A shitcoin is simply any cryptocurrency that does not have any value or practical application. Comparatively, coins like Bitcoin or Ethereum have well-grounded technology and have actual applications; shitcoins are often made for quick cash profits to the creators or scam artists who make them by speculating within the market. They can carry shady promises, pump and dump schemes or, in general, there is no serious development team and roadmap.
Most significant attributes of shitcoins include:
It does not bring some kind of service and does not solve any real problem nor bring utility
No roadmap directs it to its development nor to its improvement
Pump-and-dump scheme: it is an inside scheme to artificially make the price for the coin sky-rocket to later cause collapse when they are selling their one.
Aggressive marketing: Most shitcoins are aggressively marketed, and most deceptive strategies have been seen employing fear of missing out and ignorant investors.
How do shitcoins influence the cryptocurrency market?
Shitcoins significantly influence the overall market for general cryptocurrencies because they contribute to the system both positively and negatively. Their positive role is to increase overall liquidity and…
