[What is a Shitcoin and how to profit from it]- Crypto Academy / S5W8 - Homework post for nane15.
Hello everyone. A very warm welcome in another week of the steemit crypto academy. This week, professor @nane15 has taught us about the "Shitcoin. This is my homework post.
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Question 1. Explain your understanding of what a Shitcoin is.
We all are familiar with the first ever crypto currency which is named as the bitcoin. Bitcoin was introduced in 2008 by Satoshi Nakamoto. After the success of this coin, the world start taking interest in the crypto currencies. Many crypto coins then were introduced. Now there are a number of the crypto coins in the market. But there are some coins which we are known as the meme coins. These coins, as their name refer, are those who are created just for the fun purpose. There was no specific purpose behind the creation of the Meme coin. The dogecoin is first ever and most popular meme coin which have gained much popularity after getting support of some big companies and Elon Musk.
The Shitcoins are those coins which do not have any specific purpose or use case. These coins are created without any purpose. No use case is there behind creation of the shitcoins. Whenever a coin is created, the team of the coin first determine the use case, they have proper idea and planning about how to create the coin, what is roadmap and what are the use cases. The use cases are very clear before the development of the coins. But in case of the shit coin. there is no use case of these coins. These are also known as the useless coins because they are not use in any application or to perform any specific function. They do not have any function and use case.
Some are there who said that the shitcoins are created without having any legal and valid proof. They do not have any use case. Some even say that the coins which have been created after the creation of the bitcoin are the Shit coin. They categories all the crypto currencies in the shitcoin other than the bitcoin.
They do not have any specific use case. They are created without any valid project or any real value. The Dogecoin, which i discussed above is also a shitcoin because it was created without any proper use case. The purpose was just to have fun. It was meme token which was created for joke purpose. There are a lot of other shitcoins too.
The shitcoins are very risky. The traders should be very careful before entering into the shitcoin market. The shitcoin have great risk. The traders should analyze the coin properly. They should be clear about how the coin is working, how much popular the coin is, what is its value in market, either its organizers are real and project has a solid backbone or not. Many other points are there which should keep in consideration before investing in shitcoins.
2. Do you think it is possible to profit from investing in Shitcoins?
Yes. It is possible to make the profit from investing in the Shitcoins. The shitcoin do not have any use case and have no valid propject. They are created without any real value. There is no use case of the shitcoins so many people are there who think that investing in the shitcoin is not profitable. No doubt that investing in the shitcoin is risky because it is profitable if we analyze the coin properly before making an investment. The shitcoins are highly risky because there is no solid project, real value or any use case. The do not have any specific use case and do not have idea where the coin can go.
But there are some shitcoins which are quite popular and are very profitable to invest in such coins. I have discussed the dogecoin above. Dogecoin was created as a meme token. It was shitcoin because it didn't have any use case. It had no real value and just created to have fun. But recently, the Elon Musk, the most wealthier man in the world tweeted about this coin. The coin started getting popularity all across the world and people started investing in that coon. Now the dogecoin has become a very useful and profitable coin. We can make huge profit by investing in the dogecoin.
The shitcoins are best for short term investments. We can invest and make profit by analyzing the coin properly. We should concentrate on the coin which is booming and getting the popularity, after doing some study, we can invest in that coin.
The traders can invest in more than one shitcoin because the price of shitcoins is very low. They can make investment in multiple shitcoins. If one shitcoin rise up, the may have the profit.
The traders should analyze the coin properly. They should be clear about how the coin is working, how much popular the coin is, what is its value in market, either its organizers are real and project has a solid backbone or not. Many other points are there which should keep in consideration before investing in shitcoins. Investing in shitcoin is risky but still the traders can earn the profit by investing in shitcoin.
Question 3. List advantages and disadvantages of investing in Shitcoins.
Advantages
- The traders can earn high profit by investing in shitcoin.
- This is a sort of saving. You can save your funds which you do not have plan to use. This saving will give you high reward in return. The prices of the shitcoin increase fastly, so the traders can earn high profit by investing in shit coin.
