The crypto community has been unapologetic about deploying new currencies based on current events. Interestingly, Halloween was no exception. So the market celebrated the festival this year by introducing new tokens that carried ‘Spooky’ themes.
The latest stunt is believed to be another opportunity to cash in on the hype around festivities. Continue reading as we explore every behind-the-scene event unfolding and learn more about these new tokens. Let’s get started.
Halloween-Themed Cryptocurrency Tokens On Twitter
One of the largest networking sites, Twitter, links individuals from all over the globe. It serves as the industry’s primary residence. Additionally, today’s marketplace is extremely responsive to even a brief tweet.
Therefore, cryptocurrency consumers may always anticipate some new entries in the marketplace anytime it is a holiday period. These kinds of projects frequently start as off-the-shelf products that can be swiftly rebranded and introduced to the open market for trading.
Parallel to this, previous introductions of Halloween-themed initiatives include Spooky Token, Halloween Spook, Halloween Elon (SINK), and Halloween Wars.
Just a few days before Halloween, initiatives like the above tokens were launched with the express intention of amassing a $50 million market value. The project known as Halloween Spook first appeared in September 2022, claiming to be the “scariest meme token on BSC (Binance Smart Chain).”
The Halloween Elon (SINK) is nothing more than the cryptocurrency created in response to Elon Musk’s “let that sink in” meme. The initiative promotes Halloween Elon (SINK), a play on Elon Musk’s current “let it sink in” joke. The Halloween Wars coin also went live precisely at Halloween.
Which will result in 17 admirers who will lose money if the market changes. Therefore, all of these theme-based coins have a very short life expectancy. Because of this purpose, it is recommended that every user conduct a further study before purchasing any digital currency.
However, apart from these tokens, some other contenders can influence your portfolio positively. In the following sections, we’ve discussed one of these tokens, Shitcoin (STC).
What Is Shitcoin (STC)?
Shitcoins or meme coins are the latest genres of crypto tokens. These tokens are characterized by viral internet memes and some ridiculous names. Overall, “Shitcoin” is a word that is frequently used to denote a coin with really no worth or function, like parody coins and frauds.
The tokens white paper is titled “Toilet Paper,” the token’s handle on social media is “Shitcoin69,” and its non-fungible tokens (NFTs) are referred to as “non-fungible turds.” Shitcoin was developed as a satire about the numerous worthless crypto tokens and adhered firmly to its concept.
Additionally, newly released Halloween-themed cryptocurrency products are available with no application for buyers. These event-based Shitcoins are hence frequently referred to as “off-the-shelf items.”
Therefore, it will be immediately introduced to the marketplace for selling after just a specific amount of excitement. The buyers will then be unable to make investments in short-term coins.
What Sets Shitcoin Apart?
The white paper/toilet paper for Shitcoin states that it was developed for two reasons:
- A means of trade for exchangeable goods.
- A means of generating income through the sale of NFTs.
Shitcoin utilizes its tokenomics, which sets it apart from the many initiatives that provide the same functionality. Firstly, Baby Shitcoin is a different cryptocurrency that is part of the Shitcoin ecosystem.
Shitcoin is 6% more expensive to buy than it is to sell. This charge is divided and used to pay for development, bolster liquidity in the market, and compensate Baby Shitcoin owners.
The 6% trading fees for purchasing and selling Baby Shitcoin are meant to increase liquidity and rewards.
Shitcoin’s Origin
In July 2021, Jacob Martin, a 26-year-old unemployed man, began developing Shitcoin. He came up with the concept after going bankrupt to numerous pump-and-dump bitcoin frauds as a trader.
Shitcoin was launched on December 20, 2021, with a preorder on the cryptocurrency platform PinkSale. The preorder was fully subscribed, and soon after, Shitcoin went live on distributed cryptocurrency PancakeSwap.
How Shitcoin Functions
Shitcoin is a cryptocurrency token developed on the Binance exchange’s BNB Chain, a platform for smart contracts. It has a 21 million unit maximum supply, just like Bitcoin. The maximum STC per wallet is 882,000, or 4.20% of the Shitcoin supply.
Shitcoin can be transferred for free; however, there are costs associated with purchasing and selling it.
The 1% for maintenance is transferred to the account of Jacob Martin, the man behind Shitcoin, also known online as Shit-Toshi. The moniker is a play on Satoshi Nakamoto, the mysterious person who invented Bitcoin.
The auto-liquidity monies are transferred to the BNB and Shitcoin liquidity pool on PancakeSwap. Making the market more liquid makes it more likely that individuals will have the opportunity to exchange for shitcoin.
The Baby Shitcoin incentives make up the last portion of the charge. Anyone who has BBYSTC coins in their accounts will receive the incentives.
Can I Use Shitcoin To Generate Residual Income?
Shitcoin allows you to generate additional income, but the currency you’ll be generating isn’t valued much.
Shitcoin provides yield farming through its STC-BNB liquidity pool on PancakeSwap, which it refers to as “Shit Farming.” You must contribute an adequate proportion of STC and BNB tokens to the pooling to take part.
After that, you will receive a share of the fee income collected by that pooling following your investment.
Specific Dangers
Shitcoin is a complex project. It’s among those coins whose existence is supported by the moniker. The only incentive to buy it is because it’s called Shitcoin; otherwise, it accomplishes nothing unique compared to the hundreds of other crypto tokens.
Even if purchasing this cryptocurrency is a terrible idea in and of itself, the trading costs make it even more undesirable. Shitcoin has a 6% charge to buy it and a 9% charge to transfer it, making the total cost to purchase and exchange Shitcoin 15%.
Conclusion
New cryptocurrency initiatives have a history of launching around major moments and creating buzz. For example, October this year saw the deployment of numerous shitcoins with a Halloween theme.
These crypto tokens, like most shitcoins, lack a clear goal, genuine value, and the underpinnings that would ensure success.
Shitcoins are rarely a worthwhile choice. Their spot price only increases for a short period due to their no intrinsic worth or use.
Unlike Dogecoin, Shiba Inu, and a few other ventures, shitcoins frequently terminate when the owner wants to pay out again on earnings and takes the rug out from under investors.
