Shitcoin, to me this is a coin that you kind of buy, when you're just thinking about the riches and lambos and that's like you main priority when targeting these and you don't necessarily spend the time to do thorough due diligence and research as you may have with other coins in the past.
It may be driven by a lot of FOMO like your friends show it to you or your favorite YouTuber show it to you and you're like I'm gonna immediately and try to beat other people to the punch.
If you take a closer look at the project, it maybe filled with a lot of fluff, not really filled with like really strong substance and core fundamentals of the project, the team partnerships all of that stuff that should be considered when deciding to buy a coin.
People started buying shitcoins when the market was booming in the late December 2018 and start HODLing it dumping their money in it, people were happy because the prices were going 10X and more but then the bears came and that dump some of those shitcoins and crashed putting people in loses.
People like Brad Garlinghouse from Ripple and Goldman Sachs analysts and a lot of other people who argue that most of the coins out these days are not going to be around in a few years, they are going to go to zero and the history shows that this happened before.
OTHER READS
- See What Binance CEO has to say about Bitcoin Price Correction in 2018
- The number of Women Investing in Cryptos Has Doubled According to a research
- See what Weiss Ratings has to say on EOS
- 43% of crypto investors are HODLing, are you?
- People on Steemit Sometime Behave in a Really Strange Way -- Feeling sorry for some good Authors
- How to Vote for Block Producers to get EOS Live
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I´ve actually been buying shitcoins for years now. These days I use them to double my sbd profit. SBD in to the exchange, sell for BTC, buy up a couple shitcoins when they are on the up, sell at profit and move on.