There are thousands of projects in the cryptocurrency space. Some of them act as a store of value, others act as governance and utility tokens, and then there are shitcoins.
A shitcoin is a cryptocurrency created for no real reason or purpose. In most cases, those are meme tokens, or simply cryptos belonging to projects that have little to no value. Such coins typically have really low value and often crash and burn. Some, however, manage to hit a price rally and reward their owners with thousands or millions in profit.
With their high profit potential, it’s only natural that many investors tend to become interested in shitcoins. But how do you know which shitcoins are worth buying, and which ones are better to be ignored? In this article, I will talk about some of the most promising shitcoins and give you some tips on how you can buy “shitcoin” tokens or coins.
Table of Contents
What Defines a Shitcoin?
What is a shitcoin? It’s a term commonly used by cryptocurrency enthusiasts to describe a digital asset that has little or no value, often lacking a clear purpose or real utility. For instance, some individuals consider meme coins like Dogecoin and Shiba Inu to be shitcoins. The phrase can also be used to describe blockchain-related projects that aren’t as serious as others.
Many of the so-called “shitcoin” cryptocurrency ventures are just clones of Bitcoin that neither add anything new nor advance the technology they employ in the slightest; occasionally, these projects are outright frauds.
A token may be considered a shitcoin if it has been created solely for the sake of making money through an initial coin offering (ICO) and does not have any meaning beyond what is described in its whitepaper. Many shitcoins are created with the primary aim of enriching those behind the project rather than providing a meaningful service. The phrase is also used to refer to initiatives that may be undervalued or those with a low market cap of less than $1 billion.
The majority of shitcoins derive their worth from their mere existence, celebrity endorsements, or securing backing from a reputable company.
However, many crypto investors continue to see value, utility, and real-world assets in these coins. They have a keen interest in these digital assets.
Community Support
Without a clear goal, shitcoins can still be profitable investments if they are supported by robust communities. This indicates that there will be a sizable number of holders willing to keep purchasing and supporting the price of a shitcoin.
Shitcoins have historically been the main attractions in the crypto community due to their potential returns of up to 50–500% or even higher. Investors need to set up their portfolios for a positive market as the 2022 bearish trend comes to an end and the 2024 crypto spring draws near. The secret is to spot promising shitcoins and buy them while they’re still reasonably priced.
Shifting the Focus
A shitcoin may begin with no apparent purpose but change course eventually and adopt certain use cases.
Just like that, Dogecoin advanced significantly as a payment option last year, and the same is true for coins like Shiba Inu. To increase their appeal and motivate users, other meme assets included features like staking and prizes.
Celebrity Endorsements
As we’ve mentioned earlier, finding the greatest shitcoins to buy is ultimately done mostly for financial gain. Furthermore, nothing completely captures the potential for profit when it comes to shitcoins like celebrity endorsements.
Celebrities like Snoop Dogg, Miley Cyrus, and even Elon Musk have been quite outspoken about supporting crypto assets in the past. A shitcoin may indicate that its price is about to increase, at least temporarily, if it gains celebrity endorsements.
Remember that some shitcoins can be frauds, like Will Smith Inu (WSI), a project that suddenly lost all of its value. Scam shitcoins typically only appear on one DEX (decentralized exchange)and are never listed anywhere else. However, this can also apply to newer projects or ones that haven’t had their big break yet.
After all, shitcoins are not some cutting-edge tokens that aim to solve real-world problems, and they can come in a wide range of forms and not be accepted by major crypto exchanges. When you invest in shitcoins, you have to understand that it is incredibly risky. A good way to weed out the scams is to study the project’s social media and official website. Still, you should be wary and always keep in mind that these are very high-risk investments.
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Best Shitcoins to Buy in 2024
If you had invested in the second most popular shitcoin, Shiba Inu, in 2021, you would have received a return of more than 20,800,000% by the end of the year.
