Source : cryptodaily.io
When it comes to cryptocurrency, there are many projects that offer little or no value to the market. These projects are often referred to as “shitcoins,” which are used to describe how they are viewed by many within the industry. But what is the best shitcoin to buy?
If you’re looking to invest in crypto, keep reading and we’ll tell you all about the best shitcoin to buy for 2022.
What is a Shitcoin?
We touched on this in the intro – a shitcoin is a subjective term and means different things to different people. For example, some people view meme coins – like Shiba Inu and Dogecoin – as shitcoins. The term can also apply to projects that aren’t as serious as other projects in the blockchain world.
Shitcoins are also viewed as having no identifiable purpose or value and they often don’t fall into a specific category. Lastly, these coins often have little or no market value. Most shitcoins get their value from just existing or enlisting the support of a well-known celebrity or corporation.
Best Shitcoins to Buy for 2022
Finding the best shitcoin right now to invest in isn’t as simple as using Google to find the best one. Thousands of cryptocurrencies are available, so you have a good chance of finding something that fits your criteria. To get you started, we’ll take a look at some of the best shitcoins to buy for 2022.
However, it’s always important to keep in mind that cryptocurrencies – especially those with little or no value – are susceptible to sudden changes in the market. That means you should keep a close eye on prices and never invest more than you’re willing to lose.
Dogecoin (DOGE) – Most Popular Shitcoin
If you’ve paid attention to the crypto market, you may have wondered if you should invest in DOGE. This shitcoin is arguably the most well-known among its peers. While it was relatively unknown for a few years, it recently rose to popularity thanks to endorsements from celebrities like Elon Musk and Mark Cuban.
Dogecoin is a cryptocurrency that was created as a parody of Bitcoin. It quickly gained popularity, and its price has exploded in recent months. As of this writing, Dogecoin is the fifth-largest cryptocurrency by market capitalization, coming in at just below $20 billion. Not bad for a coin that doesn’t provide value.
The meme coin’s value comes from its popularity as a meme coin, as well as its utility as a tipping currency on social media platforms. Dogecoin has also been used to donate to charities, including theDogecoin Foundation and the Jamaican Bobsled Team.
While Dogecoin’s value is largely based on speculation at this point, there is potential for it to become a more widely-accepted form of currency in the future. For now, Dogecoin is a fun and easy way to get involved in the cryptocurrency market.
Ripple (XRP) – Most Corporatized Shitcoin
Why is XRP on our list? Because it goes against everything cryptocurrencies stand for. Sure, some projects don’t offer value or make no sense, but at least they’re not out there crapping on the market and the intended purpose of cryptocurrencies.
For example, Ripple is not a decentralized coin. The power of the project lies within the hands of the few, instead of the many. Additionally, XRP has vocally stated that it wants to replace SWIFT. Despite plenty of support, it’s nowhere close to accomplishing this task. It also doesn’t help that Ripple is perpetually in litigation with the US Securities and Exchange Commission (SEC).
There are also plenty of options on the market. For example, Stellar (XLM) is a project that offers nearly the same functionality as Ripple. JP Morgan has also announced its inter-bank blockchain, which could potentially leave XRP in the dust.
Lastly, Ripple adds no value to the crypto industry. It’s simply replacing an already existing ecosystem with another one. It’s a digital version of the centralized and privatized version that’s already in place. If anything this spits in the face of what cryptocurrencies are trying to do.
The project makes no effort to improve the world around us. It’s simply attempting to game the system using blockchain technology. It ignores the intentions of pioneers in the industry like Satoshi Nakamoto, Jack Mallers, Charles Hoskinson, or Vitalik Buterin.
Shiba Inu (SHIB) – Best Alternative to Dogecoin
If you don’t want to invest in Dogecoin, you can consider the next best thing: Shiba Inu. This light-hearted token is an excellent alternative to DOGE. When Shiba Inu came to market in 2020, it made a name for itself by boasting that it was the “Dogecoin killer.”
This digital asset has absolutely no use cases, which makes it the very definition of a shitcoin. SHIB is above all else, a meme token. That means that despite its popularity, it’s still a risky investment. However, unlike other meme coins, Shiba Inu is working hard to show that it offers some utility, which would give it more value and could potentially make it even more popular.
The token’s developers have created a decentralized exchange called ShibaSwap, where SHIB and ETH can be traded. The team is also working on an app called Dogelon Mars, which will be a browser-based game that allows players to earn SHIB.
