After a jump of 95.8% in the “value” of the $TRUMP meme coin on the news last week of Trump’s invitation to the top 220 holders of his meme coin to “an intimate private dinner” on May 22nd it went DOWN 27.0% w/e May 2nd and $MELANIA went DOWN 35.8%. $TRUMP’s rank among meme coins dropped to #44 from #34 the previous week and $MELANIA’s rank plummeted to #197 from #152 the previous week.
$TRUMP was launched on January 17th at $13.05 and peaked at $75.35 the day before Mr. Trump’s inauguration on January 20th and has been in decline ever since, currently trading at $11.21 which represents a decline of 85% since its peak. $MELANIA, was launched on January 19th at $3.05, peaked a day later at $13.69 and is currently trading at $0.34 which represents a decline of 97.5% since its peak.
What Are Meme Coins?
Meme Coins are created for entertainment purposes or to grab the attention of a particular section of people and are the riskiest of cryptocurrencies. Whether a particular meme coin grows to become a serious project depends on how strong their developer team and their community is and that does not seem to be the case with either of the Trump coins given their price performances since being launched and, as such, they are disparagingly referred in the industry as Shitcoins.
What Are Shitcoins?
Privacypros points out that “there are two kinds of people who want to know what a shitcoin is. The first doesn’t know exactly what it means for something to be a shitcoin. The other kind of person gets the idea of what a shitcoin is, but doesn’t know which cryptocurrencies are shitcoins and which aren’t so, for those who give a —-, here are some definitions:”
- The Urban Dictionary defines a shitcoin as “a great way to lose money” and “a cryptocurrency with no utility or unique features.” In other words, a shitcoin is a cryptocurrency that will someday be totally worthless.
- Investopia provides a detailed definition, saying that a shitcoin is “a pejorative term used to describe an altcoin that has become worthless. Shitcoin value may disappear because interest fails to materialize, because the altcoin itself was not created in good faith, or because the price is based on speculation.” This article then continues to break down ‘shitcoin’ more with another 500 words of description and analysis.
- A Quora poster calls it an “altcoin (that) is considered worthless due to the lack of…useful features in the development of its blockchain. While shitcoins are considered worthless, that doesn’t necessarily stop them from going ‘to the moon’”.
Where/How Can You Buy A $TRUMP or $MELANIA Coin?
I don’t know why anyone would want to buy these shitcoins but if that is what you want to do then go HERE or HERE.
