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The Bitcoin market is home to thousands of projects. While some serve as utility
and governance tokens, some serve as stores of value, and then there are
shitcoins. A cryptocurrency that was made with no genuine intention or purpose
is called a shitcoin. Those are mostly meme tokens or just cryptocurrency
associated with worthless ventures. These coins frequently crash and
burn and have extremely low values. Some, meanwhile, can capitalize on a
price surge and yield profits of hundreds or even millions for their owners. It
makes sense that a lot of investors would be drawn to shitcoins given their
enormous profit potential. However, how can one determine which shitcoins are
preferable to invest in and which ones aren't worth buying?
1. Dogecoin
There is a wide range of digital coins and tokens available in the cryptocurrency market. Approximately 23,000 cryptocurrencies exist, some of which are associated with innovative and promising technology initiatives. These initiatives typically use blockchain technology and other similar tools to address real-world issues. Then there are the shitcoins,' which are essentially worthless. The majority of meme currencies are classified as shitcoins.
Shitcoins are a popular and emerging type of cryptocurrency that has no real usage or fundamental function but has tremendous development potential. To be fair, not every shitcoin is useless. Some of them give investors benefits in addition to basic usefulness. However, marketing, advertising, and celebrity endorsements are the main things creating the buzz about shitcoins.
Investments in shitcoins are exceedingly risky and speculative. Certain shitcoins have the potential to bring in huge profits, but they can also result in disastrous losses. Thus, investing in the right shitcoin without having a thorough understanding of these digital assets may be as simple as tossing a coin. To assist cryptocurrency investors in selecting the shitcoins that best suit their needs, we have put up a list of the top five shitcoins for 2023.
2. Shiba Inu
Dog-themed meme currencies proliferated on the market following Dogecoin's breakthrough. Branded as the “Dogecoin Killer,” Shiba Inu (SHIB) garnered a lot of interest. Establishing itself as Dogecoin's competitor, Shiba Inu debuted in August 2020. In October 2021, SHIB, the company's native cryptocurrency, surpassed DOGE in market capitalization. SHIB, the 17th most valued cryptocurrency as of June 20, 2023, has a market capitalization of $4.2 billion.
2021 saw a staggering 111,399,000% increase in the price of SHIBs. On June 20, 2023, SHIB traded about 92% below its all-time high; yet, its strong community and usefulness may spark a fresh, significant price increase.
3. Floki Inu (FLOKI)
Since its June 2021 introduction, this meme coin has grown to rank among the most well-known shitcoins available. It was given the name Floki in honor of Elon Musk's new Shiba Inu puppy. By market capitalization, the FLOKI rose to the top five shitcoins. As of June 20, 2023, its market cap of $205.1 million places it as the 120th most valuable cryptocurrency, according to CoinMarketCap.
As the utility token of the Floki Ecosystem, FLOKI is still regarded as a shitcoin.
Nevertheless, FLOKI's rise is mostly fueled by popular social media posts, the same as that of other shitcoins. In 2023, FLOKI raised its price due to Elon Musk sharing a photo of his Floki puppy on Twitter.
4. Dogelon Mars (ELON)
Elon Musk's desire to explore Mars is alluded to by this shitcoin. Dogelon Mars gained a huge following on social media in a short amount of time, amassing over 500,000 followers across Reddit, Telegram, and Twitter. When this digital product was first released in April 2021, its price immediately increased. This shitcoin's price has increased by almost 30,000% in just one month since it launched. Despite the notable decline in ELON's price throughout the 2022 crypto winter, the asset's trading volume has stayed elevated. Some analysts believe that this coin's price could soar to all-time highs in the remaining months of this year as the cryptocurrency market bounces back.
5. ApeCoin (APE)
Beginning in early 2022, Bored Ape Yacht Club (BAYC), the developers of the well-liked NFT collection, introduced ApeCoin (APE). An ERC-20 utility and governance token is called APE. As members of the APE decentralized autonomous organization (DAO), holders of APE can cast votes on issues about partnerships, future development plans, and the distribution of cash throughout the ecosystem.
Although APE has its uses, a lot of people view it as a shitcoin because hype and marketing have been the main drivers of its rise. APE hit an all-time high of $39.4 on March 17, 2022, just after it launched. However, the price of APE fell during 2022, reaching $3.6 by the end of the year. Experts, however, predict that the price of APE may soar later this year.
Conclusions
We've examined a few of the top shitcoins for 2024 purchases. Shitcoins are a dangerous investment, and they are frequently utilized in pump-and-dump scams to defraud investors. Furthermore, the value of the majority of shitcoins is entirely based on hype and conjecture because they have no practical applications. Therefore, the price of a shitcoin may suddenly soar, generating tremendous gains, or it could crash, resulting in enormous losses for investors.
Because they can potentially yield large short-term returns, shitcoins are traded by a large number of cryptocurrency enthusiasts and investors. If you intend to make an investment in these digital assets, proceed with caution. Never risk more than you can afford to lose when making investments; ideally, choose reputable shitcoins like the ones mentioned above.
Disclaimer
Please remember that the material above is simply meant to be informative and is based only on our observations. It is not an official forecast, nor does it represent any form of financial advice. You are taking a risk when investing in cryptocurrency because it is an extremely volatile asset.
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