What is A Shitcoin? How to Spot A Viable or Promising Shitcoin from a Fake One

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Cryptocurrencies, like BTC and ETH, have proven resilient, useful, and dynamic. At least, they are weathering the storms the existing economic setup is posing against them, in excellent fashion too. Aided by the infamous 2020 lockdown, investors’/stakeholders’ interests, both retail and corporate, in digital currencies have risen dramatically in recent months. However, this article is centered on the concept ‘Shitcoin’: what it means and how to spot a viable/promising Shitcoin.

As the name conveniently implies, Shitcoin is a crypto (mostly new and unpopular) whose utility is not defined, yet valueless and extremely cheap. Cryptocurrencies are mostly pushed by certain individuals/institutions to rise in value, almost like promoting a small golf club for regional and international competitions. A good example of a Shitcoin is the $SHIB and $Dogecoin, the former made its big break into Binance yesterday 11th May.

This is the same with most Shitcoins, as they have relatively small communities of low and middle-class investors backing them for more value. The real breakthrough comes when major Cryptocurrency platforms like Easycrypto, Binance, Lobstr, etc enlist them for trading.

However, the uncertain futures of most Shitcoins give rise to several scams. Hoax communities are formed to ‘promote’ hoax Shitcoins to attract genuine investors who then unsuspectingly commit their resources. Most times, they quietly disappear later.

ALSO READ: How To Register a Company or Business Name on CAC (2021): Step-By-Step Procedure; FAQs

How to Spot Viable Shitcoins from Scam

This article will help crypto-enthusiasts and Shitcoin investors with real indicators to spot viable Shitcoins. A viable Shitcoin should (at least) meet 5 of these indicators below, if not, it is most definitely a HOAX.

Indicator 1: Many Market Watchers

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Coingecko

When the daily activities of the Shitcoin attract many onlookers/market watchers. This is another strong indication that the Shitcoin crypto has a strong and focused community behind it watching its every step.

Indicator 2: Recent Addition to A Platform

If the Shitcoin has been recently added to Coinmarketcap or Coingecko. For maximum profit, an investor should have bought before the enlistment but it is very advisable to wait it out. It is extremely difficult to find viable un-enlisted Shitcoins.

Hence, to avoid hoax Shitcoins, just wait till Coinmarketcap or Coingecko enlists.

Indicator 3: High Likes

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Coingecko

If Coingecko records a high volume of likes for the Shitcoin, this definitely means a large focused community is behind it – making the efforts.

Indicator 4: Social Media Presence

If real Twitter, Pinterest, Reddit, Facebook, and Telegram users (not bots) make high volume of unsponsored posts about the Shitcoin on a daily basis, that Shitcoin is gradually gaining popularity and this is a sign that the coin is viable and has a future

Indicator 5: High Volume

The Shitcoin reached a high volume in the past 24 hours. If the Shitcoin has reached an impressive high or an all-time high within a day of checking, it is most likely viable and real.

READ: Visa to Accept USDC, as Cryptocurrencies Gain More Grounds in Mainstream Finance

Indicator 6: Many Holders

If the Shitcoin has many holders in vast places, and they do regular credit or debit transactions in a frequent manner, this only means many people already believe in the success of this Shitcoin to go far into becoming a major one someday.

Note: The information contained in this site is provided for informational purposes only, and should not be construed as legal or professional advice on any subject matter. You should not act or refrain from acting on the basis of any content included in this site without seeking legal or other professional advice.

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