Due to their low initial value, shitcoins can potentially accelerate the growth of your investment by 1000X or more. Keep in mind, though, that shitcoins are more likely to dump and drop to zero than to increase by a millionfold. To capitalize on the inflated value gains posted by meme coins, first determine the best shitcoins to purchase and get in early.
Dogecoin (DOGE) — The Market’s Leading Meme Coin
The first dog-themed meme coin, Dogecoin, has advanced considerably. The asset was first intended to be a mockery of cryptocurrencies, but, ironically enough, it quickly rose to become one of the most expensive coins and is now in the top 10 most valuable coins on the crypto tokens market. It also has an infinite maximum supply.
One of the most remarkable things about Dogecoin is its insane consistency and relative reliability. Despite being the ultimate meme coin, DOGE has managed to remain in the top 10 cryptocurrencies by market capitalization throughout the many ups and downs of the crypto market. That’s why many investors still have their eyes on this crypto project and how it might do during the next bull market.
Shiba Inu (SHIB) — Popular Meme Coin Aspiring to Be Dogecoin Replacement
Shiba Inu is a good alternative if you don’t want to invest in Dogecoin. Shiba Inu gained notoriety for claiming to be the “Dogecoin killer” when it debuted on the market in 2020 without knowing whether its presale would be successful.
The Shiba Inu coin currently has no use cases, which makes it one of the best shitcoins available since, despite having little or no value, its popularity is undeniable. However, it does have one big edge over Dogecoin – since Shiba Inu is built on Ethereum, it can make use of smart contracts technology and thus interact with decentralized applications.
The developers of this cryptocurrency are working really hard to provide token holders with more real-world utility, which may eventually aid in its growth in popularity.
Pepe (PEPE) – The World’s Greenest Shitcoin
Pepe coin took the crypto world by storm – just like the Pepe the Frog meme took over the Internet. Relying solely on its meme status, this cryptocurrency managed to remain within the top 100 cryptocurrencies by market cap ranking despite experiencing a huge drop in token price in early 2023.
PEPE’s strategic approach includes listings on multiple major cryptocurrency exchanges and partnerships that enhance its accessibility and credibility. These listings not only broaden its market reach but also affirm its standing in the crypto market, which can be crucial for its long-term viability.
PEPE has a strong community and deflationary mechanism that burns a small amount of coins with every transaction and helps to manage the token supply. It is one of the most transparent and upfront projects in the crypto space – its team has always been open about its lack of utility and Pepe being nothing more (or less) than a memecoin. This honesty, coupled with the iconic status of the meme it is based on, makes it one of the best shitcoins on the market.
MonaCoin — Meme Crypto with High Transaction Speed
One of the first meme-related cryptocurrency assets is MonaCoin, which was introduced in late 2013. This meme coin has a huge following in Japan. The meme project uses a peer-to-peer (P2P) network and is decentralized and open-source. MonaCoin is a fork of the well-known Litecoin fork of Bitcoin that employs the Lyra2RE algorithm.
The MonaCoin network’s 1.5-minute transaction processing time and devoted, active community are among its most valuable features. Following a TV commercial promoting this crypto, MonaCoin became well-known in Japan.
Given its meteoric rise to an all-time high (ATH) of $20.33 in December 2017, MONA is one of the most valuable meme cryptocurrencies in terms of price.
Dogelon Mars — Meme Coin with Great Potential and Community
Elon Musk, who supported Dogecoin, is the inspiration behind the shitcoin dubbed ELON. The best thing about this coin is that it was introduced to make a reference to Elon Musk’s desire to explore Mars.
More than 500,000 people joined the meme coin’s vast fanbase on social media sites, including Twitter, Telegram, and Reddit.
Dogelon Mars (ELON) experienced an instant rise after its launch: within a month of its inception, the coin’s value increased by more than 30,000%. Additionally, even as the cryptocurrency market has shrunk, trader activity surrounding Dogelon Mars has increased, with 24-hour trading volumes reaching as high as $100 Million.
At the time of writing, this crypto token was still fairly relevant and hasn’t defaulted to zero value – at least, not yet. With Elon Musk’s popularity still being as big as ever, this project can have the potential to hit it big during the next bull run.
