Shit coins era is going to end

[burugcrypto]

Many useless coin projects emerged between 2019-21. Most of those projects are shelved in 2-3 months. I don't know whether this is because of bearish trend or people's awareness, the number of shitcoins projects are declining. I observed them various sites like coinhunter, coinvoter, gemfinder etc.. This is a good move. But if market gets bullish again, we have to see whether they born again out of nowhere.

Even if they give a comeback when market picks up, I don't think they are going to succeed. Because people who are in already crypto realised the importance of utility.   People who are new to crypto should do little research. That's enough for them for not falling in the trap.

 Few funny and shitty project examples :

 - The holders of coin earn for every transaction. That sounds nice. But they need to pay tax for every transaction. What does coin actually do? Nothing. They will say they make it as alternative for bitcoin. Oh really, with 15% tax on every transaction + gas fees, people really think your shitcoin is alternative to bitcoin

- Charity tokens. These project want to donate for good cause. That's really good intention. But how does money come? They get it by selling coins. They sell it by saying they can earn by holding and staking? How? Again buy and sales tax comes into picture. Without proper utility how does it can survive?

- Gaming token. They don't even have game yet. But they release the tokens first. We can understand they are using this tokens as raising for funds for development of game. But they don't even have a prototype. They just have a nicely edited video. Those game concepts are very silly. They don't expect whether people play it or not. They expect holders of those token to play. (I listened this dialogue from a project owner in a AMA).  Holders of the coin should invest in the project. He says holders will play as their money is involved in the project.

There are many other shitty coins. Hundred different concepts. None of them has proper utility.

Hope its a end of those shitcoins.

[Jawhead999]

I don't think the number of shitcoin projects are declining because there's around 21K coins right now on CoinMarketCap, few years before it's only 2K. Growing up from 2K to 21k for few years is really a huge number difference.

I think Shitcoins hype start since 2017 which is already 5 years right now and there's nothing changed so far.

Although I really hate shitcoins, but I don't see any sign shitcoins era will going to end.

Until everyone realize decentralization and privacy is a big concern, shitcoins era will end ASAP.

[malcovi2]

I don't think the number of shitcoin projects are declining because there's around 21K coins right now on CoinMarketCap, few years before it's only 2K. Growing up from 2K to 21k for few years is really a huge number difference.

I think Shitcoins hype start since 2017 which is already 5 years right now and there's nothing changed so far.

Although I really hate shitcoins, but I don't see any sign shitcoins era will going to end.

Until everyone realize decentralization and privacy is a big concern, shitcoins era will end ASAP.

He was referring to the alt tokens that revolves around on the charity and games which was a hype because of Axie - NFT game and the charity was probably because of ShibaInu when Vitalik donated his coins to India for the covid situation.

Almost everyday there are people trying to shill these coins that they are the next big thing without even concrete plans or product. Its all just empty promises and most of the time they end up as rug pulls.

[CuriousGeorge]

The weirdest thing that i have ever seen from shit tokens. we are getting charge by the blockchain to did an on chain transaction and then developers are also charting fees for our transaction with a very huge amounts of tax. These developers are scammers.
They didn't know how to make revenue from active product that can be used to burn the token. The developers that developed this kind of token was scammer

[SEEEP ZEEBOLOGI]

can't agree more, theay are spawing like crazy but i don't thinng shit coin era going to end, they are less spawaning right now i thing it's obviusly because bear market, anyone suffer enough from bear market and any sane investor wouldn't risk their money in such cash grab shitcoin, i believe as soon as bull market start they will start spawning like nothing happened.

[Pierre 2]

I think this argument is obviously right. Meme coins who mock even itself may keep on going but most shitcoin projects that showed themselves as something good died or will die. But yet I don't agree with one thing. I think gaming tokens aren't shitcoins. There are many uses for gaming coins if developer is important one and if game is good. Costumes items themselves are whole digital market. So I think games will keep on adapting Blockchain tech and use alternative coins.

[Natalim]

I hope they will put an end but what is really happening now is that they are even growing more. I think we have no way to stop these coins, more developers to come and create another bunch of shitcoins. if you have seen 1 shitcoin per day before that has been created, you'll be somehow expecting to double its numbers now and that be more in the future. And you know why, this is because these scammers will make use of this platform to take advantage of these greedy people.

[passwordnow]

It is true that in every bull market, too many altcoins have been made and most of them don't last long. Because just after the bull run, most of them start to die and lose popularity. The entire market is experiencing a roller coaster so, they can't depend on those investments so most investors of it start to dump before they even do it. The devs are already on their way to dumping what they've made, this is becoming a cycle for those devs that have been on this market and getting quick profits from the newbie investors. Someday, most investors will only rely on a very few cryptocurrencies and many will stop believing these shitcoins.

[dansus021]

if you want the real answer

shitcoin will never end from the beginning of crypto till the end of the day shitcoin will be there and the dev of it will make it again and again and again.

since the developer will get rich from it why not creating a new one

people are always looking for a new gems or new coin that can move bitcoin from the first position but believe me it's very hard to find even you found a project that looks promising it like you want to change google the king of internet out of internet

[cryptoaddictchie]

As much as we wanted to remove them I dont think it will lessen as other people keep investing on those shitcoins expecting a multiple gain reward from pump and dump. Id still see a lot of nrw sproung shitcoins and they are always on the green mode when they launch. Meaning people still love doing shitcoins. Yes utility is also good but nowadays due to recent bull market people become so naive that they expect to get rich easily with shitcoins.

