What are cryptocurrencies?
A shitcoin refers to a cryptocurrency that has little or no value, credibility, or utility. These tokens are created with minimal innovation or purpose but are often created as a joke or a quick-profit scheme. Many of these tokens (popularly known as meme coins) are inspired by current world events, internet jokes, or memes. Since most shitcoins are memecoins, the terms shitcoin and memecoin are often used interchangeably.
Shitcoins are typically backed by exaggerated promotional claims, vague use cases, and teams of anonymous or nameless developers. Since these tokens have no intrinsic value, their prices tend to collapse once market interest dies down.
However, the term “shitcoin” is sometimes used pejoratively to describe altcoins because of their tendency to crash in altcoin prices in a similar way to shitcoins. However, altcoins are cryptocurrencies that portray themselves as better alternatives to Bitcoin. What sets altcoins apart from shitcoins is that altcoins seek to create a project of utility and value while shitcoins often do not.
How are cryptocurrencies made?
The launch of shitcoins mainly depends on the token creation process and some marketing practices that developers usually use to attract investors. Here is a detailed look at the launch of shitcoins in the cryptocurrency market.
1. Choosing a Blockchain Network
Most shitcoins are created on existing blockchain platforms, most notably Ethereum, Solana, and Binance Smart Chain (BSC). These networks allow users to design and create tokens using existing standards (such as ERC-20 for Ethereum, SPL for Solana, and BEP-20 for BSC) without the need for a separate blockchain infrastructure.
2. Use icon generation tools
Most Shitcoin developers simply use token generators, making it easy to launch a new cryptocurrency in minutes. These platforms provide templates and frameworks that make it easy to create tokens without in-depth programming knowledge. Popular examples of token generators include Pump.fun, Bitbond, Orion, MoonDeploy, etc.
3. Adjust the symbol parameters
Using token generation tools, developers can quickly set basic token properties, such as name, symbol, initial supply, decimal numbers, etc. While many projects may make small tweaks to token attributes for the sake of uniqueness, the changes are often superficial and insignificant.
4. Minting tokens
After customizing the token attributes, the developer publishes the token contract on the blockchain platform. This is often the last step in the actual design and creation of tokens before distribution and sale.
5. Symbolic Marketing
Project teams try to generate buzz around their tokens using various social media platforms, online communities, and digital publications. Shitcoin creators also pay social media influencers to make exaggerated claims about their tokens and rally community support for them.
7. DEX List
Finally, developers typically aim to list their tokens on decentralized exchanges (DEXs), such as Uniswap and PancakeSwap, where anyone can access them. Furthermore, DEX listings often do not involve a rigorous vetting process, allowing tokens to reach the market faster.
Recognizing the growing popularity of memecoins, many crypto projects have simplified the process of creating “shitcoins” by stripping away the aforementioned complexities for users. Platforms like Pump.fun have been pioneers in this and have had great success in 2024, simplifying the token creation process for users on Solana. This ease of creation has led to a flood of new shitcoins, with hundreds if not thousands of shitcoins being created and appearing on the market every day.
Shitcoins are becoming popular currencies.
Here are some memecoins that have gained huge popularity and widespread acceptance.
Dogecoin (DOGE)
Dogecoin was launched as a light-hearted joke inspired by the “Doge” meme, which features a Shiba Inu dog. The meme coin gained popularity in 2021 through social media and community initiatives, including celebrity endorsements like Elon Musk.
Unlike Bitcoin, Dogecoin has an inflationary model with no cap on supply, making it accessible to new investors. However, Dogecoin ranks among the top 10 cryptocurrencies, with a market cap of over $25.1 billion.
Shiba Inu (SHIB)
Shiba Inu was created in August 2020 by an anonymous developer known as “Ryoshi,” and was designed as an experiment in building a decentralized community. The meme coin saw massive growth in 2021, fueled by speculative trading and its low price point, which attracted many retail investors.
According to data from CoinGecko, Shiba Inu has a market cap of nearly $11 billion and as of this writing, it is the 14th largest cryptocurrency in the digital assets sector.
Baby
Pepe is an Ethereum-based token launched in 2023, capitalizing on the internet meme Pepe the Frog. It quickly caught the attention of meme enthusiasts and market speculators, with its value largely driven by community activity and social media buzz.
Although its lack of inherent utility and high volatility make it a risky investment, Pepe has grown to become one of the most valuable coins in the cryptocurrency market. As of this writing, the meme coin has a market cap of over $3.9 billion.
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