To be specific, it does not possess any real value. The term “shitcoin,” which is used to disparagingly refer to particular digital currencies, is one of the most divisive in the crypto world. To get started with trading cyrptos, visit the official website of this trading platform.
Several of the so-called “shitcoins” are simply Bitcoin clones with no attempt to innovate or advance the underlying technology, and in other cases, they are outright frauds.
What is special about this cryptocurrency?
The white text for Shitcoin states that it was developed for two reasons:
- a means of trade for digital assets that are fungible.
- a means of generating income through the sale of NFTs.
This coin stands out from the numerous other projects that offer the same functionality because to its unique tokenomics. First and foremost, Baby Shitcoin is a different cryptocurrency that is part of the Shitcoin network. Shitcoin is 7% more expensive to purchase than it is to sell. This charge is divided up and is utilized to pay for development, bolster market cash flow, and award Baby Shitcoin owners. You can find many other alternatives to shitcoins on premium platforms.
The origin story of Shitcoin
In June 2021, Developer Martin Jacob, 27, jobless man, began developing Shitcoin. He came up with the concept after incurring losses to many pump-and-dump bitcoin frauds as an operator. Shitcoin was launched on December 21, 2021, with a preorder on the crypto launching pad Pink Sale. The pre order was fully subscribed, and immediately after, Shitcoin became live on decentralised crypto trading Pancake Swap.
Can you become rich with Shitcoin?
Use only the most reliable platforms because there are a lot of phoney or fraudulent cryptocurrencies on the market. Shitcoin allows you to generate additional cash flow, good for side hustle. But the money you’ll be generating isn’t worth enough. Shitcoin provides payout farming by its STC-BNB money provider on Pancake Swap, which it refers to as “Shit Agriculture.” You must contribute an adequate proportion of STC coins to the community in order to participate. After that, you will get a fraction of the interchange collected by that fund in accordance with your investment.
Risks associated with buying this cryptocurrency
Evidently, Shitcoin is not a real project. It’s among those digital currencies in which the title is the sole thing keeping it alive. The only incentive to buy it is the name Shitcoin because it doesn’t accomplish anything that sets it apart from the hundreds of other crypto coins.
Buying this cryptocurrency would be a terrible choice in and of itself, but the transaction fees make matters even worse. As mentioned, there are 7% and 9% transaction costs for buying and selling Shitcoin respectively, for a sum of 15 percentage points in fees.
Is it a good idea to invest in this cryptocurrency?
There is no justification for purchasing shitcoin, and when you do buy the cryptocurrency, you will almost definitely lose your investment. The ideal outcome is that investors just simply have to purchase it because they find it to be so humorous since it is obviously clearly not likely to be a good investment. It’s hard to find a good coin to invest in, but with Ekorna App you can find all the crypto news that can help you make sound decisions.
Shitcoin first gained some notoriety in the early 2010s, but after that, its value fell. Within weeks, it dropped more than 99% of its worth, and by 2022 the valuation for this crypto was at under $30,000. When trading in cryptocurrencies, there are many interesting options, but shitcoin is not among them. Focus on initiatives that are important and intended to address actual issues. It is only a question of time until joke coins crash, not if.
To sum up
The cryptocurrency market is growing daily, and in addition to well-known currencies like Bitcoin and Ripple there are now many alternatives in a variety of categories. You may find a range of digital assets, including NFTs, to invest in using premium applications. Be sure to seek direct assistance from experts to learn more about this topic.