What is a Shitcoin and how to profit from it. - Crypto Academy / S5W8 - Homework post for @nane15.
Hello all friends
come back with me @aryadwigantara
on this occasion I will try to complete the task given by professor @nane15 regarding What is a Shitcoin and how to profit from it..
So let's take a look at my following review together
What is a Shitcoin and how to profit from it.
1. Explain your understanding of what a Shitcoin is.
Shitcoin is the term "shit" and "coin" which means a coin that has no value in cryptocurrency. So that shitcoin can be called a copycat coin in the crypto world. After bitcoin became famous, many other coins appeared, so many traders thought that the coin that had sprung up could be a shitcoin that does not provide benefits to the crypto world, there are also traders who think that this coin can have a positive impact on the crypto market.But most think that shitcoin was created only as a copycat, not to add value to the crypto space.
Shitcoin does not have a special use in its manufacture, which means it is not made with a solid foundation and good value of the project. Like the doge buff which is a shitcoin made to increase the value or price of Dogecoin so that there is no special function in its use, this coin is made, there are several well-known shitcoins such as magic bestie, safemoon, and Shiba Inu.Shitcoin is very risky if you want to invest in it, because it has a very big risk in investing. If traders want to invest in shitcoins, traders must have and understand shitcoins so they can avoid sudden drops in prices.
2. Do you think it is possible to profit from investing in Shitcoins?
Yes, there is a high possibility to profit from investing in shitcoin. In investing in shitcoin traders only invest in the short term so it doesn't take a long time to invest. To invest in shitcoin traders only pay attention and learn what is currently excited or much in demand by investors, traders only invest for a short time.Sometimes when investing in shitcoins has its own difficulties to see shitcoins that provide great profit opportunities, but to get shitcoins that have potential it is very possible for traders to invest their assets.
Traders are very good at investing in more than one shitcoin so that one shitcoin that provides a large profit can cover the losses from buying a losing shitcoin. Investors who want to buy shitcoins first analyze and do detailed research on the development of the token project, so that investors can find out which shitcoins are worth investing in and can provide profits for traders.
3. List advantages and disadvantages of investing in Shitcoins.
Advantages of investing in Shitcoins
• Shitcoins provide huge returns for investors.
• Shitcoin has a low price, so investors can buy in large volumes and make big profits when the price goes up.
• Shitcoin is a coin that provides very fast profits for investors.
Disadvantages of investing in Shitcoins
• Shitcoin prices can drop rapidly at any time, to the detriment of investors who invest in large amounts.
• Shitcoins can be a means of deception for developers who aim to take investors' money.
• Not good for investors who invest in the long term.
4. List at least 3 examples of Shitcoin that have been a scam, also explain what they consisted of.
There are many examples of shitcoins that have been scammed. Here are some shitcoins that have been scammed.
• PitBull
• Trickle H20
• Baby Avengers
• SOLASHIBA
• PIXELSHIBA
SOLASHIBA
SOLASHIBA uses the Binance Smart chain on January 4, 2022. The total supply of SOLASHIBA is 1,000,000,000,000 SOLASHIBA. The total circulating supply of this coin is also 1,000,000,000,000. This coin has been reported as a scam due to news of hacking and embezzlement surrounding the project.
PITBULL (PIT)
PITBULL is a shitcoin launched on September 9, 2021. It has a total supply of 1,000,000,000,000 PIT and an outstanding supply of 1,000,000,000,000 PIT .Using the blockchain on the Binance smartchain. Tokens are flagged for news related to bugs, and scams.
PIXELSHIBA (PSA)
PIXELSHIBS is a shitcoin launched on January 4, 2022. It has a total supply of 5,000,000,000,000 PSA and an outstanding supply of 5,000,000,000,000 PSA .Using the blockchain on the Binance smartchain. Tokens are flagged for news related to bugs, and hacks.