Luna Classic (LUNC) — Revived Legacy Coin with Speculative Recovery Potential
Luna Classic (LUNC) is essentially a remnant of the original Terra blockchain that continued under a new name following the significant collapse of the Terra ecosystem in May 2022. Originally known as LUNA, the token was renamed Luna Classic, and a new blockchain called Terra 2.0 was created, featuring a new version of the LUNA token. This rebranding and launch of a new blockchain were part of a broader effort to stabilize the network and restore trust among its users after the dramatic crash of its algorithmic stablecoin, TerraUSD (UST), which lost its peg to the US dollar.
Regarding its reputation as a “shitcoin,” Luna Classic has been critiqued for its inherent design flaws, particularly its dependency on the algorithmic stablecoin (UST) that proved unstable. This instability, coupled with the rapid devaluation during the crash, has led many in the cryptocurrency community to view it skeptically. Critics argue that the reliance on speculative stabilization mechanisms and the severe impact on investors contribute to its negative perception.
Luna Classic now experiences significantly reduced activity and growth potential, mostly trading on historical relevance rather than substantive utility or innovation in the current crypto market landscape.
People believe Luna Classic may recover due to active community efforts, such as token burning and governance updates. The speculative nature of the crypto market also plays a role, with traders betting on potential price increases.
ApeCoin (APE) — Best Shitcoin for Crypto Commerce
The creators of Bored Ape Yacht Club, a popular NFT project, introduced ApeCoin in 2022.
An ERC-20 governance and utility token, ApeCoin is used to encourage and facilitate decentralized community formation at the forefront of Web 3. The holders of ApeCoin can govern themselves thanks to the decentralized governance model. The framework decides how to use the Apecoin DAO Ecosystem Fund and controls how the Apecoin DAO operates.
One of the best shitcoins, APE, is currently one of the top 100 cryptocurrencies in the world. Although it has a rather high price for a shitcoin – over one US dollar – it still has a place on this list considering the shaky reputation NFTs have at the moment. At the same time, since it is the native token of such a famous project, it has great growth potential.
Wakanda Inu (WKD) — Best Shitcoin for Giving Back
Wakanda Inu is a coin that attracted a lot of interest when it first appeared but has subsequently lost some of it. Nevertheless, this African-based enterprise is still well-liked by its community.
Wakanda Inu is a fresh, cutting-edge, and well-liked cryptocurrency among investors and crypto fans. Given the huge potential for long-term growth, it is an intriguing new investment choice. Based on the Ethereum blockchain technology, the Inu is incredibly flexible and secure.
WKD, which focuses on supporting underprivileged communities, is a good way for investors to demonstrate their compassion.
Samoyedcoin (SAMO) — Solana-Based Shitcoin
Many people view this Solana-based shitcoin as a cryptocurrency with a lot of potential because it is one of the fastest-growing shitcoins.
Launched in April 2021, Samoyed Coin has only been operational for a couple of years, but Solana users and other supporters helped it climb to the top of the shitcoin mountain rapidly.
To educate people about Samoyed Coin, its importance in the cryptocurrency market, and SAMO NFTs, the SAMO team is developing a school. In addition to these activities, Samoyed Coin intends to further its marketing initiatives to maintain interest in the project itself. This shitcoin’s price has rallied several times throughout 2023.
Floki Inu (FLOKI) — Best Shitcoin for Multi-Chain Functionality
Floki Inu, which entered the cryptocurrency market in August 2021, is another dog-themed shitcoin you might want to look into. The fact that investors had connected Floki Inu with Dogecoin after the coin’s initial launch helped the currency to soar.
The Floki Inu coin was made when Elon Musk said in June 2021 that he was naming his Shiba Inu pet “Floki.” Dogecoin-like Floki Inu, now known simply as Floki, was first intended to be a joke currency, but a closer look reveals that it is much more than that.
