What is a Shitcoin and How to Profit From it - Crypto Academy / S5W8 - Homework Post For nane15
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Hello everyone, I welcome you all next week at the crypto academy. Today I will discuss with you about the Shit currency known as Shit Coins, a course tutored by professor @nane15 . lets start!!
QUESTION 1:
Shit coin is a term that refers to a crypto currency that has a very small value, even shitcoins may have no value at all. The use of the name "shit" for types that have a low value, actually refers to a low price or no price at all. the goal is to demean and clarify the position of shitcoin as a cryptocurrency that is mostly worthless.
In Indonesia, shitkoin also has another name, namely micin coins. It is adapted from the local language. Naming the micin coin among crypto lovers in Indonesia, refers to the low price of the shitcoin type, but has a large supply so users can buy it in large quantities, with minimal money. Well, in Indonesia, this is the same as buying micin (food seasoning).
Well, back to shitcoins. The process of making shitcoin can be done by anyone and the process is very easy, even the maker doesn't need a way to account for anything. As the name implies, shit. The majority of these Coins are worthless and can be used to cheat, or just as a meme or a joke. Usually shit coins are denoted by cryptocurrencies or alt coins that were created after bitcoin became popular.
Shit coins may succeed, but very many fail. The failure was because the provider failed to attract investors. Investors find it hard to trust shitcoins because the price of the coin is based on speculation, there is no certainty. So they think investing in shitcoins is a bad thing.
Looking at some explanations about shitcoin, important for us to Or anyone who wants to Invest in coins, especially shitcoins to do research and validate if the project has clear project responsibilities, are the organizers real and they know what they are doing. So that we do not waste time and money in vain.
QUESTION 2:
Yes! That's possible. Before giving reasons why I give reasons for my answer above, better, we to understand a few things first.
First, investment is full of risk. We can't jump right into investing with the money we have. without exploring and learning what we want to invest. This goes back to my last point in the first question above. It requires understanding, knowledge and experience. Because without it, we can't guarantee the end result is good or bad. Okay, why did I answer That's possible to take profit from investing shitcoin?
This is because it departs from my experience and also my friends who dare to take risks to invest in shitcoin. The risk of failure because it's a shitcoin, is huge. But it is important for us to study every shitcoin we want to invest in. One thing we must know, investing in shitcoins is not a long-term investment, because these shitcoins can disappear in an instant.
So, when you are sure and that belief departs from the results of monitoring, assessment of the shitcoin then please invest your money. And when you've done that, I advise you not to sleep or let it settle for long periods of time. However, always monitor its movement through a market you trust, if then you already have a profit from it, the shitcoin you bought earlier you sell immediately.
In essence, it is still possible to make a profit by investing in shitcoin, if you really understand the shitcoin project you are investing in. this is a short term investment, which can generate a lot of profit, if you work with science and research.
- ADVANTAGES
We can buy various types of shitcoins because they are very, very cheap. With a capital of around $50 to $100 you can collect millions of shitcoins of various types. For example, you can use $30 for safemoon, $40 SHIBA and the remaining $30 for other types of shitcoins.
Shitcoin price movements can change drastically in seconds. It can go down quickly, it can also go up quickly. If you already understand the ins and outs of the shitcoin you are investing in, then the profit you can get tens of times, even exceeds %100
Another advantage is that the capital we need to invest early is not too large. As I said in the first point, you only need initial capital in the range of $50 to $100.
Another advantage is, if you are a shitcoin enthusiast, of course you will actively monitor the latest shitcoin list. Well, at the beginning of this shitcoin, you can buy it right away. Usually, when a certain type of shitcoin first appears, the price will immediately jump drastically.
If you enter the market faster, then you can reap bigger profits before the price spike occurs, This is because shitcoin profits are mostly earned in a short period of time.
B. Disadvantage.
There are too many scams in shitcoin, so if you lack knowledge and lack of research, your money could be lost when you make the wrong investment.
Price movements are unpredictable, and can drop sharply in a very short time, allowing you to lose money too.
Majority of shitcoins have low backing & market cap. This can make your investment a big loss.
The majority of shitcoins are also difficult for all traders to reach, because they are only available on small exchanges.
In this section I will talk about shitcoins that were declared a scam or failed. There are actually a lot of them, some of which are:
BSC Minerals (MNEB)
BSC Minerals (MNEB) is a cryptocurrency, used in Binance Smart Chain (BSC BEP-20). This shitcoin was also reported as a scam, as shown in the red box. Mineral BSC (MNEB) Starting to be implemented on 27 Dec-2021 20:13 GMT with a total Supply of 1,000,100,000,000,000 MNEB. Circulating Supply: 1,000,100,000,000,000MNEB the determined number of decimal places applied is 9. while the number of holders is 13.
