Not all cryptocurrencies are created equal. Some are built to stand the test of time, while others have no business existing: The latter are called “shitcoins.” Unless you enjoy losing money, investing in shitcoins is a bad idea.Often, these kinds of coins have poor technical fundamentals, and their teams come off as ostensible scammers. These coins have one goal: to scam users for their money.Before investing in any project, remember to do your own homework and scrutinize every detail.
The top three shitcoin red flags:
▪️ A weak team. Every crypto project has devoted and experienced developers composing its core team. If team members are unknown and appear out of nowhere, you’re likely dealing with a shitcoin.
▪️ Zero use cases. Strong crypto projects have ambitious goals, innovate, and genuinely strive to improve the world and the crypto industry. You can’t make the world a better place if your coin does absolutely nothing. If it’s useless, it’s a shitcoin.
▪️ Aggressive marketing. Shitcoin creators have zero intentions of investing time or money into expanding their projects. Instead, they concentrate their energy on marketing their product, making claims of huge returns that are too good to be true. If a project just wants attention, it’s a shitcoin.
Shitcoins, unfortunately, are everywhere, so stay alert to avoid them!