- The traders can earn high profit from shitcoin by investing their funds in more than one shitcoin. If any among these rise up, the traders will earn the high reward.
- When the price of the shitcoin rise, the traders can earn high profit. The price of the shitcoin rise up in short time period. The upward movement of the shitcoin can bring high reward to traders.
- The prices of the shitcoin is very low, so traders can buy these coins easily.
Disadvantages
- The prices of the shitcoin can move in unexpected way. The decline in the shitcoin may bring heavy lose to traders.
- There were very shitcoin which were actually a scam. They collected the the money from people and later, the people had the lose.
- The shitcoins can be fraud. People may sometime lose their money by investing in such shitcoins.
- There is not any thing sure about the shitcoin. They do not have the real value or use cases. This is very risky and complicated to invest in the shitcoin.
- The shitcoin do not have any use case. They just create for having the joke or for fun purpose.
Question 4. List at least 3 examples of Shitcoin that have been a scam, also explain what they consisted of
As i have mentioned above, there is much scam in the shitcoin. Many shitcoins are there in the crypto world history who were just the scam and people had lose because of investing in such coins. The list of the most popular scam shitcoin is as follow
- BabyDAI
- Baby Avengers
- BitBull
- Deku Inu
- Trickle H20
- AstroNewYear
- ShibaSwap
- Baby Doge BNB
- RACA DAO
- Squid Game Token
- Queen Shiba/ Gold Shiba
- UNIX
Baby Doge BNB
Baby DOge coin was a shitcoin which was created in the October, 2021 on the Binance smart. This was actually the copy of the Baby Doge which was created on the Binance smart chain on June 2021. The price of the baby doge coin was spike up to 1000% within a few days. This happened because of the tweeted done by the Elon Musk. The traders then started taking interest in this coin and they started buying the coin. Then on 23 October, 2021, the Baby Doge BNB was introduced. The total supply of the Baby Doge BNB was 100, 000, 000 Baby Doge BNB. It was an uncessful shitcoin
- The contract address for the Babe Doge BNB is = 0x0049A40F9455E06EEbBbc58e5C9F10D8b93Ae0f4
- The market price of the Baby Doge BNB = 0$
- The market capitalization = 0
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Squid 2
The another unsuccessful shitcoin was Squid 2. This was deployed on the binance smart chain on the December, 2020. The total supply of the coin is 996,841,175,330,935 SQUİD.. The 996,841,175,330,935 SQUİD are in circulation.
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BitBull
The Bitbull is also an unsuccessful and the scam shitcoin which was launched in January, 2nd, 2022. This was launched on the binance smart chain. This project also reported as the scam because of the hacking news related to this coin. This coin has the total supply and circulating supply as 10,000,000,000,000
Question 5. Explain at least two examples of Shitcoin that have been successful and are currently keeping it. (Other than Dogecoin or Shibainu.)
There are a lot of the shitcoin which are working successfully. The traders are investing in these coins and earning the money. Some among these are as follow
- Dogecoin
- Safemoon
- Safemars
- Akita INU
- Baby cake
- Shibainu
Safe Mars
Safemars is also a successful shitcoin which was created with no proper use case and real value. This project was launched on the March, 2021. This token have the team consist of the 8 members. The three among them are the developers who develop this coin and remaining are marketers who work to grow this coin in market. This token have total supply of 1,000,000,000,000,000 SAFEMARS. At the time of launching this token, the 54% Safe moon from the totak supply burnt, 40% was given for the presale and the remaining 6% tokens from the total supply were given to the team of this token.
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The live Safemars price today is $4.05e-8 USD with a 24-hour trading volume of $155,553 USD. Safemars is down 5.54% in the last 24 hours. The current CoinMarketCap ranking is #4066, with a live market cap of not available. The circulating supply is not available and a max. supply of 1,000,000,000,000,000 SAFEMARS coins.
