The term “shitcoin” is somewhat controversial in the cryptocurrency community and it can have many different meanings. For example, some hardcore Bitcoin fans refer to all coins other than BTC as “shitcoins”.
In most cases, however, crypto community members use the term “shitcoin” to refer to relatively low-effort cryptocurrency projects that don’t have many notable features in terms of design or technology.
Our shitcoin list will help you assess the current state of the market, and find out which projects currently have significant market capitalizations. Of course, there’s also hundreds of shitcoin projects with negligible market capitalizations, but most of them are not worth mentioning.
Updated shitcoin list for 2023
Before we begin with our shitcoin list, we should remind you that you should be extremely careful, as these coins are extremely risky even by cryptocurrency standards.
Most of the cryptocurrencies featured on this list have very weak fundamentals, and are unlikely to stick around over the long term. When looking for the best shitcoins to buy, it’s better to go with a short-term strategy and sell them as soon as you make some gains.
Holding such cryptocurrencies over the long term is usually not the best idea, as such projects tend to fade from popularity rather quickly and are then replaced by new shitcoin projects.
- Pepe – The hottest meme coin of 2023
- Baby Doge Coin – A meme coin project with DEX, NFT collection and more
- Floki Inu – A viking-themed meme coin
- Dogelon Mars – Meme coin dedicated to Elon Musk
- MonaCoin – Meme coin for the Japanese crypto community
- Rich Quack – Meme coin on BNB chain with interesting tokenomics
- Shiba Predator – A meme coin that’s trying to overthrow Shiba Inu
- Big Panda – A meme coin on BNB Chain
- Lovely Inu – Meme coin with wallet and DEX products
- Bonk – Meme coin distributed for free to the Solana community
1. Pepe
Pepe exploded onto the cryptocurrency scene in April of 2023, and immediately attracted a massive amount of attention thanks to a major price rally. Pepe almost single-handedly renewed the crypto market’s interest in meme coins, which faded from relevance in the 2022 bear market.
While the PEPE markets have cooled off a bit since the frenzy in May, it’s still the third-largest meme coin by market capitalization and commands an impressive $639 million valuation at the time of writing.
In terms of fundamentals, the Pepe team hasn’t been announcing any new features or products. To be fair, however, PEPE was never advertised as a useful token, as the team has been upfront about PEPE simply being a “useless” meme token.
2. Baby Doge Coin
Baby Doge Coin is a meme coin that launched in 2021 following the huge success of Dogecoin. As the project’s name implies, the coin attempted to capitalize on the hype around Dogecoin, and it has been partially successful — at the time of writing, BABYDOGE still maintains a very respectable market capitalization of about $184 million.
We have to note that Baby Doge Coin appears to be among the more serious meme coin projects, as they are attempting to give BABYDOGE some additional utility.
The Baby Doge Coin team has launched a DEX called Baby Doge Swap, and an NFT collection on the Ethereum blockchain. In this way, Baby Doge Coin is quite similar to Shiba Inu, which is currently the second-largest meme coin by market capitalization.
In terms of tokenomics, Baby Doge Coin implements an auto burn mechanism, a 5% transaction fee that is redistributed to BABYDOGE holders. While this can have some interesting effects, the 5% fee unfortunately also provides an incentive against actually using the BABYDOGE token and therefore limits its adoption.
3. Floki Inu
Similarly to Baby Doge Coin, Floki Inu is another cryptocurrency that was created in an attempt to capitalize on the Dogecoin / Shiba Inu frenzy in 2021. The name Floki comes from the name of Elon Musk’s Shiba Inu dog. The name comes from the TV show “Vikings”, which explains the viking-themed branding of the Floki Inu coin.
However, while most copycat meme coins launched in 2021 have faded into obscurity, Floki Inu has demonstrated some staying power as it still maintains an impressive $227 million market cap, which is good enough for the 132nd spot in the cryptocurrency rankings.
The Floki Inu project has also adopted an approach similar to Shiba Inu, launching various products with the goal of providing some extra utility to FLOKI. For example, they’ve launched a 3D NFT collection, a decentralized finance tool called FlokiFi locker, and a Metaverse game called Valhalla.
4. Dogelon Mars
Dogelon Mars is yet another example of a coin that was launched to ride the meme coin bull market that was sparked by Elon Musk’s endorsement of Dogecoin in 2021. While it’s not exactly one of the biggest cryptocurrencies on the market, it still retains a respectable market cap of $86.4 million.
Unlike what we’ve seen with Baby Doge Coin and Floki Inu, the Dogelon Musk project doesn’t really appear to be making any additional products or prioritizing the ELON token’s utility. In fact, the only “product” highlighted on the project’s website is a comic series.
The Dogelon Mars project seems to mostly be relying on community support and social media marketing, similarly to what we’re seeing with Pepe.