While there’s no guarantee that these ventures will be successful, they do show that the team is committed to making Shiba Inu more than just a meme.
Apecoin (APE) – Best Shitcoin for Crypto Commerce
The Apecoin project launched earlier in 2022, developed by the same team that introduced the Bored Ape Yacht club to the crypto world. This ERC-20 asset is built on the Ethereum blockchain and comes with utility functionality and governance. Even though the coin launched just a few months ago, it’s seen significant highs and lows.
Apecoin has a maximum supply of nine billion tokens, which means there will never be more than that available. Apecoin is a crypto token explicitly developed for the Metaverse. It’s used to pay for items while shopping in the Metaverse. That’s its main utility. However, those who use Apecoin receive discounts when making purchases.
The craziness behind Apecoin has resulted in a total market capitalization is close to $3 billion. Even though there’s only one use case for Apecoin, it’s still considered a shitcoin since it doesn’t offer much in the way of value. Still, it’s not a bad choice if you’re looking for a coin to add to your portfolio.
Tether (USDT) – Best Shitcoin that Used to be Legit
Tether is a coin that managed to take itself from a legitimate crypto project and make its way to shitcoin status. Initially, USDT was an excellent idea. The thought behind it was to be able to exit cryptocurrency trades without having to completely revert to fiat currency. It was such a fantastic idea, that many people jumped on the bandwagon almost immediately when the project launched in 2014.
Unfortunately, the party didn’t last very long. For starters, the project lost many of its banking privileges, which made it difficult to get the backing it needed. However, things really started falling apart when it was discovered that the project wasn’t doing the things it was supposed to be doing.
The project promised that one USDT would be backed by one US dollar. But that’s not the reality. Not only is USDT not 100% backed by cash, but its backing is defined as “Other short term deposits, commercial papers, and cash equivalents.” What does that even mean?
It means USDT is backed by corporate bonds, t-bills, and other miscellaneous notes. Sure, you can take those cash equivalents to the bank, but it doesn’t exactly inspire a lot of confidence in those using your currency. This is what ultimately doomed USDT to shitcoin status. The project didn’t have to stick to the 1-to-1 ratio it initially suggested.
Floki Inu (FLOKI) – Best Shitcoin for Multi-Chain Functionality
Another dog-themed shitcoin you can take a look at is Floki Inu, which joined the crypto market in August of 2021. The coin shot through the roof after its initial launch, which was largely attributed to the way investors associated Floki Inu with Dogecoin.
Unfortunately, since its meteoric rise in the latter part of 2021, Floki Inu has drawn back quite a bit. Nearly 92% of its initial gains are gone, but many people believe it’s largely due to the contracting market as a whole. Still, the meme coin seems to be holding steady as it sees trading volumes that exceed $10 million a day.
The development team behind Floki Inu has since turned its attention to developing a community while turning the shitcoin into a valuable utility token. This is based on the relationship the project has with CryptoCard, which lets you purchase goods using Floki Inu from nearly 2000 retailers.
Floki Inu is also focused on developments within its network that help grow brand awareness. This includes a metaverse game called Valhalla, which features games that pay users as they play. Additionally, the project is planning to roll out Floki University, which will offer classes on how Floki Inu works and interacts with the blockchain world.
SafeMoon (SAFEMOON) – Best Shitcoin That’s Not a Dog Meme
Things change fast in the crypto market. It’s a volatile industry and interest can change on a dime. This is why investors are constantly on the lookout for the next shitcoin that’s going to go to the moon. SafeMoon is a shitcoin that came to market in 2021 and is designed specifically to knock Shiba Inu off its lofty perch.
SafeMoon’s developers believed it has the chops to compete against popular meme coins like Shiba Inu and Dogecoin and as a result, positioned itself to be a solid bet in the shitcoin industry. Their hunch was right, as the value of SafeMoon shot through the roof within a few weeks of its launch. Unfortunately, the market turned south before more investors could get their hands on SafeMoon.
As the market continues its overall slide, SafeMoon is looking to rally when things ramp back up. The development team behind the meme coin plans to create additional interest in the coin while gaining interest from the project’s community. One of the ways they’ll do this is through the SafeMoon wallet.
SafeMoon also says that it’s working on both an exchange and a hardware wallet on which users can safely store their digital assets. These features and others have allowed the project to maintain interest from its holders. As a result, SafeMoon sees trading volume near $1 million while continuing to gain social media followers. Not bad for a shitcoin, right?
