Shitcoin And Cryptocurrency

4 min readJul 30, 2022

Shitcoin: What Is It?

A cryptocurrency with very little without no value or a virtual currency with no obvious, immediate use is referred to as a “shitcoin.” The phrase is a derogatory one that is frequently used to refer to alternative cryptocurrencies or althorns that were created after bitcoins gained popularity.

A shitcoin’s decreased value is frequently the result of disappointed investors because it’s not launched in good faith and so its price was dependent on speculative activity. These currencies are therefore viewed as poor investments.

Key Lessons

> A shitcoin is a currency or digital and has no obvious, immediate use.

> The phrase is frequently used to refer to other cryptocurrencies or coins created after bitcoins gained popularity.

> Shitcoins are characterized by brief price spikes that are followed by sharp drops brought on by investors looking to make quick money.

How do Shitcoins Operate?

Since the introduction of bitcoins in 2009, interest in cryptocurrencies has significantly expanded. Their popularity has attracted companies hoping to use blockchain technology to develop their cryptocurrencies, which are digital assets that borrow a lot from the fundamentals of bitcoins. The number of tokens that will ultimately be made available is normally disclosed by the developers; the supply of bitcoins is limited to 21 million, while the supply of ether is restricted to 18 million per year.

Setting a supply cap results in scarcity since investors know that no more tokens will be produced over a certain point. Theoretically, like with fresh stock issuances, the issuance of more tokens would lower the importance of their holdings.

Since an althorn’s supply is fixed, demand should determine how much it is worth. However, because the majority of cryptocurrencies have little to no real-world applications — it still is uncommon to purchase and sell goods and services using cryptocurrencies — their valuations are purely speculative. A shitcoin is therefore anything that people claim to be valuable just by its existence.

Important

Cryptocurrencies are founded solely on speculation, and they only have a very limited practical function.

Shitcoin Specifications

> Gift Coin — Dogecoin Parent Blockchain

> Date of Launch: 8/15/2014

> Quantity Available: 69,420,000

> Circulating Supply: Approximate 21,000,000

> Dogeparty.xchain.io/asset/SHITCOIN entry in the block explorer

> Price of Dispenser: 100 for 3 DOGE

> Price of exchange: 400 per 1 XDP

FAQ About Shitcoin

> How several Shitcoin is currently in use?

Only roughly 30% of the total amount of Shitcoin is currently in circulation because the majority of the initial Doge party pioneers from 2014–2015 did not save their seed phrases and because the whole quantity has indeed been destroyed reduced from us$ 1 billion to 69.42 million. This translates to approximately 20.8 million coins that were stored in wallets that were open in 2021, and/or 2022. Even if the possibility of some of the sleeping wallets holding the remaining 70 percent waking up in the future is unknown, it is possible.

> Who have been the largest Shitcoin holders?

Only 2 of the top 20 Shitcoin addresses are still in use, and they are Nutildah and EddieThirteen. Only 5 of both the ten largest addresses are active right now. Other noteworthy public Shitcoin investors among some of the 50 largest Shitcoin-holding locations include Nish Squires, J-Dog, and Daniel Spiller (founder of Dogeparty and JOLLYROGER and MILKYWAY) (of Three M Capital). A few unidentified Shitcoin whales also possess a few hundred million of these tokens.

> What is so awesome about shitcoin?

Sincere answers to this topic would probably have to take all day, however, we can concentrate on a few key benefits of shitcoin:

The first imitation token on the very first parody blockchain is called Shitcoin (Dogecoin). Shitcoin is an important historical coin that is already almost eight years old! One of the earliest graphics connected to a crypto asset is the Countertop. The countertop logo was posted online to Deviantart on August 15, 201,

The Dogecoin blockchain protects Shitcoin. As a result, it cannot be hacked or faked and won’t be going away anytime.

#Shitcoin #Shitcoin3.0 #Dogermint #Dogeparty #Dogecoin