The Floki Inu development team has since shifted its focus to community building while transforming the shitcoin into a viable utility token. This is based on the collaboration between the project and CryptoCard, which enables Floki Inu users to make purchases from more than 2000 merchants. The multi-chain cryptocurrency that runs on the Ethereum and Binance Smart Chain (BSC) blockchains also established a number of projects that it can leverage to expand its reach.
Despite all of its ups and downs, FLOKI remains one of the most popular shitcoins and is still one of the top 150 cryptocurrencies in the world.
That concludes our list of best shitcoins to buy in 2024. If you’d like to know what other currencies have the greatest potential in 2024, you can view this article.
Best Platforms to Buy Shitcoins
Binance, Changelly, and Coinbase are the top 3 picks for purchasing shitcoins. They all let you purchase meme coins with fiat currencies and have quick and simple signup processes. Credit/debit cards, bank wire transfers, eWallets like PayPal and Skrill, as well as other cryptocurrencies, are supported as traditional payment options.
Before you buy any shitcoin, however, you will first need to get a crypto wallet that can support it. Since most shitcoins are tokens, it can be a safe bet to get MetaMask or another Ethereum wallet. Crypto wallets like that also often have in-built crypto exchanges that can give you access to an even wider range of popular meme coins and shitcoins.
How to Buy Shitcoins for Beginners — Step-by-Step Guide
Buying a shitcoin is easier than most new investors would think. All you need to do is follow some basic steps, such as signing up for an exchange account with a safe company, doing proper research on available shitcoins, and becoming familiar with market order types.
Another thing to remember: investing all of your money in a single cryptocurrency is risky. It is not a good strategy, despite the fact that it may appear like an easy method to make quick money.
Ultimately, having a detailed plan and taking time to practice will lead you to successful crypto investment experiences in the long run.
Where to Store Shitcoins Safely
As the cryptocurrency market constantly fluctuates, it can be hard to choose where to store your shitcoins. It’s necessary to keep in mind that shitcoins are not legal tender, so keep them secure. Here are a few safe places to keep your shitcoins:
- Online exchanges: They allow you to effortlessly swap your crypto funds and typically have low fees. Binance is one of the most popular exchanges.
- Digital wallets: Because your private keys are never revealed, this is one of the most secure ways to store your currencies. Coinbase is one of the most popular digital wallets.
- Paper wallets: Paper wallets are another effective solution for storing coins because they are difficult to hack. You can print a paper wallet and keep it in a secure location. Mycelium is a popular software solution that lets you make paper wallets.
- Cold wallets: Overall, using cold wallets for shitcoin storage is the safest option available as, apart from being convenient, they offer high levels of security.
Conclusion
Shitcoins are a popular asset class, but most investors see them as useless assets without clear applications. Many of them have successfully established solid communities, which has driven up their prices. However, a few of these coins also accrue value by including use cases.
FAQ
Do shitcoins make a good investment?
Deciding whether or not to make an investment in a shitcoin is a tough call. On the one hand, these types of cryptocurrency projects tend to come and go very quickly, offering the potential for quick gains. On the other hand, there’s no guarantee that any of them will take off, as is the nature of investing in high-risk projects. If you’re looking to gamble with small amounts of money in hopes of big returns, a shitcoin might be worth considering; however, if you’re looking for something more secure and reliable, it would be wise to look elsewhere. As with all investments, exercise due diligence and research before putting money into any project.
Can shitcoins make you rich?
While shitcoins certainly have the potential to make someone wealthy over a short period of time, they are also high-risk investments. Anyone considering investing in shitcoins should exercise due diligence and research the project thoroughly before committing any capital. It’s important to remember that no investment is guaranteed; there’s always a chance to come out on top, but nobody wants to face major financial losses because of an unwise decision. That being said, there are people who have made substantial amounts of money buying and selling shitcoins — it all comes down to understanding the market and making smart decisions. Now, it is time to remind you once again: please, don’t forget to do your own research.
Which crypto will explode in 2024?
There are many digital currencies that have the potential to be the next big cryptocurrency. If you want to see a list of the most promising coins for 2024 and beyond, check out this article.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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