SuperMoon (SUPERMOON)
This is another recognized fraud token that also causes loss of assets for investors in the crypto market. SuperMoon (SUPERMOON) is a cryptocurrency, used on Binance Smart Chain (BSC BEP-20) ON 30 Dec-2021 11:22 GMT. Today's SUPERMOON price is $0 with a 24-hour trading volume of $0. SUPERMOON price increased 0% in the last 24 hours. The decimal used is 9, and there are 6 holders
Meta Fortune (MF)
The next Shitcoin that was declared a scam was Meta Fortune (MF). starting in 2021. And ended in the same year. MetaFortune is built on the Ethereum network, however the total tokens are unknown. I believe the main reason for its failure was that it had 0 liquidity and no volume. The founder or inventor is also unknown (Anonymous). ni will definitely tell you that it is a fraud token. And also metafortune down website and social media is not available.
FLOKI INU
My first pick for a shitcoin that we can say has been successful is FLOKI INU. Currently this floki is ranked 2844 on the coinmarketcap list. As I write this review, The price of this Floki is currently at $0.00007575. This shitcoin was born by fans & members of the Shiba Inu community.
Some of the activities carried out by this flock, make this shit coin different from other types of shitcoin. This flotilla has collaborated a lot or collaborated, one of them is collaboration with the Garden Movement which has activities in the field of maintaining food stability. The garden movement itself is run by Kimbal Musk, the conscious of Elon Musk.
In addition to collaboration with garden movements, This floki also has other main projects i.e. a valhala game related to the NFT Metaverse. and a content/education platform known as Floki Inuversity. We need to know, the name Floki comes from Elon Musk's pet puppy. This is certainly very influential on the stability of this flockey in the market. In addition, Elon Musk is also diligent in tweeting about this shitcoin, of course it is of great benefit to the development of the floki inu from time to time.
Safemars (SAFEMARS)
The second shit coin is, safemars. Safemars is a token developed by 8 people consisting of developers and marketers. The safemars token was first launched on March 13, 2021 with a total supply of 1,000,000,000,000,000 SAFEMARS. At launch, about 54% of the tokens are sent to the pit to be burned, about 40% are allocated to the presale and the remaining percentage is sent to the SafeMars team wallet.
Currently, according to the data I took from coinmarketcap, safemars is ranked 4095, with a current price of $0.00000004153. with a Fully Diluted Market Cap of $41,529,606 and a 24 hour trading volume of around $173,856.18 52.99%. More clearly, please see the picture below.
For the market analysis of the tokens that I selected earlier, I chose this floki token. This token has been listed since August 2021 at a price range of $0.000000002. We can say this price movement is stable, referring to the chart at the beginning of the month listed the movement cannot be said to be bearish, and also bullish. Until November 4th, the movement started to increase to the price all time high, at least until now.
The highest price on record was $0.0003437 on November 4, 2021. Of course, this will provide significant benefits for those who have held the floki token since its initial registration. After reaching an all-time high, the price movement of the flockey began to slowly decline. This is due to the large number of investors who sell floki because they have reaped a lot of profits.
based on the analysis of the data shown in the image, then it is clearly seen that the profits that have been obtained by people who have this token since the beginning of its issuance. or when the price is in the ATL (ALL TIME LOW) position. They will make a profit at 551052%. That's it, if they manage to sell the tokens when the price hits an all time high
Although many floki coin holders sold their tokens at the end of the season's peak price on November 4th, floki tokens are still able to maintain their price stability in the market. however the coin is still able to maintain its stability in the market, which is currently priced at $0.000762. This is the price when I write this article
From the results of my analysis above, we can see that the movement of the Floki token has great potential for future investors who want to reap multiple profits. I dare say this because this group has a number of clear projects, one of which is working on an NFT game metaverse called Valhala.
In addition, floki also has a merchandise market called flokiplaces. The last Pryoek is an educational platform called floki inuversity.
These are the three products that will make this cryptocurrency stand out in 2022. The three projects can be a testament to the seriousness of a solid team in building and creating great value in the future, especially this year. Of course, Elon Musk's strong influence also contributed to the enormous benefits of increasing floki's value in the market in the future.
Shitcoins are coins created for no purpose or just as entertainment in the form of memes that have no real use case. The majority of different types of shitcoints, we cannot find in the well-known market, or in all markets. They are only available in certain, unknown markets.
Nonetheless, several types of shitcoins have attracted investors to invest their money there. It was courageous to do so because of the presence of influential people who promote shitcoin, such as Elon Musk.
In addition, if you want to invest in shitcoins, especially those types of shitcoins that do not have a clear background and purpose.
My advice, you first learn it, study, and do research, otherwise your money could be lost in an instant. As I said, investing in shitcoin has big risks, but it can also bring you huge profits in a short period of time. Both things depend on how shrewd, clever, and great you are in assessing the market.
Here is my submission for the assignment which I hope has covered most of the questions. thank you prof @nane15 for for an amazing lesson this week.