DOGECO

AutoModerator

Post is by: Successful_Craft3076 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoCurrency/comments/t1gls9/how_to_spot_a_shitcoin/ **what is a shitcoin?** according to investopedia.com: The term shitcoin refers to a cryptocurrency with little to no value or a digital currency that has no immediate, discernible purpose. The word is a pejorative term often used to describe altcoins or cryptocurrencies that were developed after bitcoin became popular. ​ but how can we spot a shitcoin? as this definition is not all that clear specially for those new to cryptocurrencies. ​ ​ ​ if a coin/token has below characteristics it is most likely a shitcoin: ​ ​ ​ ​ 1. Price and supply: Shitcoins usually have an extremely high "total supply" and extremely low price. For example lets take a look at one of the top trending coins , "theboringtoken" or "TBT": TBT max supply is 1,000,000,000,000,000 coins and its price at the moment is $0.000000002441 in comparison ETH supply is 119,731,345 and its current price is $2,707 you get the picture! ​ ​ ​ 2. Price movement: Most shitcoin prices usually follow the same pattern, short term spike followed by a nosedive. it is important to distinguish between price change of legit coins and shitcoins as price volatility is a part of all cryptocurrencies , except stablecoins ofc!! let us take a look at another example: "Metadogecolony" or "DOGECO" had a price rise of +339% in the last 24H!!!!! and "Dollardoge" had lost 100% of its price in last 7 days. better example would be this one : [https://coinmarketcap.com/currencies/kiko-inu/](https://coinmarketcap.com/currencies/kiko-inu/) take a look at its monthly price change chart. you will see similar pattern with other shitcoins. ​ ​ ​ 3. purpose and application: shitcoins usually have no real use or utility. They do not have any inherent value. this makes their price highly speculative. you can always check the whitepaper of a coin or token to see what real life use it has. ​ ​ ​ ​ 4. other methods: name (animals, celebrities, unprofessional) advertisement or motto (going to the moon, x100 soon , be rich in a month) forums and social media atmosphere (extreme hype, unrealistic expectation, echo chambers) backing (no famous or well known enterprise , backed by celebrities , unknown team/developers) ​ ​ ​ ​ ​ remember , shitcoins "can" make you rich, but more often than not they will do "the exact opposite". avoid them like a plague specially if you are new to cryptomarket. ​ ​ ​ ​ cheers Vve *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*

RaphizFR

Performance of the Crypto Market Week 7 2022 Each week, I will update the Crypto community with some stats on the performance of the Total Crypto Market. #Crypto Market Performance 📈 In 2021 the market was up 197.4% Crypto Market Capitalisation is $1.94 Trillion, down $20 Billion from last week. 🤪🤪 YTD the market is down 15.6% QTD (January 1st) the market is down 15.6% MTD (January 14th) the market is down 8% *data is being referenced from the Total Crypto Market Cap index token TCAP* #Dominance 📊 - BTC Dominance is currently 40.9% Down 0.1 %point for the last 6 months (41% dominance in September) - ETH Dominance is currently 18.2% Down 1.8 %point for the last 6 months (20% dominance in September) - DeFi Dominance is currently 6.2% *data is being referenced from CoinGecko, CoinMarketCap and TradingView* #DeFi 💸 DeFi's capitalisation is $121 Billion The Total Value Locked (TVL) in DeFi is $258 Billion *data is being referenced from DefiLlama* #Stablecoins ⚖ Stablecoins' total market cap is $179 Billion Last week stablecoin's trading volume is $55 Billion *data is being referenced from CoinGecko & CoinMarketCap* #Projects in The Space 📚 12,563 Coins currently on CoinGecko 17,536 Cryptos currently on CoinMarketCap *data is being referenced from CoinGecko & CoinMarketCap* #Top Crypto Gainers 🥳 and Losers 🤧 🥳 GRIMACE +23,500% 🥳 CBP +9200% 🤧 DOGECO -99% 🤧 WALMETA -98%