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What are shitcoins? Crypto tokens with no value or purpose apart from ‘pump and dump’ are mostly known as shitcoins. These digital coins do not have an elaborated white paper and supply circulation data. However, they make a buzz in the market due to their extraordinary price surge or pumping.
Investors mostly enter these crypto coins for short-term gains, but they should be wary of the downward trajectory.
Here are five shitcoins that are making waves among retail investors:
Diamond Hand Crypto (DIAH)
This crypto token is inspired by Elon Musk’s tweet ‘Tesla has diamond hands.’ Just like Dogecoin, DIAH project developers have also proclaimed Musk as its unofficial Chief Executive Officer.
When the top crypto tokens like Bitcoin, Ethereum, and Cardano declined nearly 50 per cent in the last month, DIAH defied the overall market trajectory and shot up almost 2,700 per cent. The shitcoin is entirely trading on the back of speculation.
SafeMoon
SafeMoon began trading on March 8, 2021. Its website claims that it is a decentralized finance (DeFi) token. It also expects to launch its Non-Fungible Token (NFT) platform. While crypto traders do not care about the project, they anticipate the coin will hit US$ 1 apiece within the next few years.
SafeMoon rose multiple folds within two months to its record high of US$ 0.00001399 apiece (Recorded on April 21). It nosedived by almost 80 per cent to 0.00000287 apiece (Plunged on May 24).
Shiba Inu
Shiba Inu, aka the “Dogecoin Killer”, is another dog-mascot shitcoin with a “Woof Paper” instead of a “White Paper”. Its project claims that it will outperform the Doge token’s price gains. It does not have its maximum supply listed on CoinMarketCap.
The stock achieved its all-time high of US$ 0.0000388 apiece on May 11, 2021, but it tumbled more than 80 per cent in just less than three weeks.
AstroElon
This token, which started trading last month on the UniSwap platform, is also based on Elon Musk’s speculative tweeting spree. AstroElon’s website features Elon Musk’s caricature as an astronaut.
The token has increased around 33 per cent over the past 24-hours, with a fully diluted market cap of US$ 59 million. It can be traded with the Ethereum-based MetaMask wallet.
Copyright © Kalkine Image 2021
Dogelon Mars (ELON)
This crypto token with a complicated name is a parody of Dogecoin, Elon Musk, and his Mars Mission. It claims to be an interplanetary crypto coin and copies Elon Musk’s pinned tweet, “Make humanity a multi-planetary species”.
The crypto token took a ride to Mars on May 12 and plummeted by 95 per cent within two weeks.
