How to identify shitcoins?

[Wakate]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

You need to be very careful on how you make investments because many of these shit coins are majorly scam and the intention of the developer is to steal from invest and keep creating new coins. There are many Shit coins in the market and it is very hard to know which one is genuine and the one that is scam. We need to be extraordinary careful so that we are not going to fall Victim of investing in the wrong coin that has no good team and community. There are thousands of coins that are been launched everyday and we need to watch well before buying anyone.

[1714328102]

1714328102

[1714328102]

1714328102

[1714328102]

1714328102

[Cling18]

That usually happens and normally occurs in the crypto world. It's a do or die game depending on the risk that you could take. Not all altcoins regardless of their hype or active community could survive in the long run. That's actually the risk of crypto investment, not all coins that you're buying would be profitable.
That's the reason why you have to be skeptical about buying them. You should base your decisions in the reputation and potential of a coin and not just of its popularity and hype. If you seek assurance. better choose coins with stronger foundation especially top coins that have already passed lots of tests of time. Shit coins could be everywhere so you should always do a deep research.

[JeffBrad12]

Can you name some shitcoins in your wallet? I think you are mixing up coins and tokens. Because hundreds of coins didn't turn into shitcoins. Only a couple of coins have turned into shitcoins.
But this can be the case with tokens. Because tokens are in demand only for a certain period after which most of the tokens become dead.

the words interchanged so frequently that i don't think it matters anymore but from technicality perspective then its true, a coin need to deploy the blockchain making it hard for those that wanna deploy just for the sake of deploying shitcoin since it definitely gonna take much more effort but regardless its as easy as forking some other coins out there.
but with erc20 based token its just as simple as clicking some button, paying the gas fee for deployment and thats it. no wonder token in general are being used for this purpose of deploying shitcoin because it requires zero knowledge in regard of technicality of how blockchain truly works therefore the shitcoin emergence that is massive.

[n0ne]

Something injected into the market without any real-time usage and no purpose behind it is a shitcoin. In simple projects that doesn't have a minimum viable product can be considered as a shitcoin. This way majority of the coins available on the market were shit coins. If some coins were hyped, be clear this is going to be a shitcoin. However these coins can be preferred as a way to test our luck, because there are few coins that have dropped value and bounced back as the development team pushed it hard running on their roadmap.

[Kelvinid]

You can easily spot a shitcoin project if it just added because of the trend or hype especially for memecoins. If team is hidden amd of course the value and significance of the project in the first place. If all these are present, then it will be dead project  for sure

It was easy to spot shitcoins than scam projects. But talking about meme coins, some are totally shitcoins except Doge and Shiba Inu, I'm not yet sure about Pepe coins. Although they are coming from a hyped project but looking at its market value, we can still say that it was not totally useless compared to others. Well, it depends on our discretion or criteria of what it shitcoins or not because for me, as long as it was been used by some traders and is still active, they are not. But can be possibly dead in the future.

[coinerer]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Tokens that have no purpose and no solid team are shit coins. you can follow the coinmarketcap and follow the top 50 coins from here. These tokens have high liquidity and are traded in huge volumes and listed on many major exchanges like Binance, Coinbase, Kucoin etc so they are not called as shit coins. you can sell all your holdings of tokens together at any time. So always keep an eye on CoinMarketCap's top coins to avoid shitcoins

[Twentyonepaylots]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Tokens that have no purpose and no solid team are shit coins. you can follow the coinmarketcap and follow the top 50 coins from here. These tokens have high liquidity and are traded in huge volumes and listed on many major exchanges like Binance, Coinbase, Kucoin etc so they are not called as shit coins. you can sell all your holdings of tokens together at any time. So always keep an eye on CoinMarketCap's top coins to avoid shitcoins

Just to add, we should also stay away from the pump-and-dump scheme projects, which are mostly shitcoins. They artificially inflate the token's price by spreading false or misleading information about its value. Once the buying interest has been artificially inflated and hyped up, the individuals or groups behind these projects will then sell their tokens at a profit, leaving other investors with losses. These cryptocurrencies typically have little use case and do not have a solid development team behind them. They often have flashy marketing campaigns and promise huge returns. It is really essential to research and understand a cryptocurrency's fundamentals before putting your money into it, or else you'll get trapped with these shitcoins.

