How to identify shitcoins?

[Kristiyana]

Permit me to say that most of those altcoins are Wolf in sheep clothing. Most of them look so real and legit but only for someone to find out that they are fake coins and it's annoying after investing and the coin has taken a bull run and later drop to nothing and refuses to appreciate again.

[Plinteng]

my opinionBefore investing, it's always a wise move to conduct your research, as you're taking a risk with your hard-earned money. Spotting low-quality or "shitcoins" right from the start can be challenging, so it's a good idea to stick with well-known options like ETH, BNB, and others.

[MeGold666]

If certain project hits one of this flags (and there are more), it's a shitcoin and most probably a scamcoin:

• It was premined
• It has a dev-tax
• It's not running on PoW
• There's a company behind it
• It started as ICO
• No real world utility
• It promises a lot but present nothing
• It's not open-source
• It uses experimental cryptography without proper, respected audits
• If one of the devs behind has bad reputation in past cryptocurrency projects (rugpulls / etc)
• It's not running it's own chain (token)

[AnonBitCoiner]

Permit me to say that most of those altcoins are Wolf in sheep clothing. Most of them look so real and legit but only for someone to find out that they are fake coins and it's annoying after investing and the coin has taken a bull run and later drop to nothing and refuses to appreciate again.

Exactly such coins at the starting point show the pump that people easily get trapped into these scam projects because people are greedy so they will obviously choose that coin which grows faster but after putting money into such coins they just feel sorrow but can do nothing.

Such types of coins if one is reduced in price then they never achieved that higher worth back because the main purpose of creators has been fulfilled. Scam projects are worthless to invest and if it seems like shining stars at start then investigate about it as every shining thing does not remain useful forever.