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Author: Admin | 2025-04-28
Their prized investment was a shitcoin.ShitcoinsAccording to podcaster Ruben Somsen,“a shitcoin is a coin that can be predicted to go to zero because of its flawed fundamentals. Its creators and early adopters deny all criticism and focus heavily on misleading marketing to extract maximum value from investors and saddling them with the inevitable losses.”Shitcoin creators use their offering to scam investors at a low price, then with a low market cap, spike the coin price suddenly, only to pull a pump and dump, leaving investors holding the bag. The presence of shitcoins might cause FUD, but some signs mark a shitcoin.An incomplete or shoddy whitepaper.Low market cap at launch.Low price offering at launch with dramatic activity spikes.A coin offering should have a detailed and wholly expressed vision of its goals in the whitepaper. You’re going to want to see clearly stated plans, implementation strategies, and algorithm specifications, among other details. In addition, creators should deploy a well-funded launch with a decent market cap and starting price.There are well over 1500 different cryptocurrencies on the market, and new coins come and go every day. It’s not a horrible idea to take a chance every so often on a new coin, but you don’t have to be in the dark when you do. Identifying and avoiding shitcoins will help you build confidence while exploring the crypto marketplace. Don’t let the scammers keep you from your dreams.Wrapping upThis article is a taste of the buffet of terms used in crypto trading, but it should be enough to give you the confidence you need to understand a little bit more of what’s being said when it comes to crypto markets, buying, selling, and trading. Now, you can HODL when needed and not worry about falling prey to the mistakes of Weakhands while they experience
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