There has never been a better time to invest in cryptocurrency.
For the time being, the most popular altcoins to invest in are Dogecoin and Ethereum. However, some investors are opting to trade smaller-cap altcoins instead.
For many, this has helped maximize return on investment. Lots of altcoins are growing faster than Bitcoin.
To put it mildly, the excitement surrounding Bitcoin is out of control.
Meanwhile, shitcoins and small-cap cryptocurrencies still have a lot of room to develop. Google Safemoon and Bonfire are a few of these. Safe moon and Bonfire’s new millionaires are becoming more numerous.
Anyone can invest in crypto, and it’s never too late to start. In addition to the new coins constantly being developed, existing ones still hold great promise.
So, where can you buy the cheapest shitcoins and microcap cryptocurrencies available right now?
What are Shit Coins?
Shitcoins are perceived as having no recognized purpose in the cryptocurrency industry, aside from speculation and as a store of value. Analysts are skeptical of some altcoins and their value. Seasoned investors may be worried about an imminent collapse in value.
A number of new coins out there are undoubtedly scams. The average retail investors may find it difficult to tell the legitimate ones from those that are essentially fake. Recent fraud the stemmed from the Squid Game Token is a prime example. It gained value very quickly, but when reports came out about people not being able to sell their stakes, the coin was soon discovered to be completely illiegitimate.
While Bitcoin has made cryptocurrency more popular in general, there are many other coins that are growing faster in terms of usage and value. Nonetheless, Bitcoin is generally considered to be the most trustworthy and stable coin available. It still has by far the most capitalization.
Meanwhile, there are a number of other reliable coins trailing shortly behind, including Ethereum, which coined the term ‘crypto token.’ There are credible predictions that Ethereum could overtake Bitcoin in the next few years in terms of overall capitalization. This highly anticipated event has been termed ‘the flippening.’
In this article, we take a closer look at shitcoins, some of which may be good speculative investments. But before jumping in, it’s important to learn more about them. Factors like identifying a scam from a legitimate coin and also about the coin’s development can mean the difference between considerable gains and catastrophic losses.
How to Identify a Shit Coin?
Looking at a token’s misleading claims, its lack of usefulness or function, and its purpose in a turbulent market can reveal its true nature.
It is possible to tell fake coins apart from genuine ones by their use and function.
Coins such as Ethereum, which coined the term “crypto token” in the cryptocurrency business, are frequently recognized as among the greatest.
Best Shitcoins in 2021
It all started as a joke in 2013 when Shiba Inu became an internet sensation. It was conceived as a parody of the burgeoning interest in altcoins. Dogecoin uses the Scrypt algorithm as does Litecoin.
Dogecoin was popularized in early 2020 when it suddenly started to break out above 7 cents and rapidly rose to over 70 cents in value. Within a few months, it was the most mentioned coin on Twitter. It gained further popularity when Elon Musk got behind it, declaring Bitcoin’s environmental concerns unacceptable in considering it for the world’s alternative currency.
Although Elon took interest in accepting Dogecoin from car buyers at Tesla, the development process proved more difficult than anticipate, and Dogecoin experienced massive sell-offs that left most of the retail investors who chased its colossal rally selling at a loss.
Shiba Inu Coin
After a massive spike in the value of Dogecoin (starting in January/February), people began searching for the next coin that would blow up. The notion has been riffed on by developers with well-known names. Right now, Shiba is the best-known riff.
Shiba Inu’s reliability is in question, but it has nonetheless spiked in recent months. Its story of volatility continues as it was going to be listed on the Kraken staking platform, but its listing was delayed, resulting in significant selling volume.
Ethereum founder Vitalik Buterin was famously gifted a large stake in Shiba Inu as an attempt to legitimize the coin. However, earlier this year, Buterin donated virtually all of his gifted altcoin to a charity in India, causing tremendous volatility.
Safemoon is an altcoin that was created to reward long-term investors and disincentivize selling. Covering your stake in this altcoin requires giving up 10 percent of your Safemoon holdings, which are then distributed among its remaining owners.