Safemoon
Safemoon is another successful shitcoin which was launched in march 2021. This coin was deployed on the binance smart chain. This is also a meme coin which has gained the attention of a number of investors in the crypto world. This coin is growing very rapidly. The logic behind naming this coin as "Safemoon" was that this coin will rise up and will be very beneficial and profitable while doing safely.
There is no specific use case of the safemoon. This token was just created as meme token for the joke in crypto world. This token was launched to encourage the long term investments. It do not have any properly value and any certain use case. But here, 10% transaction fee is deducted so that the investors do not perform the unnecessary transaction.
The all time high of the safe moon is $0.00333000 which was made on January, 2022. The all time low of the safe moon is $0.00134540 which happened on December, 2021.
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The live SafeMoon price today is $0.000002 USD with a 24-hour trading volume of $2,374,131 USD. SafeMoon is down 4.80% in the last 24 hours. The current CoinMarketCap ranking is #209, with a live market cap of $1,173,025,803 USD. It has a circulating supply of 585,536,366,402,812 SAFEMOON coins and a max. supply of 1,000,000,000,000,000 SAFEMOON coins.
Question 6. Perform a historical analysis of the prices of any of the cryptocurrencies that you chose for the previous question. (Use screenshots.)
I have discussed two coins in the previous question. To answe this question, i am going to perform the historical analysis of the safeMars.
SafeMars
We can do the historical analysis of any crypto coin from the https://Coingecko.com website. Just visit to this website. A new page will be opened. Then search for the coin for which you want to perform the historical analysis. I have typed the SafeMars
The below screen short showing the history of the SafeMars
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This coin was launched in 20, March 2021. At that time, the price of the coin was very low. The initial price of the coin at the time of launching was just $0.000000002491. Then there was a spike up in the price. The price rapidly grow and by the 21 April, 2021, the price reached to the $0.000000696640. This was happen because of the bull run.
This bull run were there from the April 21, 2021 to May 5th, 2021. Then the price started decreasing. The price was decreased to the $0.000000243428. This price was decreased because of the occurrence dep correction of the safemars. The price of the SafeMArs fell to the 0.000000243428$.
Then again the bull enter into the market and price again started increasing. The price increased to the $0.00000111 which is all time high of the SafeMars. This happened on the 12 May, 2021.
Then again price started decreasing. The price continue to fall till September, 2021. Then it raised up to the $0.000000244 on the 30 September 2021. From them till now, the price of the Safemars is decreasing.
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Right now, its price is Overall, the coin show the high growth. The coin grow rapidly and reached all time high in a very short time period. After that, the coin is in the correction for long time period.
Question 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
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The safemars was launched in March 2021 and it show a very great rise. Then the price is in the correction zone for long time. But i think that this year will be lucky for the Safemars. The price of the safemars will rise up.
In the above screen short, we can see that this coin was started just with the $0.000000002491. Then there was a spike up in the price. The price rapidly grow and by the 21 April, 2021, the price reached to the $0.000000696640. This was happen because of the bull run. This happen very rapidly in very short time period. The price raised to high in short period.
After that, the correction zone has started. The price has been in the correction start for long time. But in above screen short, we can see that the correction is getting very low.
The correction is about to end and i believe, after this, the price will bull up again. There will be a great rise up in the price of the Safemars. Moreover, now the price of the safemars is very low. This is best spot to enter into the market. The investors will now invest in this coin. Because of high buying pressure, the demand will increase and supply will decrease. The price will then rise up in result. That's why, i believe, this will be the lucky year for the Sfae Mars. And its price will jump upward.
Conclusion
he Shitcoins are those coins which do not have any specific purpose or use case. These coins are created without any purpose. These are also known as the useless coins because they are not use in any application or to perform any specific function. They are created without any valid project or any real value. The shitcoins are very risky. The traders should be very careful before entering into the shitcoin market. But these coins can bring high reward to the investors. There are a lot of the shit coin in which the traders can invest and earn the money. but one should be very careful while investing in the shitcoin.