5. MonaCoin
MonaCoin is a cryptocurrency that was launched all the way back in late 2013 and achieved some popularity in the Japanese cryptocurrency community. The project features a cat mascot and branding that is fairly typical of meme coin projects. Perhaps the best way to summarize MonaCoin is to say that it is the Japanese crypto community’s version of Dogecoin.
MONA coins are distributed through mining, and the cryptocurrency uses the Lyra2RE hashing algorithm. Unlike the meme coins that are launching today, MonaCoin has a fairly low maximum supply of 105.12 million coins.
MonaCoin saw a big price surge in the 2017 cryptocurrency bull market, when it reached an all-time high at $20.60. Over the years, however, MonaCoin has faded into obscurity and is now priced at $0.43, which translates to a modest market capitalization of $28.8 million.
6. Rich Quack
Rich Quack is a crypto project on the BNB Chain blockchain platform. It implements some unique tokenomics policies, such as a 12% fee on each transaction that is distributed to QUACK holders, liquidity pools, a burn wallet, and a developer wallet. The token also has an “anti-whale” features which prevents anyone from selling more than 1% of the total token supply in a single transaction.
The Rich Quack project also says it’s providing incubation services to other projects, including advisory services, marketing support, and assistance with exchange listings and market making.
At the time of writing, Rich Quack has a market capitalization of about $23.5 million, which places it at the 520th position in the crypto market cap rankings.
7. Shiba Predator
Shiba Predator is a token launched on the Ethereum blockchain that claims to be trying to overthrow the Shiba Inu meme token. The project urges users to “flip” the market caps of the two project by swapping their SHIB tokens for QOM tokens, thereby decreasing the market cap of SHIB and increasing the market cap of QOM.
So far, the project’s attempts to surpass the market cap of Shiba Inu have been a total failure. Shiba Predator has a market capitalization of $22.1 million, while Shiba Inu is comfortably sitting at a market cap valuation of $4.57 billion. In other words, Shiba Inu is currently about 207 time larger than Shiba Predator.
The Shiba Predator is also providing some perks to QOM token holders. For example, it implements a staking mechanism that allows users to mint NFT digital trading cards.
8. Big Panda
Big Panda is a meme coin that’s looking to stand apart from other meme coin projects through NFT and gaming features. The project’s PANDA token is issued on the BNB Chain blockchain platform.
At the time of writing however, the Big Panda project doesn’t actually appear to have any live products and has seen no activity on its GitHub in over three weeks. Despite this, the PANDA token still has a market capitalization of about $27 million.
Currently, the project mostly appears to be trying to grow its social media following with various giveaways and meme posts.
9. Lovely Inu
Lovely Inu is a meme coin project on the BNB Chain platform. The LOVELY token has a maximum supply of 75 trillion tokens.
The Lovely Inu team has launched two products so far, including the LOVELY Swap decentralized exchange and the Lovely Wallet. The Lovely Wallet features a self-custodial design, and allows users to interact with decentralized applications. It can also serve as an onboarding tool, as it supports crypto purchases with a credit card.
The project has also created a decentralized fundraising platform called the Lovely Launchpad. The launchpad makes it possible for users to purchase tokens from up-and-coming blockchain projects.
10. Bonk
Bonk is a meme coin built on the Solana blockchain. It made waves during its launch in late 2022 when it was distributed for free to the Solana community. According to the Bonk website, the project is looking to reduce the influence of venture capital investors on the Solana ecosystem and bring the power back to “the people”.
According to the Bonk team, the coin has seen over 130 integrations across sectors such as gaming, gambling, decentralized finance and NFTs. For example, the Bonk community has created several games games where users can spend and earn their BONK. Users can also deposit their BONK in a variety of DeFi tools to earn yield, participate in no-loss lotteries, and so forth.
While Bonk had quite a bit of hype going for it at its launch, the token has lost a lot of its relevance as it currently only has a market capitalization of $16.9 million.
What is the best exchange to buy shitcoins?
The best place to buy shitcoins are decentralized exchanges such as Uniswap if you’re trying to buy a token on Ethereum, or PancakeSwap if you are looking to buy a token on BNB Chain. These decentralized exchanges don’t have any listing requirements, so any project can list their own token so long as they provide some liquidity. Some shitcoins that have reached significant market capitalization have even been picked up by major centralized exchanges.
However, this also means that decentralized exchanges are a bit of a Wild West, as scams and fake projects are constantly on the prowl trying to take advantage of unassuming users.
The bottom line
Shitcoins are not for everyone, as they are extremely risky and usually have almost no fundamentals to back up their value. The price of shitcoins tends to fluctuate almost entirely based on hype, and older projects can fall out of favor very quickly when a new shitcoin begins gaining a lot of popularity.
Instead of buying shitcoins, consider exploring more high-quality cryptocurrency projects that have much better chances of sticking around for the long term. We provide an up-to-date list of the best cryptocurrencies to buy, which is a great place to get started.
Source: https://coincodex.com/article/30271/best-shitcoins-to-buy/