As the crypto industry continues to recover, many investors will look to something other than Dogecoin or Shiba Inu. SafeMoon is a decent option that plans to carve out a place for itself in the market.
Samoyed Coin (SAMO) – Best Solana-based Shitcoin
This Solana-based shit is considered by many as crypto with plenty of potential. Even though Samoyed Coin has only been around for a year, it has quickly made its way to the top of the shitcoin mountain. This is due largely in part to the team behind the Solana project: Anatoly Yakovenko and Sam Bankman-Fried.
With these two piloting Solana, Samoyed Coin is realizing legitimate gains as the market sees an uptick. Unfortunately, the coin missed out on a bull run in early 2021, so it has its work cut out for it. Still, Samoyed Coin showed its potential when it increased more than 1000% in November of 2021.
Despite its struggles, Samoyed Coin has seen a rise in its community and trading activity. Plus, the shitcoin plans on showing that it’s more than just a pretty face as its development team works on features that could make the project a legitimate force in the crypto industry.
For example, the SAMO team is working on a school to teach users more about Samoyed Coin and its value in the crypto industry and SAMO NFTs. Along with these initiatives, Samoyed Coin plans to ramp up its marketing efforts to continue to drive interest in the project itself.
Wakanda Inu (WKD) – Best Shitcoin for Giving Back
The next shitcoin on our list is Wakanda Inu, which is a coin that gained a lot of attention when it launched but has since dropped off a little. However, there are already more than 39 trillion WKD in circulation, which shows the popularity of this African-based project.
Investors can show their goodwill by purchasing WKD, which focuses on giving back to less-fortunate communities. Wakanda Inu plans on providing use cases for its token by launching an NFT market and a decentralized platform on which investors can swap their WKD for other cryptocurrencies.
One way Wakanda Inu plans to give back is through its clean water initiative. There are hundreds of thousands of deaths in African countries associated with water-borne illnesses. Wakanda Inu wants to support these communities with the clean water they need to thrive.
Dogelon Mars (ELON) – Best Shitcoin Inspired by a Billionaire
ELON is a shitcoin inspired by none other than Elon Musk and his support of Dogecoin. The coin launched in May of 2021 and alludes to Musk’s desire to explore space, specifically Mars. After its launch, Dogelon Mars saw an immediate increase. The coin grew by more than 30000% within a month of its launch.
Since that time the project has fallen back down to earth, but it’s still one of the best shitcoins you can buy in 2022. This is primarily because many investors believe that Dogelon Mars has yet to reach its full potential. For example, ELON has over half a million followers on popular social media platforms like Reddit, Twitter, and Telegram.
Unfortunately, the identity of the Dogelon Mars founders is not known, which makes it an ideal project for a scam or a rug pull. Despite its recent surge in activity over the past few weeks, Dogelon Mars is still a project that could use an exit scam to bilk investors out of their money. Be sure to do your due diligence before investing in this project.
Here are some commonly asked questions about shitcoins:
Is shitcoin a good investment?
This depends on what you mean by good investment. The crypto market is very volatile. Even the most stable coins are prone to excessive highs and lows. By their definition, shitcoins offer little or no value to the market, which means they’re even more likely to experience massive gains and dips.
What is the best shitcoin?
Most investors would argue that the best shitcoin is Dogecoin, but the answer to this question depends on what you’re looking for. Do you want a new shitcoin that no one is invested in yet? Would you prefer to invest in a project that’s been around? Do your research because the best shitcoin won’t be the same for everyone.
Can shitcoins make you rich?
Any cryptocurrency can make you rich if you time the market right and your investment go to the moon. However, those who manage to do so are the exception rather than the rule. Remember to only invest money that you’re comfortable losing. Yes, any of the shitcoins on our list can make you rich, but they could also bottom out and take all your money with them.
Is Dogecoin a shitcoin?
Simply put, yes. Dogecoin is a cryptocurrency that doesn’t bring any value or functionality to the market. While it’s a very popular coin and ranks highly in regard to total market capitalization, this popularity is based mainly on celebrity endorsement and less on any value that it actually brings to the table.
The Value of Shitcoins
Listed above are some of the best shitcoins to buy in 2022. You can purchase most of these on some of the more popular crypto exchanges, so you won’t have to do a lot of hunting if you want to add them to your portfolio. As always, the information provided is not investment advice. Do your research and find the best shitcoin for you.