This link may also help you identify shitcoins and their corresponding risks:

How to Identify and Avoid 'Shitcoins' in the Cryptocurrency Market
https://www.entrepreneur.com/money-finance/how-to-identify-and-avoid-shitcoins-in-the-cryptocurrency/373188

[Blitzboy]

That usually happens and normally occurs in the crypto world. It's a do or die game depending on the risk that you could take. Not all altcoins regardless of their hype or active community could survive in the long run. That's actually the risk of crypto investment, not all coins that you're buying would be profitable.
That's the reason why you have to be skeptical about buying them. You should base your decisions in the reputation and potential of a coin and not just of its popularity and hype. If you seek assurance. better choose coins with stronger foundation especially top coins that have already passed lots of tests of time. Shit coins could be everywhere so you should always do a deep research.

It is imperative to exercise due caution when it comes to cryptocurrency. Many measures should be used, including market capitalization, liquidity, technological stability, and the reputation of the development team, to mention a few. Indeed, reputation is important; coins such as Ethereum and Bitcoin have not only withstood the test of time but also several security and scalability examinations. Being astute rather than naive is crucial. Choose coins that have actual value rather than merely perceived value. Your motto need to be "research, research, and more research."

[Fuso.hp]

There are many ALT coins in the market and many ALT coins are disappearing from the market all the time. Coins that are disappearing from the market mean that investors who invest in those coins are being cheated out of the market. Since money is a very valuable currency to us, before investing in any site, we must know it well and then invest. Always avoid investing in coins that are new to the market and those that are less likely to stay in the market like other coins. Among the ALT coins there are many good coins that have the potential to achieve a lot of good if we invest in those coins we have to invest our money. It is natural that if we invest in any coin only because of high profit, we will risk losing money.

[Hypnosis00]

There are many ALT coins in the market and many ALT coins are disappearing from the market all the time. Coins that are disappearing from the market mean that investors who invest in those coins are being cheated out of the market.

Perhaps, you can't expect them to stay but they've gone later. Every day, there is a new project will be created and there are only 2 reasons; either it will scam people or it will be useful to the community.

As the number of altcoins has been growing fast, the more it becomes hard to identify which of them as we are already flooded with shitcoins/scam projects. That is why many investors (newbies) usually fall into investing in the wrong projects. And so we have to be more careful and stop rushing but much better if we just invest in old projects.

[TheUltraElite]

for me, the coins that don't keep up with bitcoin's movement are shitcoins

That would be a wrong metric if you think of a coin in singularity. The coins may have some potential on their own to grow their prices but this is lacking in almost every shitcoin. But we can be hopeful and hope that someday some coin will be developed that has its intrinsic market making capabilities like bitcoin. Till then all the newly launched coins are going to be shitcoins.

They usually follow the Bitcoin trend but don't take that as an indication of legitimacy.

[Godday]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

I also have hundreds of dead altcoins in my wallet. That is what I have earned in 2019-2022. I see a lot of altcoin projects go scam when they offer something that doesn't make sense. They promise a high price in advance of their coin. Like a coin with a total supply of up to 1 billion tokens then they promise that their project will hit $1. That's so ridiculous.

[xSkylarx]

I would differentiate it into 2 types, scam coins and shitcoins. A scam coin is when there are new altcoins that come out and you notice that they are too good to be true and you think that is a scam, or even if you confirm it as a scam, then I would say it is a scam coin because it was made just to scam people.

Shitcoins, on the other hand, are those coins that were not listed on an exchange or even listed but have no value. they are kind of like they already exist but have no value or no use, so that is why most of us call them shitcoins.

[AakZaki]

Something injected into the market without any real-time usage and no purpose behind it is a shitcoin. In simple projects that doesn't have a minimum viable product can be considered as a shitcoin. This way majority of the coins available on the market were shit coins. If some coins were hyped, be clear this is going to be a shitcoin. However these coins can be preferred as a way to test our luck, because there are few coins that have dropped value and bounced back as the development team pushed it hard running on their roadmap.

The reason why many shitcoins continue to appear is the rapid fluctuations that can provide many profits in an instant. But that only applies to those who enter at the start of the project, but when the project has started at high pump, the initial buyers will throw it away and leave the coin including the developers who developed it will get millions of dollars from the FOMO that occurs. New investors who enter will only experience losses. A shitcoin will remain a shitcoin if there is no development and utility, so don't hold onto such a coin for too long. It's just going to be a pump and dump coin.