Ostensibly, it was conceived to create the perfect circumstances to create value for its holders in the long term. Nonetheless, the altcoin’s big rallies have all been followed by large sell-offs, so it’s not clear how much the disincentive for cashing out will actually help the currency establish a long-term growth pattern.
This coin was founded in Vietnam and is currently controlled by an Australian business. RFOX will be made available for tournament-based video games so that virtual land can be purchased through token exchanges other than fanjiburu. This is another manifestations of the economy’s increased focus on digitalized assets.
A future $1 billion RFOX project, with Vietnam as its preferred location due to the region’s tremendous growth potential (and advances before the crowd comes).
In the world of digital treasures, a new company named Ecomi is making strides. OMI tokens may be used to purchase these digital collectibles on the VeVe app (made by Econo).
In order to keep your OMI tokens safe and private, Ecomi provides a secure wallet that is compatible with the GoChain blockchain wallet already used.
For a variety of reasons, SUSHI has been my favourite dish this month. The SushiSwap decentralised exchange (DEX) on the Ethernet Liam blockchain allows users to trade between any two ERC20 tokens. The SUSHI token can be used to vote on proposals and receive a portion of the revenue generated by the system.
Cryptocurrency speculators are familiar with Uniswap (UNI) and less familiar with SUSHI. SushiSwap has developed into a really distinctive service since it started at the end of August 2020. When comparing SushiSwap and Uniswap there are two main distinctions.
Algorithmic stablecoins are the most popular in DeFi right now. By modifying the supply, the goal is to keep the pack’s price at $1. Price will soar above $1 if demand exceeds supply. The idea behind the protocol is to drive down the cost of goods by boosting supply. A single basis point is added to the BAC.
BAS stacker obtains a boost in BAC supply when BAC (Basic Cash) price exceeds $1 the “Three Token Scheme’s” passive income. It is possible to trade BAB (Basis Bond) for BAC (Active Revenue) when its value is less than $1. When this BAB is traded for more BAC, the user can get back more than he put in.
How To Buy Shit Coins, Step-by-step
PART ONE: Getting your money in order
This is the first step: get Trust Wallet.
Most of these coins require a Binance Smart Chain-enabled wallet. As of right now, this is the best and most popular wallet option out there.
This can be used by both Android and iOS users.
To buy BNB, you’ll need to join a crypto site that sells it, like Binance coin.
You’ll need the Binance Smart Chain’s official currency, BNB, to purchase Smart Chain. Smart Chain can be used to buy shitcoins and other cryptocurrencies.
A few of the BNB-enabled platforms available in your area:
BNB can now be purchased in the third step.
Once you’ve deposited real money into your account, you can use it to buy whatever amount of BNB that you choose.
The recipient will receive an email with instructions on how to complete Step 4.
Find your Trust Wallet BNB address by following these instructions:
- The Trust Wallet App can be opened.
- Select BNB from the wallet’s main page.
- The option to “copy” is available.
Replace BNB with Smart Chain in Step 5.
To recap, you’ll be making all of your purchases through Smart Chain.
Switch to Smart Chain from BNB in your Trust Wallet.
Why Has Dogecoin Has Skyrocketed 12,000%?
Dogecoin’s value has risen by more than 12,000 percent since January 1, 2021.
The meme-based cryptocurrency’s value has risen by more than 12,000% since January 1, when it briefly reached $0.69 USD. On that date, if you had invested $1,000 USD, you would now have $121,052 USD in your account. The value of both Bitcoin and Ethereum has risen by 95 percent and 369 percent, respectively, during this time span.
However, now the memecoin sits at around 20 cents. If anything, Elon Musk’s hosting of Saturday Night Live had a negative effect on the coin’s growth short-term. Although it may have popularized it, profits for retail investors are determined by the trading choices made by whales and institutional investors.
Still, Dogecoin has developed some utility as a currency that is accepted by a number of vendors. It remains to be seen whether the ‘shitcoin’ will become a staple cryptocurrency or will end up proving its critics right.