Sorry, Shitcoins Aren’t Going To Make You Rich PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Sorry, Shitcoins Aren’t Going To Make You Rich

Sorry, Shitcoins Aren’t Going To Make You Rich PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Many of you reading are already familiar with this term. In case you aren’t, allow me to explain.

A “Shitcoin” is a term used for coins with no inherent use or value. These coins or tokens are copycats created to ride the momentum of a more notable coin or token. Unlike Ethereum, Cardano, and Bitcoin, shitcoins lack a true purpose. This is why many have a short life span.

Sites like Coinmarketcap display the 10,000+ cryptos in existence. Out of the thousands available, many of them are shitcoins. As far as Safemoon is concerned, can we really expect a $0.00000001 coin to go to $0.01? Is anyone really a whale if every token holder is a whale?

The markets are crazy right now. I know anything is possible, but if some miracle Safemoon does hit a penny, I’ll record myself eating Gojujang sauce out of a ladle. If you’re reading this, I’m giving you permission to hold me to that.

Shitcoins aren’t great long-term investments. Back in 2017, I remember holding Dimecoin and SUBX. I, too, had dreams of making millions from tokens like these. Even a few thousand dollars would‘ve been okay.

Like most coins, they either went nowhere or became inactive. I’ve seen many coins come and go. Most have their 15 minutes of fame before fading into obscurity. Bubbles exist. The empty promise of huge gains leads many down a vicious cycle of bouncing from one shitcoin to another.

Source: https://medium.datadriveninvestor.com/sorry-shitcoins-arent-going-to-make-you-rich-384b541fde09?source=rss——-8—————–cryptocurrency

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