[coinerer]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Tokens that have no purpose and no solid team are shit coins. you can follow the coinmarketcap and follow the top 50 coins from here. These tokens have high liquidity and are traded in huge volumes and listed on many major exchanges like Binance, Coinbase, Kucoin etc so they are not called as shit coins. you can sell all your holdings of tokens together at any time. So always keep an eye on CoinMarketCap's top coins to avoid shitcoins

Just to add, we should also stay away from the pump-and-dump scheme projects, which are mostly shitcoins. They artificially inflate the token's price by spreading false or misleading information about its value. Once the buying interest has been artificially inflated and hyped up, the individuals or groups behind these projects will then sell their tokens at a profit, leaving other investors with losses. These cryptocurrencies typically have little use case and do not have a solid development team behind them. They often have flashy marketing campaigns and promise huge returns. It is really essential to research and understand a cryptocurrency's fundamentals before putting your money into it, or else you'll get trapped with these shitcoins.

Yes shitcoins feature very fast and high quality pump dumps.  Because of which it behaves a bit like gambling. and investors suffer the most from shitcoins. And they are always very low in liquidity due to which they can be bought easily but not sold quickly. If you want to sell quickly, you must sell at a loss. Many times, due to lack of liquidity on the exchange, the tokens are worthless and cannot be sold out

[Chibaba]

A project with good team that turns out to a be shit could of various reason attributed to it. Just DYOR before diving in and you will be fine

[rojan]

Yes shitcoins feature very fast and high quality pump dumps.  Because of which it behaves a bit like gambling. and investors suffer the most from shitcoins. And they are always very low in liquidity due to which they can be bought easily but not sold quickly. If you want to sell quickly, you must sell at a loss. Many times, due to lack of liquidity on the exchange, the tokens are worthless and cannot be sold out

Investing in shitcoins is very risky. I have lost a lot of money by investing in shitcoins for which I now try to stay away from investing in shitcoins. But investing in shitcoins has the potential to make a lot of money but it is risky. I think shitcoins  It will be very safe for us to invest in altcoin. But for that, we need to have a good idea about investment. I have invested some time and gone into depression due to wrong decisions.

[Marykeller]

Currently, the crypto market is down and it is hitting hard on all altcoins because of the bearish market. Every altcoin tends to be affected by it even the most potential coins are also affected.

As a result of that, it will be unwise to judge and classify all altcoins to be shitcoin or scams because the altcoins you held in your portfolio have their price decreased drastically, and that made you generalize all altcoins to be so(shitcoin or scams project).

It can't be in some way possible that all your hundreds of investments in altcoins are all shitcoins, even though we have shitcoin or scam altcoins in the cryptosphere.

I will advise you to keep your cool and wait till the bull run picks. That's when you will begin to know the altcoins in your portfolio that have the potential to give you the profits you desire.

To be on the safe side towards then, invest in bitcoin or other top altcoins or start a DCA strategy 

[isaac_clarke22]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Expect that most of the time, you would get a shitcoin. Hype ain't gonna last long so don't really expect hypes and people making it look like a fake promotion. I have been into Discord servers of some shitty projects and obviously fake people, if not bots, that are just looking like idiots like saying "what do you think about this project" over and over.

It's going to be just like that, OP and it might go thousands. Teams are a good indicator, but it's not the sole indicator only. People need to start somewhere at least. Not everyone was born with hundreds of experience in LinkedIn.

Investing in shitcoins is very risky. I have lost a lot of money by investing in shitcoins for which I now try to stay away from investing in shitcoins. But investing in shitcoins has the potential to make a lot of money but it is risky. I think shitcoins  It will be very safe for us to invest in altcoin. But for that, we need to have a good idea about investment. I have invested some time and gone into depression due to wrong decisions.

Investing itself is already risky even for non shitcoins. It's potential money-maker yeah, but not for the long-term.

[Rengga Jati]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community.

From here, you should be able to learn a lot from your own experience. If you have lost a lot from altcoins, then it's better to stay away from these altcoins, especially those that are hype and FOMO, believe me, they are shit coins that are just hype. And they won't last long, then they will drop again, and won't come back again. And this will continue over and over again. It is very difficult to find new altcoins that really have the potential to rise to the top of coins, not just hype coins that end up being shit coins. but most of them are shit coins. If you want to avoid it, then avoid new altcoins. It's better to choose top coins which, although still at risk, are at least lower than new coins, especially those that haven't been listed yet. And at least they have a good market cap. Or what is certain, just play on Bitcoin. This is the best.