Shitcoins are those coins with small capitalization and no prospects, which can lead to serious losses for their owners. So, shitcoin defines a cryptocurrency that has neither value nor promise. The criteria for defining whether a coin is a shitcoin may vary. For some bitcoin holders, any coin is a shitcoin because it is not a bitcoin, for some, it is a coin that is not in the top 100, etc.
For different people this term means different things, these are the most common ones. Shitcoin:
- has low liquidity or/and trading volumes;
- has lost value over time, especially technological or practical;
- is traded on not trustworthy exchanges;
- has low value (<$0.01)
Shitcoins can also be created purposely to profit from the investments of gullible users. Fraud schemes can be varied and multi-layered. With every new cycle of cryptocurrency growth and hype around them, more and more sophisticated ways of making money at the expense of gullible users using shitcoins appear.
Nevertheless, shitcoins usually emerge as a joke. Such joke coins are, for example, Dogecoin, Scam, Shiba Inu, and others. Many users create coins simply because they can create them. In this article, we’ll discuss the ones that were mentioned above.
Dogecoin
In the “era” of pumps, Dogecoin looks the most advantageous. This is a cryptocurrency that was created by two programmers in 2013. At first, this coin was a joke. This is Musk, who should be thanked and who called himself Dogefather, promised to launch Dogecoin to the moon, etc. On June 29, Dogecoin was trading at $0.26 and the altcoin has a capitalization of nearly $35 billion. On June 28, Tesla and SpaceX CEO Elon Musk backed a proposal to update the Dogecoin network. Elon Musk influenced the value of cryptocurrency, Dogecoin, with his tweets. Because of his messages, the price of the coin could rise by tens of percent. Musk himself said that he liked Dogecoin because the cryptocurrency has “memes and dogs”.
And we also need to thank the members of the community of Dogecoin which is considered to be one of the kindest and loyal. It was they who started the serious Dogecoin operation in Reddit and TikTok. Because of community actions, the coin went from a cent to 7 cents in just a few days.
Predictions for the future of this coin vary: Musk supports the new BabyDoge coin, but on the other hand Dogecoin appeared on one of the largest platforms “eltoro”, which can continue to support the growth of the coin’s value.
Shiba Inu (SHIB)
The project was launched in August 2020 by a man hiding under the nickname Ryoshi. It is an ERC-20 token on the Ethereum blockchain, that was named after Shiba Inu dogs. On the official website, the tokens are called “Meme Coins”. Shiba Inu Coin gained notoriety on May 7, when Elon Musk tweeted that he wanted to buy a Shiba Inu puppy. Within an hour, the value of Shiba Inu had risen 68%.
Another reason for its rise lies in a fairly aggressive marketing campaign.
The project’s website calls the token itself a “Dogecoin killer,” and says that its main goal is to surpass the total capitalization of that coin without crossing the $0.01 price point. The Shib Whitepaper, which the authors jokingly call a “woofpaper,” says that Shib is an experiment in spontaneously building a decentralized community.
Shiba proclaims the creation of the best-decentralized ecosystem (DECO) on the planet as its main aim.
The founders of Shib declare that they were the first to abandon the practice of token ownership by the founders and developers of the project. To do this, 50% of Shib was sent to the Uniswap exchange and blocked, and the remaining 50% was sent to the wallet of Ethereum creator Vitalik Buterin.
As a reaction to the multiple growths of the token price at the end of the May holidays, Shib was listed on the OKex and Huobi exchanges. At that moment, the trading volume of Shib was about $500 million, and after the listing rose to $8 billion.
However, the hope for Buterin at a certain point failed the creators of Shib. Of the 505 trillion Shib tokens stored in his wallet, the Ethereum creator donated 50 trillion Shib to charity in aid of the India Covid-Crypto Relief Fund, and 90% of the remaining coins he burned. That’s about $6.5 billion. Buterin also promised to donate the remaining Shiba Inu to charity. As a result, the price of Shib fell more than 50% from its peak.
Nevertheless, on June 16th the value of token Shiba Inu increased by 27% to $0.00000905. It began to rise after the U.S. cryptocurrency exchange Coinbase Pro announced the listing altcoin, as well as coins, Keep and Chilliz.
The addition of altcoins to Coinbase Pro does not imply a listing on the main Coinbase platform. The company will make a separate announcement if it decides to add cryptocurrency support to the main trading platform.
SCAM
A blogger Andre Lewis released a cryptocurrency to make a joke about other, in his opinion, useless tokens on the market. The man spent $400 to issue 10 trillion SCAM coins. He claims to own only 10% of all tokens. He named his digital currency “Simple Cool Automatic Money” or SCAM. According to Lewis, this is how people talk about digital coins and then fall prey to scammers.
Hundreds of people began to actively buy the new cryptocurrency. On the day trading began, the value of all SCAM coins in circulation soared to $70 million. Later, the digital currency stabilized, and the capitalization was set at nearly $1.8 million.
