Quote from: Harlot on May 20, 2021, 06:03:14 PM

There is no more hiding what a "shitcoin" is as that is how people promote it and even if it is classified as a shitcoin I'm still surprised that people are jumping in and buying their own piece of the pie even if the ones people are hyping now have already taken off and them the latecomers will just be probably getting the dumps that the people who have promoted it earlier. I'm not against shitcoins since there is no way of stopping it but clearly for a trader you should either bet the money you can afford to lose or basically have an exit strategy quickly.

This has all followed after what has happened with the dogecoin. You see most of these coins are made sounding similar to dogecoin like I heard a few names Akita Inu, Shiba Inu, etc and all of them are dog breed if I am not wrong so the basic idea from these developers is to benefit from the current doge hype and to an extent they are actually being successful in getting a lot of interest from everyone. Market cap has become a joke because any coin with little to no pump can get into the top rankings.

The real problem with these coins is that some day it will come down and there is nothing being done in the backend to lift them either. Consider investing into these coins like ponzi, where until everyone is investing they are good because everyone gets money from the new investors technically but at some point it has to stop and the ones who invested last will brutally suffer.