[Bananington]

Even if they give a comeback when market picks up, I don't think they are going to succeed. Because people who are in already crypto realized the importance of utility.   People who are new to crypto should do little research. That's enough for them for not falling in the trap.

There will always be shitcoins and there will always be people who will be attracted to invest there in trying to fulfill the motive of diversification and in trying to reap the benefit of investing early in a coin. People who seek to make profit by defrauding people to invest in these shitcoins will always exist and devise new means to make their shitcoins enticing to new investors, that unfortunately is the bitter truth. Shitcoins may reduce, but I don't see them ever going away.

[Jackl87]

Many useless coin projects emerged between 2019-21. Most of those projects are shelved in 2-3 months. I don't know whether this is because of bearish trend or people's awareness, the number of shitcoins projects are declining. I observed them various sites like coinhunter, coinvoter, gemfinder etc.. This is a good move. But if market gets bullish again, we have to see whether they born again out of nowhere.

Even though the bear market is a bad thing overall of course for everyone that is involved into crypto and that is holding some crypto assets, i agree with you that it also brings some positive developments with it. As you already said, now during the bear market the flood of useless shit-coins that get created each and every day has slowed down immensely, which is a great thing. I still remember a few months back, during the height of the bullrun and the meme-coin craze that literally hundreds of those shit-coins where created each and every day. That definitely hurt the market overall and was also one reason for this bear market. I hope the meme-coin craze never comes back.

[Chainsmokers]

I'm even grateful that the shitcoin era will end, because there will be a lot of bad projects that will be removed from circulation,
especially if Coinmarketcap only lists tokens or coins that have good fundamentals at least have activity on social media,
that's what they have to list there, but indeed now there are still many coins or tokens that are listed on coinmarektcap every day, even now there are very many shitcoins listed there.

[vv181]

I'm pretty sure shitcoins are not going to end. If we agreed that the definition shitcoins is a coin that has no utility, some cryptocurrency that exists right now could be categorized without an utility, I can safely say Dogecoin for example. An absurd economic mechanism is the trait of shitcoin you mentioned, but bear in mind, that those kinds of motives will evolved and rehashed in another year yet to come.

And I don't think most people in cryptocurrencies communities are solely here for the utilitarian aspect, nor we can force people to use any token or coin for the utility factor. It might a reasonable thing to do. Nevertheless, some people just want to have fun, either playing with shitcoins or creating them.

[goldkingcoiner]

I do not think that shitcoin era will end. It will never be as awesome and grand as the original era of Bitcoin but it will always exist. Why? Because the benefits of blockchain can be individually programmed into a something that a certain business needs. Some businesses do not care about POW but would rather have POS. Others would rather treat their coin as a SNFT. And some want to create an entire ecosystem bubble for themselves and for their project case uses.


So saying there is no need, is not right. But it remains to be said, unless you are the one bringing something new to blockchain, investing in Bitcoin would probably be a better road to take, financially.

[cheezcarls]

I’m sorry but no matter if there are new, innovative & evolving projects in the space, shitcoins will always be there and it may not go away anytime soon. It’s not going to end, it’s just there and will remain to exist no matter which blockchain are they minted.

Of course, there’s what we call short term, mid term and long term shitcoins. However, short term is the most common one because they only got momentum for weeks or just 2-3 months before the whales or traders gonna dump it (or devs might going to rug pull at some point).

There are many coins and tokens that are way down below their initial value during the ICO or so, and most of them aren’t developing their products or so. However, we do acknowledge that there are projects who are still operating normally like a business even if their respective native tokens are way below its original value.

[bitcampaign]

well, that's the ferocity of the bear market, many large crypto projects have also collapsed, especially those that have just released will certainly experience a very sharp decline and even not worth anything at all, usually shitcoin projects always come when the market is bullish, they try to attract people's interest to invest in their project even though their project doesn't have the right utility, not a few people also lose money on this shitcoin project especially there are also many coin memes out there that become shitcoins

[Crypt0Gore]

It depends on your understanding about shitcoins, do you know that Doge coin was once a Shitcoin? Years ago if anyone give you advice to invest money on Doge coin you will hear people saying its Shitcoin do not invest, the same transpired with Shiba inu, the era of meme coin or let say HYPE is over, I don't think this will do so well in coming future but there will always be copy cats of trending use cases at the time, that's where real shit coins are born.

[SaveOurSea]

You are right, but maybe with a different concept than now.
The crypto market will continue to experience different hype every year. And there are ways for scammers who intend to follow the hype. maybe now the shitcoin is starting to fade but if the market turns bullish again there will be people who invest in the shitcoin.

That is why it is difficult to predict the crypto market because every year is different,
scammers always have a way and indeed for shitcoins of course when it is bullish it becomes a good time to invest,
we know that shitcoin is very risky and with bear market conditions I think it would be reckless if someone invests in shitcoin

[virasog]

It depends on your understanding about shitcoins, do you know that Doge coin was once a Shitcoin? Years ago if anyone give you advice to invest money on Doge coin you will hear people saying its Shitcoin do not invest, the same transpired with Shiba inu, the era of meme coin or let say HYPE is over, I don't think this will do so well in coming future but there will always be copy cats of trending use cases at the time, that's where real shit coins are born.

Dogecoin is no more a shitcoin especially after Elon Musk has started promoting it. Right now the price of dogecoin is down (along with other coins), which does not mean that it is shitcoin. The coin will grow once the bull market resumes.

Also crypto market is very new and a lot of new coins are developed every day. A lot of these coins would be shitcoins but since this market is new, people will keep investing in the shitcoins too. The era of shitcoin won't end unless the crypto market matures.