5. Explain at least two examples of Shitcoin that have been successful and are currently keeping it. (Other than Dogecoin or Shibainu.)
At this time there are many shitcoins that are profitable to date, so they are still passing in the trading market, on this occasion I will discuss
SAFEMOON
Safemoon is a shitcoin that was just released on the crypto market, which has the slogan “Safely To The Moon” which means that the coin is very safe and the price will go up. Safemoon was released on Binance Smart Chain on March 8, 2021. Safemoon in every transaction will be taxed on the amount 10% cut in half. Then 5% of the transaction fee will be returned to other safemoon coin owners.
Safemoon itself does not have a specific value like Dogecoin, the value obtained comes from investors who invest in the token. Currently safemoon has a price of $0.000002477 and its trading volume is $3,584,104 the highest record price of safemoon coin at a price of $0.000002504 as shown in the picture below with green boxes.
BABY CAKE
Baby Cake is one of the many types of shitcoins that have been released recently. BABY CAKE gives prizes to holders who collect coins of 200,000 BABYCAKE. BABY CAKE is a new token released on July 17, 2021, since its release this coin has increased in price quite rapidly thanks to the marketing of the project which is very convincing for investors.BABY CAKE has a trading volume of $66.539 and at the moment the BABY CAKE coin is priced at $0.00001998 and the highest price of the BABY CAKE coin is $0.01597 as shown in the image below in the green boxes.
6. Perform a historical analysis of the prices of any of the cryptocurrencies that you chose for the previous question. (Use screenshots.)
In this section I will analyze the price history of the shitcoin SAFEMOON using the CoinMarketCap platform.
SAFEMOON was released on the exchange on March 8, 2021, at the time of the launch of the SAFEMOON coin the opening price of the coin was around $0.00000011. At that time the coin supplied was 777,000,000,000,000,000 SAFEMOON. At the beginning of its launch SAFEMOON was still V1 then transformed to V2, When SAFEMOON moved from V1 to V2 the price of the coin increased quite rapidly.
Of the many shitcoins, most of the prices of shitcoins are based on speculation and the SAFEMOON coin is proven to be safe during speculation. Investors who follow speculation when the SAFEMOON coin migrates to V2 will buy and hold their assets until the price increases quite rapidly.On January 2, the token price jumped to its highest level of $0.002686, so investors who have held their assets will experience large profits after selling their assets.
Currently the SAFEMOON token is around $0.002362, the SAFEMOON coin has experienced a drastic decline due to investors selling their assets massively when the price of the SAFEMOON coin reached its highest level, so investors bought and held their assets before January 2nd will get a big profit when they sell at the highest level.
7. Based on your previous analysis, what do you think will be the development of the price of the cryptocurrency for this year? Be creative when explaining.
From the previous analysis, I saw that SAFEMOON will increase again this month after a drastic decline, as we all know together in the crypto world. When the price reaches its highest level, the coin will experience a drastic price decline.Knowing the SAFEMOON token over time, so that in the future there will be many investors investing in the SAFEMOON token which will result in the price of the SAFEMOON token going back up and there is the possibility to create a new high level.
As we know shitcoin has good and bad, such as token developers who want to deceive investors by making tokens and then leaving the token without any information so that it can harm investors. For the SAFEMOON coin investors are very safe to invest as we can see in the graph the investors have sold their assets resulting in a drastic decline, but the SAFEMOON coin is not a SCAM and at this time the price of the SAFEMOON token is slowly rising again.This is a good time for investors who want to invest in the SAFEMOON token.
Conclusion
Shitcoin is a type of coin that has no value or becomes a copycat coin. The value is obtained by shitcoin through funds invested by investors in shitcoin, but when investing in shitcoin investors must first analyze and pay attention to develop in detail. At this time there are many shitcoins which were developed only to deceive investors so that after getting funds from investors the developer will leave the token so that the token is a SCAM.Short term investment is very well applied by investors when holding assets in shitcoin.