The word “shitcoin” is frequently used to refer to cryptocurrencies that is falling or have already failed and have no real value. And of course there is a cryptocurrency named Shitcoin as there are now ones with pretty much every ridiculous name under the sun.
Shitcoin is still viewed as a short-term investment despite this. Learn more about the top shitcoins to purchase in 2023.
What make Shitcoin special?
The white paper/toilet paper for Shitcoin states that it was developed for two reasons: a means of trade for assets that are fungible and a means of generating income through the sale of NFTs.
Shitcoin has its own tokenomics, which set it apart from the many initiatives that provide the same thing. First and foremost, Baby Shitcoin is a different cryptocurrency token that is part of the Shitcoin ecosystem.
Shitcoin is 6% more expensive to purchase than it is to sell. This fee is divided up and used to pay for development, bolster market liquidity, and reward Baby Shitcoin owners. For both purchasing and selling, Baby Shitcoin has its own transaction fees of 6%, which are designed to increase liquidity and reward holders.
How Shitcoin works?
Shitcoins have value only because they exist. When they start, the rumors around their establishment cause a surge of investors to inject capital. The price of these coins quickly increases dramatically due to widespread purchase.
These investors’ prices plummet as soon as they had risen after they sell out in order to realize short-term gains. The price of shitcoins remains constant after all quick benefits have been realized with little change. Unaware new investors that buy in this pump-and-dump tendency frequently wind up with a lot of useless shitcoins.
For instance, Dogecoin derives its value from Elon Musk, the world’s richest person, via his tweets. Without his support and openly expressed thoughts, the coin’s worth would be unsupported. Additionally, Tesla’s CEO revealed that the business will first accept payments made in Dogecoin.
Earning with Shitcoin
Shitcoin allows you to generate passive income, but the cryptocurrency you’ll be generating isn’t worth anything.
Shitcoin provides yield farming through its STC-BNB liquidity pool on PancakeSwap, which it refers to as “Shit Farming.” You must contribute an equal number of STC and BNB tokens to the pool in order to participate. After that, you will get a share of the transaction fees collected by that pool in accordance with your investment.
Unique risks
It is clear that Shitcoin is not a serious initiative. It’s one of those cryptocurrencies whose existence is essentially supported just by the name. The only incentive to buy it is because it’s named Shitcoin; otherwise, it accomplishes nothing unique compared to thousands of other crypto currencies.
More if purchasing this cryptocurrency would be a terrible decision in and of itself, the transaction costs make it even worse. Shitcoin has a 6% charge to buy it and a 9% fee to sell it, making the total cost to buy and sell Shitcoin 15%.
Should you invest in Shitcoin?
Early on, Shitcoin saw some success, but after that, its value plummeted. Within months, it lost more than 98% of its worth, and by mid-2022, the market cap was at under $20,000.
Investment opportunities in cryptocurrencies, like Shitcoin, are interesting. Shitcoin can be a choice if you’re searching for quick earnings.
Where to buy Shitcoin?
There aren’t many sites to purchase Shitcoin because it is such a little cryptocurrency. The only ways to obtain it are through the trade feature on Shitcoin’s website or by exchanging it on the PancakeSwap exchange.
These websites are made specifically for trading cryptocurrency, not for buying and selling it. To exchange another cryptocurrency for Shitcoin, you must link a blockchain wallet to it.
