confirm your transaction.
- Go to the Crypto.com website and create an account.
- Verify your email address and phone number.
- Deposit funds into your account.
- Go to the “Shitcoins” section of the website.
- Select the coin you want to buy.
- Enter the amount you want to buy.
- Click “Buy.”
How Can I Store Shitcoins Tokens?
To store Shitcoin stokens, you will need an ERC20-compatible wallet. Cove Markets recommend using MyEtherWallet, which can be found at https://www.myetherwallet.com/.
Which is the best Shitcoins coin to buy in 2023?
There is no best Shitcoins coin to buy in 2023. Each Shitcoins coin has its unique benefits and drawbacks.
Are Shitcoins a Good Investment?
This is a difficult question to answer. While some believe that Shitcoins are a good investment, others believe they are a waste of money. It depends on your personal opinion and investment strategy.
Investing in altcoins could lead to massive profits. For example, if you had invested in Shiba Inu (SHIB) at the beginning of the year, you would have seen a return of over 20,800,000% by the end of the year.
What are the benefits of Shitcoins?
There are many benefits to shitcoins, including their ability to function as a store of value, their utility as a means of exchange, and their potential to appreciate over time. Shitcoins also have the potential to provide a hedge against inflation and serve as a haven asset during times of economic turmoil.
What are the risks of Shitcoins?
The risks of Shitcoins are many and varied. They include but are not limited to:
- Losing all of your money
- Being scammed
- Getting hacked
- Investing in a useless coin
- Being cheated by a dishonest team
- Failing to do proper research
What is the difference between Shitcoins and other cryptocurrencies?
Shitcoinsare generally considered to be cryptocurrencies with no actual use case or value proposition and are often created to make money for the founders or developers rather than to provide any real benefit to users. Other cryptocurrencies may have an actual use case or value proposition but may be less popular or have a smaller market cap than more well-known coins like Bitcoin or Ethereum.
Do You Have to Pay Taxes on Shitcoins?
It depends on how you acquired the Shitcoins and what you did with them afterward.
If you bought Shitcoins with fiat currency (e.g. USD, EUR, GBP), you would likely have to pay capital gains tax on any profits you make when you sell them.
If you acquired Shitcoins through mining or staking, then you will likely have to pay income tax on the value of the coins at the time they were mined/staked.
If you simply held onto your Shitcoins and didn’t do anything with them, you probably won’t have to pay any taxes. However, it’s always best to speak to a tax professional to be sure.
Why Are There So Many Shitcoins?
Many “shitcoins” are created to capitalize on people jumping on the crypto bandwagon without doing research. Their value is based on speculation and little else. Plenty of people have lost money to “shitcoins” — from hundreds to thousands of dollars.
Why Are Shitcoins Important?
Shitcoins are vital because they allow people to invest in projects that may have little chance of success. Investing in a shitcoin is essentially gambling on the project’s success. If the project fails, you will lose your investment, but if it succeeds, you could make a lot of money.
What is the total supply of Shitcoins?
Total Supply: 21,000,000 STC
Who created Shitcoins?
There is no one person or organization responsible for the creation of all shitcoins. However, many Shitcoins have been created by developers with no prior experience in cryptocurrency or blockchain technology. These developers create Shitcoins to make money rather than build a practical or innovative product.
Shitcoins are risky investments that most people interested in cryptocurrencies should avoid. Investors willing to take on a lot of risks may be able to make a lot of money with shitcoins. Make sure you fully understand the short-term and long-term potential of Shitcoins before you invest in them. Once you know the risks and are comfortable with them, invest small amounts and take profits often to avoid losing money.
Cove Markets hope this guide helps find the best Shitcoins to trade, hold, and watch in 2023. As always, be sure to do your research before investing in any cryptocurrency. And never invest more than you can afford to lose.