The term shitcoins refers to all the meme coins, the coins with no added value or real project, and the offshoots of already failed cryptocurrencies.
Usually devoid of any defined use case, these cryptocurrencies have no true meaning for existence and lack fundamentals to back them. Unlike bitcoin, these coins have no intended lifespan or roadmap because their function is unknown.
As the crypto market has surged in popularity in the past few years; yet, as with any major accomplishment, a rising tide lifts all boats which are in this particular case the shitcoin projects that attempting to monetize the lack of knowledge in those who are less experienced or new to the crypto markets.
Shitcoins are the crypto oddity, ranging from goofy meme coins that were created to sometimes troll existing projects and dog-themed tokens to ludicrous large supplies. Let's take a closer look at the top shitcoins to buy right now in order to better grasp whether to invest in them or not.
What is Shitcoins?
A shitcoin is a cryptocurrency with little to no value or digital money with no immediate, observable use. The term is a derogatory term that is frequently used to characterize altcoins or cryptocurrencies that emerged after bitcoin and other top coins.
While the vast majority of cryptocurrency coins serve a purpose for a related blockchain or decentralized application, there are those that have no real value.
Investing in shitcoins has the potential to yield substantial returns. However, keep in mind that shitcoin values are far more likely to decline than to surge. To capitalize on the significant value gains of meme currencies, it is vital to find and purchase the best shitcoins as quickly as possible.
5 Best Shitcoins to Invest in 2022
This is the most famous shitcoin ever. DOGE is a meme cryptocurrency that is based on a funny photo of a Shiba Inu dog named Doge. The support and enthusiasm of Elon Musk for this coin have contributed significantly to its success, as he announced that his EV maker Tesla will accept Dogecoin (DOGE) as payment for its merchandise, turning the meme into gold.
Doge (trading $0.05833 at time of writing) is ranking the 10th crypto coin by market cap of $7,737,783,564. Doge has inspired several other meme tokens centered around the Japanese canine breed, which leads us to our next token.
- Shiba Inu (SHIBA)
This is another case of the dog-inspired coin that barked higher thanks to “The Dogefather” Elon Musk and Ethereum cofounder Vitalik Buterin. The self-proclaimed “DOGEKiller”, serves no other use and has nothing to do with blockchains or decentralized applications. SHIBA is ranking 17th with a market cap of $4,593,628,383 and trading at the time of writing at $0.000008384. Shiba Inu currency was created anonymously under the pseudonym "Ryoshi" in August 2020. Ryoshi describes himself as a nobody and unimportant, and that efforts to reveal his identity, even if successful, would be disappointing.
- Apecoin (APE)
Aside from the Doge mania, we have Ape coin trading at $3.77 and ranked 44th with a market cap of $1,101,972,971. ApeCoin is an ERC-20 governance and utility token that is inspired by Yuga Labs’ Bored Ape Yacht Club project. Created to be utilized within the APE Ecosystem to empower and incentivize the development of a decentralized community at the forefront of web3. ApeCoin's total supply is permanently set at 1 billion tokens, which are all minted at once.
- SafeMoon (SAFEMOON)
SafeMoon Protocol is a coin for decentralized finance (DeFi). According to the SafeMoon website, three functions occur during each trade: reflection, LP acquisition, and burn. Holders gain passive incentives through static reflection while their SafeMoon balance grows eternally. It is developed on the Binance Smart Chain and runs on the BEP-20 token standard (BSC). The project debuted in the first quarter of 2021, with features such as static incentives, liquidity pool acquisition, and burn strategy. Ranking 377, SafeMoon has a market capitalization of $44,694,377 and trading $0.0000000795.
- Magic Internet Money (MIM)
Magic Internet Money is a soft-pegged stablecoin issued by the Abracadabra. money lending platform. MIM's peg is maintained through arbitrage incentives within the Abracadabra ecosystem. Arbitrageurs are incentivized to purchase MIM at a discounted price and maybe pay off some of their debt at a lower price than if MIM were USD1.00. Arbitrageurs are incentivized to borrow MIM and sell it at a premium if it trades over USD1.00. Ranked 2791, MIM has a market capitalization of $1,923,273,800 and trading at $0.9958 at the time of writing. With no max supply, it allows users to borrow MIM, a premier decentralized and collateral-backed stablecoin, using their favorite assets as collateral.