TikTok influencer continues to promote the SCAM token with jokes and memes and wants to convince people that his cryptocurrency is not actually a scam. In his videos, Lewis assures his audience that he could not implement many fraudulent schemes even if he wanted to because he has little experience with cryptocurrencies.
The blogger decided to teach his subscribers and investors the basic tools and techniques in the cryptocurrency market. In addition, the SCAM website says about further plans to develop the currency: auditing, mining of new tokens, development of an affiliate network.
How to promote these coins or any other shitcoin on social networks?
The quality of the advertising campaign will directly affect investor interest and support. What all three coins mentioned above have in common are the cases that gave them popularity and a jump in the crypto market. The three coins became popular thanks to social media, two of them gaining great popularity because of Elon Musk. Therefore, to promote such a cryptocurrency, you should focus on an advertising campaign on social networks.
It is worth paying attention to this platform. For example, it served as a booster for Dogecoin and Siba Inu.
In the Reddit community, for example, Dogecoin was used to symbolically reward authors of posts they liked by transferring a coin or two. The Dogecoin community actively participates in coin pampers. Reddit users realized they could move the market and switched to unregulated crypto, and on a whim, they chose DOGE cryptocurrency. Reddit users have already raised DOGECOIN to $0.05 in two days. Some time ago, the Dogecoin community was growing at 150,000 subscribers per week.
Shiba Inu has a big enough ShibArmy on Reddit to support cryptocurrency. As said before, users on Reddit started to use the platform to “play” with the value of the currency.
Therefore, you should not neglect the advertising and support of the coin on this platform. Even though SCAM “came out” of TikTok, Reddit could also bring it rapid growth in the future, if the coin’s advertising would be picked up by users.
TikTok
Videos about investing and cryptocurrency have recently become popular on TikTok. The topic of financial literacy is becoming popular among young people, as well as investments. A large number of Influencers talk about the fall and rise in the value of cryptocurrencies, making predictions. A video can become popular almost immediately, when it goes viral, thousands of users are likely to buy cryptocurrency. This cryptocurrency may at first glance seem funny because it appeared as a joke, and it is fun to have a currency with the image of dogs. It was thanks to TikTok that the SCAM currency appeared, which burst into the crypto-world, shot, and rose in value, although at first, this currency was just a joke.
Telegram
Telegram is a fairly popular platform for cryptocurrencies. For example, Shiba Inu has 115 thousand subscribers there. Channels dedicated to investing and buying cryptocurrencies also have hundreds of thousands of followers. Publishing changes in the value of coins in such channels can lead both to the rise in popularity of the coin, and its decline. You can also promote any project for free: helpful content is the highest quality of free promotion on Telegram.
This platform should not be neglected, as more and more users are coming to Telegram.
YouTube
YouTube is quite old video hosting, but it has not lost its popularity. A huge number of crypto bloggers from different parts of the world record videos daily, telling about their successes or failures, predictions. Videos about cryptocurrencies like DogeCoin and Shiba Inu gain hundreds of thousands of views, which also affects the dynamics of the value of coins, though not so significantly.
The platform through which many coins have risen. Dogecoin and Shiba Inu, having secured the attention of Elon Musk, “rocketed” in their time. Tweets of a celebrity about this or that coin made their value go up or down many times. Twitter is also a platform for discussion, with the right hashtags and a well-written post, it is possible to influence the value of cryptocurrency. The most popular way is to post memes and jokes about the currency, getting young people on board.
You can also use some existing platforms that will help you promote cryptocurrency.
Market research has shown that there are several projects currently in this niche that claim to be the best advertising platforms targeting the cryptocurrency market. Hardly anyone in the crypto world has not heard of Coinzilla, it can rightly be called one of the most promoted advertising platforms. The company was founded in 2016 and is part of Sevio Advertising Technology company. Coinzilla works with both advertisers and publishers and has a marketplace of various PR services in addition to RTB.
The story of another platform, Ubex, started in 2018 with fundraising through an ICO. They have managed to build a working advertising tool, which is just entering the market.
Sadly, you can only get information about the sorts of ads displayed on the Ubex platform, while Coinzilla does not disclose the sources of traffic. So, you need to choose your platform carefully.
Another way to promote cryptocurrency is by posting at forums.
Posting information about the project on topical platforms is a mandatory part of the promotion campaign, moreover, it os free. You need to select forums dedicated to blockchain. This is easy to do. Just use Yandex or Google. Open all the pages and select only those where communication is going on. Many forums are “dead”, and that’s okay. You have to chase quality, not quantity. One of the biggest blockchain forums is Bitcointalk. There you will get first questions and feedback on your project.
Creating a topic on the profile forums helps you connect with your audience, potential investors, etc: it allows you to answer questions, elaborate on various aspects of the project and immediately dispel all doubts. However, do not expect all feedback to be only positive: critical feedback is just as important in helping to improve the project.
It takes special knowledge and skills to not just launch a cryptocurrency, but to successfully adjust its value. To competently build and launch an advertisement for any cryptocurrency, feel free to contact the Hodle team. We will be happy to help you launch and boost your cryptocurrency.