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Knowing the meaning of alt-coins: examples of shitcoins

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Written by   114
7 months ago

Today's crypto-verse has more coins to offer, ranging from a variety of options that caters to people's needs and demands. However, with these vast choices available, there are some that make use of the opportunity to deceive others for their own benefit.

For today's The Cryptocurrency Wiz article, let us talk about shitcoins and their examples. Always remember, be vigilant more than ever!

example of sh*tcoins

Sh*tcoins are crypto tokens that do not hold any value or purpose. Oftentimes, these coins are pumped, making others earn money and mostly making the rest lose.

As a type of alternative coin, sh*tcoins are the worst. The term is a slur that describes tokens that diminishes their worth to nothing. Mainly, they don't account for anything and at times, the product of a non-existent or a substandard crypto project.

Though honestly, there is no available information regarding this sub-headline, might as well let's talk about my sh*tcoin classification. These are some of the coins that are considered as a sh*tcoin:

hyped coins

Decentralized financial exchanges are more commonly at risk with coins being hyped by whales or groups. Some crypto projects or coins with little to no value were hyped by others to make a profit out of their investments. These people deceive traders watching out the market or checking a coin to add to their portfolio. The volume of trading being pumped creates a demand that is more likely to attract potential investors thinking that it can possibly make them huge money.

Worry no more, you can take some steps to know if an alternative coin is a sh*tcoin with their pattern and these remarks in my past article.

For you to have a clearer image of these coins, here are some crypto projects and cryptocurrency coins that are more likely a sh*tcoin.

a sh*tcoin example:

Sh*tcoin is a token with no value that can be a product from a project without imminent value. In such cases, the overall plan does not build a concrete solution to help with human innovation, likewise, making nothing for its users.

You can deduce the fact from Zian Gaza's crypto token called Xian Coin. If you'll look thoroughly and well, use extensive research to learn more about the founder, you'll see everything that you needed to know.

Vague sales pitch without reasoning

The purpose, coin projection, and development of his project is total garbage. One can deduce that it's just hype. Looking onto his not-so-good website that serves as the whitepaper of the project, everything seems futile at all.

The dumb project

The project is centralized, controlled by him and his team. Additionally, the fact that he's teaming up with Latin America's notorious criminals as he said sums it up.

No available exchange for transaction... sounds fishy, right?

Following the coin's "promise" of making it $3 or more by this month of the year, it seems like it's not doing any progress.

To learn more about the Zian Coin, I am going to make a separate article related to this sh*tcoin (more likely scam coin)

As I have mentioned earlier, you can see if a coin is pumped (a shitcoin) with the graph patterns it had exhibited. Here are some of the shitcoin patterns you can find in Binance:

The value of the coin NKN was traded within a minimum 0.1527. However, it grew relatively strong and doubled its price in just a day.

In the 1-week trading movement of STMX, you can see the minimal amount of trading volume and value it had surfaced but over time, it grew relatively higher, making the coin triple its value.

As you can see from the graph, the volume of WRX specifically its buying and trading value are semi-equated, almost laying flat the following days but then, a sudden urge from buyers made its value almost double in just some time.

Also, shitcoins are subjected to their downs. As you can see with FILDOWN's 1-week graph movement, a higher percentage of selling happened overtime nearly losing its gain in just a day.

the conclusion:

The crypto market is a vast, ever-growing economy that had been subjected to several alterations, manipulation, and changes since then. These issues are some of the reasons why there are people who are hesitant about cryptocurrency's mass adoption.

To make yourself safe, a thorough investigation is needed first and foremost. As they say, DYOR (Do Your Own Research) before entering any investment or trade. Be vigilant with the things around you!

This is the cryptocurrency wiz by @francescawrites, I hope that you'll learn more about cryptocurrencies. Let's all hodl and hustle!

For the next The Cryptocurrency Wiz article, let us discuss further these shitcoins especially with the booming numbers of these invaluable tokens in the market. We will check out the examples of some projects that will likely and had likely to be a part of the unruly world of shitcoins.

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